KUALA LUMPUR – Johor could see as much as RM2.35 billion (S$711 million) in investment inflows over the next three to 10 years from Maybank’s Singapore-based clients, the Malaysian bank said on May 19.
These intended investments will contribute to the development of the 11 Johor-Singapore Special Economic Zone (JS-SEZ) economic sectors, particularly in the green economy, manufacturing, logistics and healthcare.
The Malaysian bank said its three Singapore clients have expressed interest in investing in Johor’s special economic zone: Thomson Medical Group and Centurion Corp – which are both listed on Singapore’s stock exchange – and Alpine Renewables and Edible Oils, a supplier of feedstock to biofuel producers in the United States, Europe, South Korea and China.
The three Singapore-headquartered clients submitted letters of intent (LOIs) to the Iskandar Regional Development Authority at the JS-SEZ Partners’ Dialogue: Advancing Facilitation event hosted by Malaysia’s Ministry of Economy on May 19.
“These LOIs signal confidence in the JS-SEZ’s strategic value,” said Maybank president and group chief executive Khairussaleh Ramli.
The bank has also launched initiatives to position the JS-SEZ as a regional hub – this includes strengthening the local ecosystem, including upskilling micro, small and medium enterprises in areas of supply chain and halal facilitation, he said in a statement.
Thomson Medical Group, which is controlled by Singaporean billionaire Peter Lim, is banking on the JS-SEZ’s medical hub potential to develop Thomson Hospital Iskandariah on a 1.5ha site in Stulang, Iskandar.
The healthcare player specified a “strong interest” to invest up to RM1.5 billion over the next 10 years on a multi-speciality tertiary care facility that could create about 1,500 jobs, Maybank said.
Meanwhile, Centurion, which owns and manages worker and student accommodation worldwide, has expressed interest in investing RM300 million to RM500 million in the next five years to double its bed capacity in the JS-SEZ to address employers’ needs for centralised living quarters in key sectors of the zone.
And Alpine Renewables and Edible Oils plans to invest around RM350 million over the next three years to develop renewable energy feedstock pretreatment and renewable biodiesel refinery facilities in the Tanjong Langsat Industrial Port, in anticipation of rising demand for sustainable biofuels.
As well as facilitating the submission of the LOIs from its Singapore clients, Maybank also signed an LOI with Malaysia’s Economy Ministry, outlining interests in joint efforts to promote the JS-SEZ.
In addition, Economy Minister Rafizi Ramli told media at the event that six international banks are keen on signing LOIs to invest in the JS-SEZ.
“The idea is to make sure that we have large international banks to cater to each region. That’s why you have CGS International looking for primarily Chinese investors, Sumitomo Mitsui Banking Corporation to look after East Asia, CIMB and Maybank for local and regional investors.
“We also have Bank of America and HSBC for the Americas and we have one European bank that we have been talking to for a while. I think they will come on board, they have been working with us. They are taking slightly longer (to sign on),” said Datuk Seri Rafizi.
Already, Johor has secured about RM23 billion in its investment pipeline for the month of April alone, said Johor Menteri Besar Onn Hafiz Ghazi. This comes on top of the RM27.4 billion in investments the state recorded in the first quarter of 2025.
“If these numbers hold – and we believe they will – Johor will exceed RM50 to RM60 billion in total investments in (full-year) 2025, surpassing last year’s RM48.5 billion. This will position Johor yet again in the top three investment destinations in Malaysia (after Selangor and Kuala Lumpur),” said Datuk Onn on May 19.
For the whole of 2024, Johor attracted RM48.5 billion in investments, up from RM43.1 billion in 2023, according to data from the Malaysian Investment Development Authority.
Johor’s Chief Minister added that the government is actively engaged with 47 other potential investors in countries such as Singapore, China, and South Korea for possible investments totalling RM40.1 billion in key areas such as manufacturing, data centres and energy.
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