Malaysia’s Iskandar Waterfront Holdings and Catcha Group to build internet cities
Details of the collaboration, which will involve purpose-built developments for tech companies, to be unveiled later this year, IWH says
MALAYSIA’S Iskandar Waterfront Holdings (IWH) and Catcha Group are exploring potential opportunities to develop “internet cities” and technology hubs across South-east Asia, with Kuala Lumpur and Johor Baru in their priority list.
In a joint statement on Friday (July 15), IWH and Catcha said a memorandum of understanding has been signed to kickstart detailed discussions — including shortlisting prospective locations across the region.
A spokesperson from IWH told The Business Times that both companies are now finalising the master plan. Details for phase 1 of the development will be unveiled by the fourth quarter of this year.
“We are actively looking at synergetic growth areas together with our partners within the region and Malaysia, especially Kuala Lumpur and Johor Baru,” said IWH’s spokesperson.
The internet cities will be modelled after successful tech hubs in Paris, Silicon Valley and Shenzhen — all popular locations for global tech giants. IWH and Catcha will aim to draw companies from the United States, China and other major economies that are targeting South-east Asia.
Johor Baru’s proximity to Singapore – one of the leading technology hubs of South-east Asia – and the Rapid Transit System (RTS) Link between Johor Bahru and Singapore, are the city’s biggest advantages for such a project. Slated to commence service by end-2026, RTS will be ferrying 10,000 commuters every hour daily.
On potential collaborations with other parties, the spokesperson said IWH and Catcha are open to discussions and proposals from interested parties to jointly develop the digital hub.
“We will be developing complementary and supporting product mix within the property and studying numerous technology hubs around the world; and together with Catcha, we can emulate and add the South-east Asian flavour into the mix,” said the spokesperson.
Sharil Ridza Ridzuan, chairman of IWH, said in the joint statement: “The involvement of Catcha – an established internet group in South-east Asia – will provide IWH unique insights into what tech companies need for growth.”
Malaysia-listed IWH is a public-private partnership entity consisting of Credence Resources, Kumpulan Prasarana Rakyat Johor and the federal government via the Ministry of Finance. IWH is also the master developer of a 4,300-acre waterfront land parcel in Johor Baru.
IWH is founded by property tycoon Lim Kang Hoo, who is also the director and executive vice chairman of the group. Lim’s construction unit Ekovest Construction has won a RM1.98 billion (S$626 million) RTS Link contract to build the high speed railway linking Johor Bahru to Singapore.
Patrick Grove, chief executive officer of Catcha, said there is a huge opportunity for internet cities and tech hubs in the region as existing projects may not fit the needs of the industry.
“Technology and digital companies are increasingly becoming the largest and fastest growing tenants in commercial spaces; yet today’s projects still do not cater to the specific needs that internet companies and technology workers need,” he said in the joint statement.
Catcha Group controls a number of publicly listed and private media, new media, online classifieds and e-commerce companies. Among the companies in its investment portfolio are car sales platform Carsome and online marketplace group Frontier Digital Ventures.
