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UEM Sunrise Call-Foo Not Due To Uncertainty Over Iskandar

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NUSAJAYA – The decision by UEM Sunrise to not go ahead with the ASEAN Trade Centre project in Iskandar Malaysia was not due to the property developer’s lack of confidence in the economic region’s vast potential, said Menteri Besar Datuk Seri Mohamed Khaled Nordin.

On the other hand, the decision was a commercial one to enable the firm to focus on ongoing and higher priority projects, said Mohamed Khaled, who is also Joint Chairman of the Iskandar Regional Development Authority (IRDA).

“It is not that UEM is unsure of Iskandar Malaysia’s potential, far from it, and anyway the project has not started and is still at the planning stage.

“And UEM still has many projects in Iskandar Malaysia,” he said at the third sitting of the 13th State Legislative Assembly at Kota Iskandar here today.

Mohamed Khaled (BN-Permas) was replying to a question from Chen Kah Eng (DAP-Stulang) on UEM Sunrise’s plan to cancel the project in May this year.

“I am confident IRDA will not face any problem in finding other investors to develop new projects there,” Mohamed Khaled said, adding the cancellation of the project would not affect investment inflows into Iskandar Malaysia.

News of the cancellation of the project, which is part of the 1,840 ha. Gerbang Nusajaya development, was reportedly seen as a signal that the economic region was also affected by the global economic uncertainties.

Earlier, Mohamed Khaled said the target of cumulative investments in Iskandar Malaysia of RM383 billion by 2025 was realistic and achievable, adding Iskandar Malaysia was seen as a dynamic economic region that was attracting substantial and quality investments.

As of June 2015, cumulative investments in Iskandar Malaysia amounted to RM172.51 billion compared to RM11.30 billion in 2006, he added. – BERNAMA

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