JOHOR developers are optimistic that the property market outlook in Iskandar Malaysia will remain positive this year despite uncertainties in the global economy.
They said the property market would also not be badly impacted by the Overnight Policy Rate (OPR), which is expected to further rise twice in 2023.
Gunung Impian Development Sdn Bhd general manager Koh Moo Hing said the country’s economy was recovering after a two-year slowdown due to the Covid-19 pandemic.
“Now is the best time to buy houses as developers are not selling them at high prices,” he said.
He opined that there were always potential buyers in the market with surplus income or strong financial capabilities willing to buy properties regardless whether times were good or bad.
“Property is always a good buy and the value will appreciate over time,” he said.
Koh hoped that the Federal Government would consider reintroducing the Home Ownership Campaign (HOC) which was first introduced in January 2021.
He noted that the campaign was especially good for first-time buyers, as participating developers would offer good rebates.
He said his company would be launching 140 units of single-storey terrace houses in the second half of the year.
“Demand for our gated and guarded single-storey terrace houses is good, based on the take-up rate of our 200 units launched in 2022,” he added.
Koh said not many developers in Johor Baru had been building single-storey link houses for the past 15 to 20 years, hence pushing up demand for such property.
Tanah Sutera Development Sdn Bhd sales and marketing assistant general manager Daniel Tan said Johor’s close proximity to Singapore was an added advantage for the property market in Iskandar Malaysia.
“There are more than 330,000 Malaysians who commute daily to work in Singapore but are living in Iskandar Malaysia,” he said.
Tan said many local job seekers, not only from Johor but also other Malaysian states, preferred to work in the island republic due to the stronger currency there.
“There is a ready market for developers in south Johor to attract locals to buy their houses,” he noted.
He said the Malaysia-Singapore border reopening on April 1 last year also witnessed many locals crossing over for job opportunities.
He pointed out that the proposed increase in the OPR by Bank Negara would not have much impact on Malaysians working in Singapore as they would have strong purchasing power.
“Locals from outside Johor and working in Singapore will definitely look for houses in Johor Baru,” he said.
He also concurred with Koh that the Federal Government should reintroduce the HOC.
Tan said his company would be launching the double-storey and triple-storey terrace houses and double-storey cluster homes at Sutera Garden Village in the second half of this year.
“Phase one consists of 90 houses within the resort-style development with a swimming pool, gymnasium and badminton courts, starting from RM900,000 each,” he said, adding that the targeted buyers were upgraders, extended families and buyers seeking resort-style living.
