I&P GROUP SDN BHD is still upbeat on the property market despite uncertainties in the global economy due to the Eurozone sovereign debt crisis and slow down in the USA.
Its head of marketing Muhamad Zaili Muhammad Yusof said the economic problems plaguing the two regions were unlikely to cause severe impact on the local property market.
He said Asian countries have proven from time to time that that they were resilient and able to weather difficult economic situations and emerge even stronger thereafter.
“Asians, including Malaysians, always regard property as a good buy as its value will appreciate over times,’’ Zaili said in an interview with MetroBiz.
He said this at the “Mad About Homes 2012 @ JB” — a marketing campaign promoting the company’s new residential and commercial projects in Iskandar Malaysia.
Zaili said the company had chosen this theme for its campaign as it wanted to be different from other existing developers in the market.
The projects in the offing are “Forty 5 Perling” — a three and four-storey shop offices and phase two of D’Serambi double-storey terrace houses in Taman Perling.
Others are Taman Pelangi Indah’s Lake View Residence - single-storey terrace and double-storey terrace houses, and Chantique double-storey terrace houses.
In Taman Rinting, two types of double-storey terrace houses – Sinar Link type A and C are available for purchase.
“The first campaign was held three years ago in Johor Baru and we decided to hold another campaign this year as good response for the first one,’’ said Zaili.
He said the property market in Iskandar Malaysia had started to pick up after in the last three years following the US subprime crisis and European financial woes in 2008 and 2009.
Zaili said during bad times, Malaysians planning to buy properties would put on hold their plan and save money, and when the economy started to turn around, they would start on their shopping spree.
Abdul Razak Mohd Yusoff head of southern region, concurred with Zaili that even during bad times, there were still people with money looking for properties.
He said buyers could be divided into two groups – those looking for residential properties as owner-occupier while the other was the group buying commercial properties and lease them out for income.
“The past two to three years see demand for commercial properties in Iskandar Malaysia on the upward trend due to the development taking place in the growth corridor,’’ said Abd Razak.
He said Iskandar Malaysia was moving on the right direction since its inception on Nov 4, 2006 attracting about RM87.56bil as of March 31, 2012 in cumulative committed investment since day one.
Located in the southernmost part of Johor, Iskandar Malaysia spans 2,217 sq km – three times bigger than Singapore and divided into five flagship development zones.
They are the JB City Centre, Nusajaya, Western Gate Development Zone, Eastern Gate Development Zone and Senai-Kulai.
“Iskandar Malaysia is more viable compared with other economic growth corridors in the country,’’ he added.
The other economic growth corridors in the country are the Northern Economic Region, East Coast Economic Region, Sabah Development Corridor and Sarawak Corridor of Renewable Energy.
Abdul Razak said many of the projects by both the public and private sectors have been completed or in the midst of completion within this year and next.
Among the completed projects include the Johor State New Administrative Centre’s Kota Iskandar, Newcastle Medical University Malaysia and New Coastal Highway.
Soon-to-be-completed are Asia’s first Legoland Malaysia Theme Park, Marlborough College, Iskandar Malaysia Pinewood Studios and Raffles University.
“Iskandar Malaysia is the main driving factor that will push up demand for properties in south Johor especially high-end properties,’’ he said.
Abdul Razak added that more and more developers were now embarking on commercial properties or business centre projects catering for neighbourhood demand instead of regional.
He said on that note, a neighbourhood business centre would have retail outlets offering a wide range of products and services to residents of the respective housing estate.
These include banks, clinics, food and beverage outlets, beauty saloons and spas, boutique, car accessories shops, tuition centres, pharmacies, laundries as well as the 24-hour Indian Muslim restaurants.
Meanwhile, marketing sales and product general manager Arry Nazroun Ahmad said the Forty 5 Perling was the last commercial project in the Taman Perling housing scheme developed in 1981.
The project is sited on a 1.90ha area and located in the northern part of the housing scheme – the shop offices come in nine variant lot sizes with floor area between 5,295 sq ft and 11,814 sq ft.
The intermediate units come in 24ft by 74ft, 24ft/30ft by 80ft while the corner units in 39ft/40ft/45ft by 80ft, 42ft/48ft by 74ft with price tags ranging from RM1.42mil to RM3.67mil.
“The project is expected to be completed in June 2015 with a gross development value of RM84.61mil,’’ he said.
Arry said the project’s strategic location would be its main strong selling point as it was located just metres away from the Second Link Crossing to Singapore.
He said in the pipeline adjacent to Forty 5 Perling would be the two tower blocks – each block with 34-storey and 200 units of service apartments.
Arry said the project on a 1.21ha site is expected to be launched in the third-quarter of 2013 with the indicative pricing of RM550 per sq ft.
“We are confident that our service apartment project will receive good response from prospective buyers due to its strategic location,’’ he said.
I&P Group is a wholly-owned subsidiary of Permodalan Nasional Bhd and were formed with the merging of three property development giants in May 2009.
The group has successfully developed several major and well-known projects notably Bandar Kinrara, Alam Impian, Temasya Glenmarie, Alam Damai, Bandar Baru Seri Petaling and Bukit Damansara in the Klang Valley and Taman Pelangi Indah and Taman Rinting in Johor Baru.
For details on Mad About Homes 2012 @ JB – call 07-2181 800 or visit the website: www.inp.my or visit its sales office at Level 1, Bangunan Pelangi, Jalan Biru, Taman Pelangi.