JOHOR BARU: The demand for landed residential property in south Johor, especially in the Iskandar Malaysia region, is still encouraging despite the slowdown in the property market.
SP Setia Bhd president and chief executive officer Datuk Khor Chap Jen said most buyers in the economic growth corridor still preferred landed or high-rise properties.
“Buyers have started to come back to the market and it is a good sign for many developers in Iskandar Malaysia, including us,” he told reporters during the SP Setia World Environment Day 2018 at Setia Tropika Convention Centre here.
Khor said developers in Iskandar Malaysia were still launching their projects despite uncertainties and challenges in the property market in recent years.
He said the property outlook in Iskandar Malaysia remained attractive, adding that developers should come out with the right products to attract potential buyers, especially first-timers.
“Iskandar Malaysia will continue to drive demand for properties in south Johor and we expect the property outlook to remain attractive in the years to come,” added Khor.
He said demand for double-storey link houses priced below RM500,000 was good, especially among young professionals, small families and young entrepreneurs.
Khor said the company had several ongoing township projects in Iskandar Malaysia, with the notable ones being Taman Bukit Indah, Setia Eco Gardens, Setia Indah and Setia Tropika.
“We also have commercial and industrial development and projects in south Johor and they will keep us busy for the next 10 years,” he said.
Khor said the south Johor property market was unique as developers also cater not only for locals but also for Malaysians working in Singapore while living in Iskandar Malaysia.
As of March 31, the company had 46 ongoing projects with a remaining land bank of 3,879.31ha at a gross development value of RM139.72bil and total unbilled sales of RM7.95bil.
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