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Thursday, September 9, 2010

Positive outlook for Johor property market

JOHOR BARU: The property market in Johor is expected to remain positive in 2010 and 2011, given the improvements seen since the second half of 2009 and the first half of this year.

Johor Real Estate and Housing Developers Association (Rehda) branch chairman Simon Heng said demand for residential property has improved and that developers could expect a better year ahead.

He said the property market had regained momentum after experiencing a slowdown almost two years ago, due to the global economic downturn, which was caused by the US subprime crisis and European financial woes.

“Consumers’ confidence is returning and developers here are cashing in,” Heng told StarBiz. He said this could be seen from the many new property launches over the last 12 months. Heng said developers that took part in the Malaysia Property Expo in April this year had recorded RM200mil sales a month after the event ended.

He also said banks were offering attractive interest rates to buyers and consumers were spoilt for choice with the numerous loan packages available in the market. “Feedback from our members show that many first time property buyers are taking advantage of the good offers to buy houses,” he said.

SP Setia Bhd executive vice-president (property division, northern and southern regions) Datuk Chang Khim Wah said buyers started coming back into the market from mid-2009 onwards.

He said unlike 20 years ago, where the Johor Baru property market attracted a large number of speculators buying residential properties, owners-occupiers had now taken their place.

Chang viewed the presence of more developers in the Johor Baru property market as a positive sign as it would help raise the standard of products and services in the market.

He said the company’s four ongoing projects in Johor – Bukit Indah I & II, Setia Indah, Setia Tropika and Setia Eco Gardens – would keep the company busy for eight years.

Berinda Properties Group sales manager Lim Sung Heng said the Government’s move to improve road connectivity and public infrastructure within Iskandar in the last three years had led to the opening of new suburban developments in Johor Baru.

He said Singaporean investors were buying high-end houses as prices of private residential properties in the republic had skyrocketed and was beyond the reach of the average Singaporean.

Some of Berinda’s projects in Johor Baru include Taman Molek, Molek Pine, Impian Molek, Molek Square and Molek Groove.

By The Star

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