Iskandar property outlook seen positive

JOHOR BARU: IJM Land Bhd sees Iskandar Malaysia as the next growth centre in the country after the Klang Valley with good growth prospects in the long term.

Nasa Land Sdn Bhd general manager Lim Hock Seng said the development and progress taking place in the country’s first economic growth corridor was a testimony to what’s right about the growth corridor.

He said the influx of domestic and foreign investors and new residents in south Johor would create new job opportunities as well as demand for residential and commercial properties.

“Iskandar Malaysia will continue to drive economic growth in south Johor and we are still upbeat that the property outlook remains positive,’’ Lim told StarBiz at the company’s Chinese New Year open house here yesterday.

Nasa Land Sdn Bhd is a strategic partnership between IJM Land and JKG - the developer of NasaCity - a multi-million ringgit mixed development project located along the North-South Expressway (NSE).

He said the company was banking on the strategic location of the project and its accessibility to attract local buyers, as well as those from Singapore and China.

“The presence of big developers from China is good for the property market in Iskandar Malaysia as they help to promote Johor Baru to buyers in mainland China,’’ added Lim.

He said Malaysian developers in Iskandar Malaysia did not feel intimidated or threatened with the big boys from China as Chinese developers catered to the needs of buyers from the republic.

Lim said the take-up rate for its non-bumi units of its Centra Residences – Tower A – a 25-storey apartment block was good with all the non-bumi units sold out.

The prices for 196 apartments with a floor area between 786 sq ft and 2,002 sq ft for Tower B – a 25-storey block already opened since mid-2016 – are from RM500 per sq ft and the two towers would be completed by the end of the year.

He said the company was also talking with several local and foreign parties to develop the Auto City and a stand-alone shopping mall within NasaCity.

“The state government has done a good infrastructure job for Iskandar Malaysia and we are hoping that both Malaysia and Singapore could fast track the Rapid Transit System (RTS) project,’’ said Lim.

He said the RTS would be a game changer as it would improve connectivity and accessibility at the causeway; hence boosting Johor’s economy.

In February 2013, Malaysia and Singapore jointly announced their agreement to build the High Speed Rail (HSR) between the republic and Kuala Lumpur.

The HSR is expected to be completed by 2020, but the completion date was pushed for another two years, to 2022, as announced in 2015. During the joint-announcement, Prime Minister Datuk Seri Najib Tun Razak and his counterpart Lee Hsien Loon also announced the proposed Malaysia-Singapore RTS link, which is expected to be up and running by 2018.