KUALA LUMPUR: The Iskandar Regional Development Authority (IRDA) is confident of achieving its 2016 investment target for Iskandar Malaysia after securing RM17.7 billion in new investments in the first half of the year.

“For 2016 we have a target of RM25 billion; we are very much on track to meet that,” said IRDA federal commissioner Nor Hashim Mohd Yusof.

He said for the entire development of Iskandar Malaysia over a 25-year period, IRDA’s target is RM383 billion of investments. From 2006 until June 30, 2016, the total committed investment secured was RM207.99 billion.

Nor Hashim, who is also IRDA’s corporate management and finance director, said about 60% of the investments in the first half of 2016 was contributed by the property sector — with investments coming mainly from mainland Chinese — followed by the manufacturing and services sectors.

Nor Hashim said this at a press conference to announce Iskarnival 2016, an event to be held in Iskandar Puteri (formerly Nusajaya) in conjunction with the 10th anniversary of the establishment of Iskandar Malaysia. It is jointly organised by Khazanah Nasional Bhd, UEM Sunrise Bhd and Iskandar Investment Bhd.

UEM Sunrise chief executive officer and managing director Anwar Syahrin Abdul Ajib, speaking at the same press conference, said his company is on course to achieve its RM1 billion sales target for 2016.

“Our sales target now, given that we have delayed the St Kilda project in Melbourne, Australia, is RM1 billion. We are on target to achieve that,” he said.

“Given the current market situation we want to use up what we have first; we got Melia Residences in Johor, Serene Heights in Bangi; in Australia we will clear up the stock we have left. I don’t foresee any additional launches for the time being. We want to plan for next year,” he added.

Source: The Edge Markets