Malaysia: Coronation Square, a 100 hectare mixed-use scheme planned for Johor Baru, will include serviced apartments.
Coronation Square will be the first project under the Ibrahim International Business District (IIBD) transformation plan. The IIBD was launched yesterday by Sultan of Johor Sultan Ibrahim Sultan Iskandar at the Persada Johor International Convention Centre.
Coronation Square will comprise six towers – a hotel, a hotel with residences, an office, high-rise medical suites and two serviced apartment towers – and a mall with an estimated gross floor area of 80,000 square feet.
The project will be jointly developed by Johor Corporation (JCorp) and the state government, aiming to turn Johor Baru into a “metropolis of international standard”. It covers 250 acres (101.17ha) within Johor Baru city centre. Coronation Square was also launched at the same event by Sultan Ibrahim. This mixed development has a gross development value of RM3 billion. JCorp is a state investment corporation established by the Johor state government with the Johor Baru City Council.
According to JCorp president and chief executive officer Datuk Kamaruzzaman Abu Kassim, the cost of the entire transformation plan for the IIBC will be between RM20 billion and RM25 billion.
Also at the launch event was Johor chief minister Datuk Seri Mohamed Khaled Nordin, who said the idea behind the development of the IIBD was to bring the city to international standards: “This strategic development is important as Johor Baru has experienced a major population increase, which has spurred major economic growth. The existence of the IIBD in the city will enhance the standard of living of the local community.”</p
