Global real estate services firm Cushman & Wakefield has expanded into Malaysia, and the new office in Kuala Lumpur, a wholly-owned C&W entity, is its 35th office in Asia-Pacific.

“This move is in line with our five-year strategic plan, which contains an aggressive expansion plan for our business in Asia-Pacific,” Sanjay Verma, CEO for Asia-Pacific, said.

Malaysian economy

Malaysian economy grew 5.1 per cent in Q4 2013 and 6.2 per cent in Q1 2014. The momentum of growth is targeted to continue into 2014 supported by resilient demand from the domestic market and firm exports numbers. Contribution from the manufacturing sector has been steadily increasing over the years and is currently known to account for about 25 per cent of GDP.

In addition to growth and development opportunities in the Klang Valley, C&W sees tremendous opportunities in Iskandar, which has been earmarked by the Malaysian Government as a key economic growth region.

Opportunities in Iskandar

The findings of a report by C&W said that to date, Iskandar has attracted RM 131 billion in investments and since 2006 had created 554,000 new jobs. Under the Comprehensive Development Plan for SJER, one of the key development strategies is to attract high value, technology-led industries to Iskandar.

Arsh Chaudhry, Executive Managing Director for Cushman & Wakefield in South East Asia, said, “I see Iskandar complementing Singapore just as Shenzhen does to Hong Kong and New Jersey to New York City. Of the RM 47 billion FDI into this region, over RM 11 billion has come from Singapore.”

These include Ascendas-UEM JV for a 210 hectare integrated technology Park in Nusajaya, Capitaland’s joint venture with Temasek Holdings in Danga Bay for a 71 acre mixed use development, Rowsley’s 10 million sq f. mixed-use development in Vantage Bay and Pacific Star’s residential development in Puteri Cove, he added.

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