Lim’s success in Johor has also attracted other Malaysian billionaires to the region. Quek Leng Chan, chairman of conglomerate Hong Leong Group, has invested in Johor through its property and hospitality arm GuocoLand Malaysia. The group unveiled a luxury condominium project in Iskandar Puteri in January with units priced from 1.3 million ringgit to 2.6 million ringgit.
Another prominent figure making waves in Johor is billionaire Quek Kon Sean, founder of Sage Group. He’s developing a 200-acre site within PM325, a multibillion-dollar integrated development project in the Pasir Gudang Industrial Zone that’s part of the new special economic zone.
Outside of property, tycoon Syed Mokhtar AlBukhary sealed a deal in 2022 to build a petrochemical complex in Pengerang, also part of the zone. Syed Mokhtar’s flagship MMC Corporation teamed up with South Korea’s Lotte Chemical and Saudi Aramco for the $4.5 billion project, which is expected to be completed by 2026.
While Johor’s economy has seen growth due to these investments, challenges remain. The state is still grappling with issues such as overreliance on Singapore’s economy, environmental degradation, traffic congestion, and income inequality. To address these concerns and attract more investments, the government has implemented various initiatives, including tax breaks and infrastructure projects.
As Malaysia’s ties with Singapore continue to strengthen, Johor is set to become an even more attractive destination for investments. With its strategic location, growing infrastructure, and support from the government, the state is poised to attract more billionaire investors like Lim Kang Hoo, Quek Leng Chan, and Syed Mokhtar AlBukhary, driving further economic growth and development in the region.
