JOHOR BAHRU: The proposed Johor-Singapore Special Economic Zone (JS-SEZ) is set to spur and amplify the demand for office space, especially in Johor Bahru city, in the coming years.
IGB Property Management Sdn Bhd director Wong Khim Chon said the demand for office space in the state has been on the rise since the reopening of Malaysia’s borders and the transition phase to endemic in April last year, driven by economic growth and stability.
He said the surge is particularly evident during periods of economic expansion as businesses experience growth, leading to an increased need for office space to support expanding operations.
"Moreover, certain industries may undergo rapid growth or changes, influencing their office space requirements.
"The potential establishment of the Johor-Singapore Special Economic Zone and the impending completion of the Johor Bahru-Singapore Rapid Transit System link are expected to further facilitate cross-border movement of people and goods, potentially amplifying the demand for office space in Johor Bahru," he told Bernama in an email interview here, today.
Wong said, however, despite the intensifying competition in the commercial property market due to the influx of new developments, the company remained steadfast in its commitment to providing superior specifications tailored to the specific needs of tenants.
IGB's primary focus, he emphasised, is on prioritising the tenants’ businesses, ensuring that they thrive within well-designed and strategically located towers.
Commenting on the office space offered at the North Tower @ Mid Valley Southkey, he said currently, the committed occupancy at the North Tower is about 30 per cent of the total net lettable area of about 327,000 square feet.
The completion of South Tower @ Mid Valley Southkey is targeted for the second quarter of next year, the company said.
Regarding the potential addition of more towers in Mid Valley Southkey in the future, Wong said if there is an increased demand in the Johor market for office space, the company would certainly be interested in exploring the possibility of adding more towers.
"At the moment, we have prospective tenants, including international and local companies from various industries, such as financial institutions and foreign government agencies," Wong added.
Mid Valley Southkey, IGB Group’s mixed-use development sprawled over 8.98 hectares of land, has rapidly evolved into a bustling hub of commerce, leisure and lifestyle, offering various services for its visitors.
Currently, IGB Bhd
has more than 404.68 hectares of landbank in Selangor, Kuala Lumpur, Negeri Sembilan, Pahang, Perak, and Johor. - Bernama
