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SG Strong appetite for Malaysia property

Property Here - Monday, August 12, 2013

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Properties across the causeway continue to appeal to buyers and investors in Singapore, on the back of higher housing prices as well as market cooling measures in the city-state.

At PropertyGuru’s Malaysia Property Show (MPS) held in Singapore on 13 and 14 July, over 2,000 prospective buyers came to view the properties exhibited. At the end of the event, more than 30 units worth a combined RM30.1 million (S$11.6 million) were sold.

Two weeks later, another 20 units worth a total RM18.3 million (S$7 million) were taken up at the first MPS in Johor Bahru on 27 and 28 July.

Gerard Kho, Country Manager of PropertyGuru Malaysia, said: “A total of RM48.4 million (S$18.6 million) in sales was transacted in just two weekends as a result of our Malaysia Property Shows in Singapore and Johor. This is a telling sign that Malaysia properties are still highly sought after.”

“Reception for the first Malaysia Property Showcase in Johor was especially positive as it was the first time visitors were able to visit the actual showroom gallery or the site of the property before purchasing. Shuttle buses were provided from the event venue and pick up was also available from Singapore to Johor,” he added.

The strong response was attributed to several factors such as higher property prices in Singapore, the government’s cooling measures and the introduction of a new Total Debt Servicing Ratio (TDSR).

Responding, Steve Melhuish, co-founder and Chief Executive Officer of PropertyGuru Group, noted: “The momentum for Malaysian properties among Singaporeans remains strong. What’s interesting is that we notice a growing interest in Iskandar Malaysia...This shows that Singaporeans are well aware of the developments occurring in Johor and believe in the future prospects of the area. It appears that KL and Penang are now competing with Iskandar Malaysia for the overseas property investor dollar.”

There was equal sales activity recorded for both high-rise and landed homes, the group said. 

“With space being a premium in Singapore, it makes perfect sense for Singaporeans to choose Iskandar Malaysia when looking for more spacious condos or even landed properties. However, we need to look beyond just transaction numbers,” said Melhuish.

“There are key insights and buying trends happening that are indicative of the bigger property landscape and how Malaysia and Singapore are connected via the Iskandar region.”

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