UMNO vs Sultan – The Rush For Goldmine Johor Land
Finance Twitter
Beside being crowned as the world’s most expensive city, Singapore is also a top financial hub, trading port, tourism, tax haven, and has the world’s highest percentage of millionaires. The country which already has 21 billionaires is expected to have 4,878 people with US$30 million or more in assets by 2023, according to Knight Frank LLP.
In a nutshell, Singapore has everything you can dream of. But the country is a crowded place, so much so that it’s a common sight to see Singaporeans reserve their tables at food court with anything they could get hold of – newspaper, umbrellas or even packets of tissue. Yes, despite being the most expensive country on planet Earth to own a car, there’s one thing this country is lacking – land.
Singapore’s population density rose to 7,540 per square kilometer in 2013, closing in fast on New York’s 10,425. Shopping markets are slowly but surely expanding downwards – into the ground. The Ion Mall in the famous Orchard Road shopping district is already four stories underground.
The economy of globalization and urbanization enable Singaporeans move across borders, currencies and cultures. Hence the birth of “SIJORI” – an acronym refers to Singapore, Johor (Malaysia) and Riau (Indonesia). Thanks to this triangle economy, Singapore population ables to surge by almost a third in the past decade to 5.4 million. Add in Johor and Riau, and you’re looking at 10 million in 2010 alone.
So, is this the main reason for the current controversial Johor Housing and Real Property Board Bill, which supposedly would give Johor Sultan absolute powers to appoint the board members, decide on the members’ remuneration, oversee its accounts and dissolve the board? It seems the fight is over who controls precious vast amount of Johor land, at least on paper.
It is a known fact that foreigners particularly Singaporeans have been snapping properties in Johor like hot cakes. A RM3.5 million (S$1.36 million, US$1.1 million) for a five-bedroom, two-story home with private pool in Johor would cost about 15 times more in Singapore Sentosa district. Singapore has invested at least RM11 billion (S$4.3 billion, US$3.4 billion) in economic zone Iskandar.
