A Memorandum of Understanding (MoU) for the development of the Pedestrian Overhead Bridge to connect KOMTAR JBCC to the current planned bridge of the Rapid Transit System (RTS) Link Bukit Chagar Station was signed by Al-Salm REIT, a listed real estate investment trust that is majority owned by the Johor Corporation Group of Companies and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and AmanahRaya Trustees Berhad, the Trustee of Al-Salām REIT, signed the MoU on behalf of Al-Salām REIT.
The MoU formally establishes the strategic alliance between MRT Corp., the developer and owner of the RTS Link’s Malaysian civil infrastructure and Malaysia Rapid Transit System Sdn Bhd (MRTS), the registered owner of KOMTAR JBCC and Al-Salm REIT. Damansara REIT Managers Sdn Berhad (DRMSB), a fully owned subsidiary of Damansara Assets Sdn. Bhd. (DASB), a business unit of the Real Estate & Infrastructure Division of Johor Corporation, is in charge of managing Al-Salm REIT.
The 42-meter-long, 4 to 8 metre-wide, air-conditioned pedestrian overhead bridge of KOMTAR JBCC, which is scheduled to open in 2027, would provide commuters with a smooth, secure, and practical link between the station, the mall, and the nearby Ibrahim International Business District (IIBD).
Ir Zulkifli Mohamed, Project Director for RTS Link, MRT Corp., and Zainudin Suhaimi, Chief Executive Officer, AmanahRaya Trustees Berhad, the Trustee of Al-Salm REIT, signed the Memorandum of Understanding.
The signing was witnessed by Ir Ts Mohamad Fazli Mohamad Salleh, Chairman, Johor State Public Works, Transport & Infrastructure representing Menteri Besar of Johor, Datuk Onn Hafiz bin Dato’ Ghazi, Datuk Sr Akmal Ahmad, Director, Real Estate & Infrastructure Division, Johor Corporation, Dato’ Haji Mohd Redza Shah Abdul Wahid, Chairman, DRMSB and Datuk Mohd Zarif Hashim, Chief Executive Officer, MRT Corp.
Dato’ Haji Mohd Redza Shah, Chairman of DRMSB said, “The imminent opening of the RTS Link Station in 2027 will greatly enhance KOMTAR JBCC’s accessibility, leading to a surge in footfall. The influx of RTS Link passengers alone is anticipated to double the pre-pandemic numbers.
“This initiative will undoubtedly yield substantial benefits, as the increased foot traffic will drive business growth and result in higher rental rates. We aim to revitalise the earning potential of KOMTAR JBCC, breathing new life into its operations and unlocking its true potential. Along with the execution of diversification of asset classes and tenant initiatives, the KOMTAR JBCC earning turnaround initiatives stand as the key pillars in our quest to quintuple the current total asset value of Al-Salam REIT within a span of five years. Such initiatives shall serve as a catalyst to elevate the value of our units, presenting a truly promising investment opportunity to our esteemed investors via participation in Al-Salam REIT potential private placement. A series of roadshow events with stakeholders is expected to be held from today onwards by the Fund Management.”
Meanwhile, the Deputy Chairman of the JLand Group, Datuk Sr. Akmal Ahmad, stated, “This project is a testament to the commitment of JLand Group and MRT Corporation in enhancing Johor Bahru’s appeal as an international business and tourism hub.”
“This Pedestrian Overhead Bridge will enhance connectivity in IIBD, which will benefit the businesses located within. To ensure its success, JL Projects Sdn. Bhd., JLand Group’s project development arm, will undertake the planning, design, and development of the Pedestrian Overhead Bridge.”
Commenting on the Pedestrian Overhead Bridge (POB), Datuk Mohd Zarif Hashim said, “MRT Corp welcomes the collaboration with private entities to increase connectivity and access to the RTS Link service, which can contribute to driving business expansion and economic growth.”
He also added, “MRT Corp is honoured to collaborate with all parties involved in providing a POB that connects the RTS Link Bukit Chagar Station to KOMTAR JBCC. As an organisation that has been mandated by the Government to develop efficient and reliable rail infrastructure for the public, we hope to cast a lasting impact beyond providing public transit infrastructure, as we strive to deliver a balance in the spillover effect into the economy. MRT Corp also believes the benefits of the RTS Link will bring prosperity to all parties, and welcomes the possibility of any future cooperation to be mutually agreed upon from time to time.”
The RTS Link will provide for smooth transit between Singapore and Johor Bahru by carrying around 10,000 passengers every hour in each direction. The mall at KOMTAR JBCC is therefore expected to draw more customers, tourists, and business travellers thanks to its assortment of luxury brands, restaurants, and retail establishments. The commercial value of KOMTAR JBCC and IIBD is anticipated to rise with an international mix of visitors and tourists, offering the public promising investment prospects through Al-Salm REIT.
The pedestrian overhead bridge will act as a catalyst for local economic development, benefiting both IIBD and the neighbourhood. The increased foot traffic will open up the potential for a vibrant ecosystem that will boost the local economy by fostering cooperation and entrepreneurship, luring new businesses, and generating employment opportunities.
The bridge will boost the use of public transport, increase physical activity, and drive greater public health while helping to lower the city’s carbon footprint as Johor Bahru moves closer to its goal of becoming a future-ready smart city.
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