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SG Singapore cooling measures a plus for Iskandar

Property Here - Monday, August 05, 2013

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Developers with a presence in Iskandar Malaysia are optimistic that the good performance of recent project launches will be sustained in the months to come until 2014.

“The confidence level among developers in Iskandar is now at an all-time high,” said Wong Kuen Kong, Deputy Chairman of the Johor Real Estate and Housing Developers Association (Rehda).

The positive performance has been replicated in most new projects launched almost every weekend in 1H2013, hence developers are now eager to launch more, media reports said. 

Wong noted: “Previously, Klang Valley and Penang were high on the radar screen. Now Iskandar has joined the two as the most-sought-after location when it comes to property.”

During the Malaysian Property Expo (Mapex) in May, Wong said there were 2,000 units amounting to RM1.6 billion (S$627.6 million) sold compared to 1,449 units totaling RM672.14 million (S$263.64 million) in November 2012.

“Iskandar is a long-term development and if the prices of properties do not skyrocket in the mid-term, it will continue to attract strong interest from investors,” added Wong.

Meanwhile, Singapore's recent market cooling measures are seen as a plus point for Iskandar, said SP Setia’s Divisional General Manager, Hoe Mee Ling. 

For instance, Singapore developer CapitaLand is embarking on a mega project in Danga Bay, while other firms from the city-state are expected to follow suit. 

Moreover, the planned Rapid Transit System linking Johor Bahru and Singapore would enhance Iskandar's appeal to investors with better connectivity and accessibility. Besides Singaporeans, the Japanese, Indonesians, South Koreans and mainland Chinese are also purchasing homes in the area, she said.

Even multinational corporations and SMEs are setting up facilities in Iskandar to take advantage of lower costs.

Farah Wahida
, Editor at PropertyGuru Malaysia, wrote this story. To contact her about this or other stories