Property market set to soar
ISKANDAR Malaysia will drive the growth of the property market in southern Johor in the coming years and the economic growth corridor is poised to become an international metropolis by 2025.
Johor Real Estate and Housing Developers Association (Rehda) branch chairman Datuk Steve Chong Yoon On said Iskandar Malaysia was on the right track since its launch 12 years ago.
Despite criticism from certain parties, he said things were in full swing, thanks to the influx of domestic and foreign investors.
“The investments in Iskandar Malaysia will not only spill to other parts of Johor, but will also be part of national interest.
“The country’s first economic growth corridor is being watched closely by other countries in the region.
“Iskandar Malaysia is more viable compared with other economic corridors in the country,” Chong said.
Iskandar Malaysia is divided into five flagship development zones – Johor Baru City Centre, Iskandar Puteri (formerly known as Nusajaya), Western Gate Development, Eastern Gate Development and SenaiKulai.
The other corridors are the Northern Corridor Economic Region, East Coast Economic Region, Sabah Development Corridor and Sarawak Corridor of Renewable Energy.
Chong said the Johor property market also benefited from Iskandar Malaysia as demand for highend residential properties was on the rise in southern Johor.
“Prior to the inception of Iskandar Malaysia, property prices in south Johor were stagnant, but now the prices are on an upward trend,” he said.
The average price for an inter mediate doublestorey link houses now ranges from RM400,000 to RM800,000 depending on location, while bungalows are currently selling for RM1.5mil to RM5mil.
According to Chong, the influx of domestic and foreign investors would create job opportunities in Iskandar Malaysia and the presence of new residents would bode well for the property market in southern Johor.
He said as a governmentbacked economic growth corridor, Iskandar Malaysia had strong support in terms of funding for infrastructure projects from the Federal Government.
The Government had spent RM10.67bil on projects in Iskandar Malaysia, including the upgrading and construction of new roads and highways, flood mitigation, river cleaning and public housing.
“Improvement in connectivity and accessibility is making most areas in Iskandar Malaysia attractive to housebuyers,” added Chong.
Among the areas benefiting from better road linkages are the Tebrau Corridor, PlentongPasir Gudang Corridor, Iskandar Puteri and SenaiSkudai Corridor.
Most of the roads and highways in Iskandar Malaysia are tollfree, unlike in the Klang Valley.