Maybank Investment Bank Bhd. is upbeat on the Johor-Singapore special economic zone (JSSEZ in Iskandar Malaysia as it is expected to pump up more job opportunities and propel commercial activities in the area. Maybank IB expects the new development to attract a larger population and become the catalyst for property demand such as residential and commercial properties.
This is following the surge of population that require housing and this could potentially facilitate developer’s unsold stocks. Maybank IB said this is pivotal especially within the high-rise residential segment. “Key beneficiaries of this potential development include UEM Sunrise Bhd, Sunway Bhd, Eastern and Oriental Bhd, Eco World Development Group Bhd and AME Elite Consortium Bhd,” it said.
The firm said the new development was revealed after the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM) agreed to study the establishment of a JSSEZ to drive economic growth and enhance economic connectivity. Maybank IB said a special task force will be established to study JSSEZ to outline the terms of reference and broad areas of collaboration. “JSSEZ will build on the foundation set by the various work groups to drive sustainable growth, develop human capital and improve infrastructure and connectivity,” it said. The special task force will be led by the Ministry of Trade and Industry from Singapore and the Ministry of Economy from Malaysia with the support of relevant government agencies from both countries. The special task force will provide a progress update at the 10th Singapore-Malaysia Leaders’ Retreat to be held in Singapore later this year.