Property consultant CH Williams Talhar & Wong (WTW) is upbeat about Johor's property market as the state's economic zone takes shape and companies continue their investments.
This year, the administrative centre in Nusajaya and the customs, immigration and quarantine complex will be completed.
The construction of a road linking Johor Baru to the administrative centre and the coastal highway to Pasir Gudang/Permas Bridge will also start this year.
"With these initiatives in fruition in 2008, the confidence in the property market will create added demand for the industrial sector from foreign direct investors," WTW said in its Property Market Report 2008.
In the first half of 2007, Johor recorded 19,242 property transactions, accounting for 13.4 per cent of total transactions in the country during the period.
In the residential sector, more households are due to upgrade their units due to higher purchasing power. This means opportunities for developers to launch high-end residential units.
"In what was believed to be a primarily Klang Valley-based market, real estate investment trusts entered the Johor market in 2007 through Mapletree, Axis and Atrium REITs interest in industrial properties in Port of Tanjung Pelepas, Senai and Pasir Gudang," it said.
Confidence in the retail market is reflected in the continued expansion by retailers like Tesco, Carrefour, AEON and Ikea.
Tesco entered into a 30-year lease for a 3.88ha site to operate a hypermarket in Pulai, AEON Co (M) Bhd bought a 15.1ha site in Bukit Indah for RM106.97 million to develop a shopping centre, and Swedish furniture retailer Ikea bought a 14.78ha site in Desa Tebrau for RM64.366 million to set up its second outlet in Malaysia.
By New Straits Times (by Hamisah Hamid)
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