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SG S'poreans more keen on Iskandar property

Property Here - Friday, April 05, 2013

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By Shabnam Muzammil:

Interest among Singaporeans for properties in and around Iskandar Malaysia has been on the rise due to the significant presence of developers from the city-state in Southern Johor’s real estate market and “warm ties” between the two countries, according to Datuk Seri Abdul Wahid Omar, CEO of Maybank.

“The confidence of Singaporean property buyers towards the Iskandar growth prospect is at a new high and this will definitely benefit the property sector,” he said during the launch of Maybank's two new Shariah compliant mortgages with a minimum loan quantum of S$100,000, for properties bought in Malaysia by Singaporeans and Singapore permanent residents (PRs).

Previously, Maybank’s Malaysian branches only provided property buyers from Singapore with loans in ringgit, said Muzaffar Hisham who heads Maybank Islamic Bhd.

“The two new products are dominated in Singapore dollar as the income of our borrowers are in dollars,” he noted, adding that the loans will only apply to properties in Johor, Malacca, Kuala Lumpur and Penang.

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg