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Saturday, May 2, 2009

Few projects abandoned in Johor in last 10 years

Home buyers browsing at the Malaysia Property Expo 2009 at Johor Baru City Square shopping centre

JOHOR BARU: House buyers in Johor should not be unduly worried that housing projects in the state will be abandoned during the current economic downturn.

In the last 10 years, the state had seen only 2% of projects abandoned, said Real Estate and Housing Developers Association (Rehda) Johor branch chairman Lee Kim Chai.

He said most of the residential and commercial properties were close to completion and those completed were already issued with certificates of fitness.

“House buyers are becoming more knowledgeable and discerning and they will shop around before making their purchase,” Lee told StarBiz at the launch of the Malaysia Property Expo 2009 recently.

The four-day event saw 31 developers offering 8,000 units of mixed properties valued at more than RM2.7bil.

Lee expected most developers would not launch new products under the economic conditions now but would focus on selling off their completed units.

“Developers are also working closely with banks to offer different financial packages to attract buyers including low interest rates on approved loans,” he said.

Lee said given the abundance of real estate available, the Johor property scene would be market-driven with prices becoming more competitive.

Meanwhile, Asiatic Land Development Sdn Bhd vice president Habibullah Khong Sow Kee said the take-up rate for its two projects in Johor was encouraging during this downturn.

The projects are the Asiatic Indahpura township in Kulai covering an area of 2,832.79ha and Pura Kenchana township in Batu Pahat on a 3,642.17ha site.

He said 404.65ha had been developed in the Kulai project to date with 5,000 units of residential and commercial mixed properties and 129.49ha in Batu Pahat with 2,000 units of mixed properties.

“Demand for property in secondary towns such as Batu Pahat is good as people there are going for lifestyle living instead of just buying homes,” said Habibullah.

Asiatic Land is a wholly-owned subsidiary of Asiatic Development Bhd and a member of the Genting Group.

By The Star (by Zazali Musa) (Posted on 1st May 09)

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