Dream properties await down south
NOW is the right time for property buyers looking for their dream houses as the prices of houses, especially in Iskandar Malaysia, are expected to go up in the near future.
Johor Real Estate and Housing Developers Association (Rehda) branch chairman Datuk Steve Chong Yoon On says prices of residential properties are unlikely to come down.
He says there are several main reasons contributing to the upward trend in the prices, including the hike in prices of building materials and labour cost from three per cent to between 14% and 15%.
Chong says it is also a buyer’s market where they could shop around looking for the best property available in the market to suit their financial capability and their choice location.
“The first edition of the Malaysian Property Expo for 2018 is the best avenue for buyers who have been eyeing their dream houses for so long,’’ he says in a press conference.
Present at the press conference were Johor Rehda deputy chairman Abd Razak Mohd Yusoff, Johor Mapex 2018 organising chairman Chin Kuie Too, honorary secretary Freddie Lee Ah Choy and honorary treasurer Wong Kuen Kong.
Others were committee members – Andrew Tan Yee Seong, Simon Heng Kwang Hock, Ku Hwa Seng and Datuk John Chan Yee Hua.
Chong says Johor Mapex 2018 will be held from today till April 29 at KSL shopping complex in Jalan Seladang, Century Garden, from 10am to 10pm.
He says 30 developers who are members of Johor Rehda are taking part in the three-day event offering a wide range of residential, commercial and industrial properties under one roof.
Chong says developers taking part in Johor Mapex 2018 are offering free stamp duty, legal fee and RM10,000 discount during the three-day promotional period.
On top of it, there will be another 10% discount if buyers ink the deal during the event.
He says developers are targeting all buyers including young professionals and those who have been working for some time.
Chong adds that landed residential properties remain the favourite of buyers in Iskandar Malaysia; 55% of the units available during the three-day event are landed houses priced between RM450,000 and RM600,000.
“Iskandar Malaysia will continue to drive the growth of the property market in Johor in the coming years as it is poised to become an international metropolis by 2025,’’ he says.
Launched on Nov 4, 2006, Iskandar Malaysia is located in the southernmost part of Johor. It spans over 2,217 sq km and is three times the size of Singapore and two times the size of Hong Kong.
It is divided into five flagship development zones – Johor Baru City Centre, Iskandar Puteri (formerly known as Nusajaya), Western Gate Development, Eastern Gate Development and Senai-Kulai.
“Iskandar Malaysia is more viable compared with other economic growth corridors in Malaysia,” says Chong.
The other economic growth corridors in Malaysia are the Northern Economic Region, East Coast Economic Region, Sabah Development Corridor and Sarawak Corridor of Renewable Energy.
According to Iskandar Regional Development Authority, as of Dec 31, 2017, it had received RM 253bil and targets to achieve about RM 383bil when the economic growth corridor reaches maturity in 2025.
“Despite criticism and unfavourable reports on Iskandar Malaysia from certain parties in its early days, it is progressing well and moving on the right track,” he says.
Chong says investment in Iskandar Malaysia will not only spill over to other parts of Johor but will also be of national interest as it is being watched by other countries in the region.
He says as a Government-backed economic growth corridor, Iskandar Malaysia has strong backing in terms of infrastructure development projects.
The Government has spent RM 10.67bil on Iskandar Malaysia since 2006 on the upgrading and construction of new roads and highways, flood mitigation, river cleaning and public housing.
“Improvement in connectivity and accessibility makes most areas within Iskandar Malaysia flagship zones attractive to house buyers,” says Chong.
He says the New Coastal Highway, the Eastern Dispersal Link Expressway, the Pasir Gudang Coastal Highway and the Southern Link will help to push demand for properties.
Among the areas benefiting from better road linkages are the Tebrau Corridor, Plentong-Pasir Gudang Corridor, Iskandar Puteri and Senai-Kulai Corridor.
“One advantage of Iskandar Malaysia is that most of the roads and highways are toll-free, unlike in the Klang Valley,” he points out.
Chong says the influx of domestic and foreign investors will create job opportunities within Iskandar Malaysia and the presence of new residents will bode well for the property market in southern Johor.
Iskandar Malaysia will continue to drive the growth of the property market in Johor in the coming years as it is poised to become an international metropolis by 2025. Datuk Steve Chong Yoon On