Developers remain optimistic about property outlook in south Johor despite reports of an impending global recession. - ZAZALI MUSA/The Star
DEVELOPERS in Iskandar Malaysia, Johor expect the property market outlook for the country’s first economic growth corridor to remain positive next year.
Gunung Impian Development Sdn Bhd general manager Koh Moo Hing said improvements could be seen in the last quarter of 2021 amid the Covid-19 pandemic.
He said the company’s sales had picked up since the reopening of the Malaysia-Singapore border in April.
“Property is still a good bet despite the economic challenges in the past two years with the movement control order imposed by the government,” Koh said.
He said the positive sentiments were likely to continue in 2023 since the country began transitioning into endemicity from April this year.
Koh said despite the economic slowdown in 2020 and 2021 brought about by the global pandemic, there were still people with surplus cash to spend.
“Buying property is one way to park your money when times are bad and the value will appreciate when the economy starts to recover,” he added.
He said the take-up rate was good for the company’s single and double-storey houses priced between RM500,000 and RM700,000 each in Taman Impian Emas township.
Koh added that the company had developed about 404.7ha of the 1,214ha township which presently has 5,000 residential units with 25,000 residents.
UDA Land (South) Sdn Bhd sales and marketing head Morita Mohammed said the company’s 225 units of double-storey terrace houses launched this year were all snapped up by buyers.
She attributed the good sales to the strategic location of Bandar Uda Utama township near the Second Link Crossing and Tuas in Singapore.
“Our buyers are mostly first-timers and upgraders as well as extended families from nearby mature housing estates,” she said.
Morita added that in the pipeline for next year were 64 five- and six-room semi-detached houses and 24 bungalows with up to eight rooms.
She said presently, about 50% of the 190ha township had been developed and the company had a 81ha land bank in nearby Jalan Simbang, Taman Perling for future development.
“We are planning to launch our mixed development project in Jalan Simbang in 2025,” she said.
Sunway Iskandar Sdn Bhd chief executive officer Gerard Soosay said the company registered positive sales during the pandemic in 2020 and 2021.
He said demand for landed properties, priced between RM750,000 and RM800,000 each, was good with 80% local buyers and 20% Japanese, Singaporeans and South Koreans.
“Most local buyers are Malaysians working in Singapore but living in Iskandar Malaysia,” he added.
Soosay said the company was optimistic that the property outlook would remain positive next year despite reports of an impending global recession.
