Latest news with #IIBD
New Straits Times
7 days ago
- Business
- New Straits Times
Ascott set to run residence in Johor's Coronation Square
JOHOR BARU: Coronade Properties Sdn Bhd and Singapore's Capital Tower Holdings are set to bring in The Ascott Limited into the Sultan Iskandar Business Centre — better known as Coronation Square — in a move to strengthen Johor as a key cross-border business hub. It is learnt that Ascott will serve as the anchor serviced residence operator within Coronation Square, operating under the name The Ascott Coronation Square. Sources familiar with the matter said that the two parties are expected to formalise their partnership early next month at Capital Tower's headquarters in Singapore. Johor Menteri Besar Datuk Onn Hafiz Ghazi is scheduled to witness the event. The development is part of the larger Ibrahim International Business District (IIBD), Johor's flagship urban regeneration project to catalyse cross-border commerce and economic growth. Capital Tower Holdings, which is owned by CapitaLand Investment, currently manages over 950 properties worldwide under brands like The Ascott, Citadines, Somerset and Oakwood. "Ascott will be the anchor serviced residence at Coronation Square, aligning premium hospitality with Johor's ambitions as a cross-border commerce gateway," the source said. "This deal will position Ascott as the anchor serviced residence brand at Coronation Square, leveraging its global management expertise for Iskandar Malaysia's flagship commercial node," the source added. Coronation Square is the first integrated development under the state government and Johor Corporation's IIBD blueprint. The 101.2-hectare mixed-use district will feature retail malls, medical suites, office towers, serviced apartments and a hotel, all designed to create a future-ready urban ecosystem. Coronade Properties aims to differentiate itself as an innovator in sustainable, future-ready real estate, with Coronation Square envisioned as a landmark mixed-use destination integrating commercial, hospitality and urban living components. The Square is located strategically adjacent to the customs, immigration and quarantine (CIQ) complex and Causeway access, giving it appeal to Singapore-based business travellers and regional executives. Industry analysts suggested that The Ascott tie-up may generate a cascade effect, boosting investor sentiment across other IIBD projects, including The Realm hotel, Sovereign Garden residences and The Vault office tower. Earlier estimates indicated the IIBD cluster may contribute over RM9 billion in economic impact by 2028.
Barnama
13-06-2025
- Business
- Barnama
IIBD To Transform Johor Bahru Into World-class Business Hub
REGION - SOUTHERN > NEWS JOHOR BAHRU, June 13 (Bernama) -- The implementation of the Ibrahim International Business District (IIBD) is set to transform Johor Bahru city centre into a world-class business hub, said Johor state housing and local government committee chairman Datuk Mohd Jafni Md Shukor. He said the strategic initiative is not merely a physical development plan, but a comprehensive policy document encompassing economic, social, environmental and mobility aspects, aligned with sustainable development principles championed by Johor Menteri Besar Datuk Onn Hafiz Ghazi through the MAJU JOHOR agenda. According to Mohd Jafni, the initiative focuses on urban regeneration through active participation of the private sector and local communities, in line with the Johor-Singapore Economic Zone (JSEZ) spirit that drives cross-border connectivity and investment, adopting the Business Improvement Districts (BIDs) model. bootstrap slideshow "Alhamdulillah, today I received a full briefing on the latest progress of the IIBD implementation, a strategic initiative by the Johor State Government that will transform Johor Bahru city centre into a world-class business hub. "...with a target to increase economic value from RM208 million in 2023 to RM21 billion by 2040, the IIBD plan will feature several new development zones including an innovation hub, heritage areas, shopping precincts, urban parks and an integrated public transport infrastructure," he said in a Facebook post today. Mohd Jafni said IIBD also aims to raise job density from 9,300 to 34,000 employment opportunities, along with a gradual increase in the urban population to create a vibrant, friendly and safe community. "In addition, green and wellbeing elements are prioritised through the 'Greening and Cooling the City' project, which includes the development of urban parks, pedestrian walkways, bicycle lanes and eco-friendly technologies such as floating wetlands to improve water quality and urban landscapes. "From a safety perspective, the project will introduce improved urban lighting systems, secure back lanes and family-friendly community spaces to enhance the sense of security among city residents," he said. Elaborating further, Mohd Jafni said the project also targets smart mobility through the construction of a medium-scale public transport system, integrated parking and non-motorised route networks, supporting the state's ambition towards a smart, low-carbon city.
