Iskandar Residences @ Medini

[Investor888]

actually the boom is still there. If not why would you see long Qs at Customs squeezing into Johor Bahru every other evening? Squeeze in to get chopped? Obviously its for something good. I just went back to visit a house I sold 5 years ago. Rental was RM 8000+ then. Last month, the same tenant is still there and the rental is still the same. I felt very unease upon hearing I lost RM 500,000 worth of rentals for doing nothing. Sigh. Blessed the new owner who wanted to stay after the lease expire in 2013 but dint as her hubby was further based somewhere at the other side of the globe. At least I earn some profits from the sale.

We all love to imagine the good stuffs. A few years ago, when so many condos in Iskandar were launched, I had agents in Singapore and JB coming to me, saying, IMAGINE very soon, you will be commuting in and out of Johor conveniently either using the RTS or HSR. They will be completed in 2018 and 2020 respectively. Iskandar will be a bustling place full of life. People will live in Johor and work in SG, enjoying the best of both worlds. Life will be soooo good!

Another name some of you may have seen, Ryan Khoo, said the properties in Iskandar are not in oversupply. He said all those reports by Maybank, the SG govt and others are misleading. If just 5% (or is it 10%?? Can't remember the figure he gave) of households in Singapore move over to Iskandar, the properties there are in undersupply! Haha... That's a big "IF". Guess that guy was dreaming even bigger than most people.

Then another Singaporean businesswoman (not going to name her) who turned a property developer selling her Danga Bay project, told potential buyers, IMAGINE this nice condo overlooking the sea (Straits lah, actually) as your retirement home, away from the stresses of life....so much cheaper than condos in SG. Just recently, I heard that her company is in deep trouble, owing lots of $$$ to shareholders and her Iskandar project never even took off after 3 years. I don't know the state of the condo development now. Wonder what happened to those who had placed their deposits.

 

[Tekkun]

actually the boom is still there. If not why would you see long Qs at Customs squeezing into Johor Bahru every other evening? Squeeze in to get chopped? Obviously its for something good. I just went back to visit a house I sold 5 years ago. Rental was RM 8000+ then. Last month, the same tenant is still there and the rental is still the same. I felt very unease upon hearing I lost RM 500,000 worth of rentals for doing nothing. Sigh. Blessed the new owner who wanted to stay after the lease expire in 2013 but dint as her hubby was further based somewhere at the other side of the globe. At least I earn some profits from the sale.

Big boom, mini boom, no boom, boomed..
It all relates to differentiation. Luxury, exclusive, landed, waterfront, mid value or low cost. All got different demand and value. Depends on what you bought and who are your targets. In bad times, some people make money. In all good times, people also lose money. No such thing as one analysis fit all.

 

[winners]

actually the boom is still there. If not why would you see long Qs at Customs squeezing into Johor Bahru every other evening?

On weekends, probably there could be more Sinkies going to JB for shopping and entertainment, especially when S$1=RM3. But on weekdays, those "long Qs" are mostly the Malaysians returning from work in Singapore. Ditto for the vehicular and motorcycle queues. Make a trip to witness for yourself first before giving an inaccurate impression here.

Based on your same analysis, you should also say that the boom is also in Singapore since every weekday mornings, you'll also see "looongg Qs" coming into Singapore. Why didn't you? Your views do need some soul searching and are indeed very much biased.

 

[mpan12]

actually the boom is still there. If not why would you see long Qs at Customs squeezing into Johor Bahru every other evening? Squeeze in to get chopped? Obviously its for something good. I just went back to visit a house I sold 5 years ago. Rental was RM 8000+ then. Last month, the same tenant is still there and the rental is still the same. I felt very unease upon hearing I lost RM 500,000 worth of rentals for doing nothing. Sigh. Blessed the new owner who wanted to stay after the lease expire in 2013 but dint as her hubby was further based somewhere at the other side of the globe. At least I earn some profits from the sale.

Just because it's crowded doesn't mean "boom". I agree with what winners said. It's the Malaysians going back to their homes in Johor. It's Singapore that's the gold mine to them as far as their work salaries is concerned! For Singapore cars entering JB, it's mainly to shop or eat perhaps over the weekend. That's about the only thing Singaporeans love to do. After they are done, they drive back into SG.

 

[winners]

Just because it's crowded doesn't mean "boom". I agree with what winners said. It's the Malaysians going back to their homes in Johor. It's Singapore that's the gold mine to them as far as their work salaries is concerned! For Singapore cars entering JB, it's mainly to shop or eat perhaps over the weekend. That's about the only thing Singaporeans love to do. After they are done, they drive back into SG.

Just take what he says here with a heavy dose (not a pinch) of salt. In the other thread, he even said: "If you see the design of the new JDT stadium, it is going to make Singapore's new stadium look ordinary."

Aaawwww.... come on, the new JDT stadium in JB is going to cost RM200m and is to be sponsored and build by the Chinks from Forest City for free to JB. Even with the latest technology, how can the value of RM200m compare with the Singapore Stadium costing S$1.87b? Imagine, the new JDT stadium will cost just about 3.6% of the cost of the Singapore Stadium. So.....? My 6 years old nephew can also logically counter that. No need a rocket scientist to do so. I think the existing stadium in Shah Alam is even larger and grandeur. His posts in this forum may be noticeable, but definitely not notable.

The Johor Sultan is of course capable to build a grand stadium, but I believe if even so, this money should be put to better use to build a grand mosque instead, just like the one in Putrajaya.

 

[mpan12]

Just take what he says here with a heavy dose (not a pinch) of salt. In the other thread, he even said: "If you see the design of the new JDT stadium, it is going to make Singapore's new stadium look ordinary."

Aaawwww.... come on, the new JDT stadium in JB is going to cost RM200m and is to be sponsored and build by the Chinks from Forest City for free to JB. Even with the latest technology, how can the value of RM200m compare with the Singapore Stadium costing S$1.87b? My 6 years old nephew can also logically counter that. No need a rocket scientist to do so.

Maybe some investors already invested in an area will say all the good things despite any bad news or negative points.

I find it's best to step back, cool down, think carefully, evaluate, and weigh all the pros and cons when it comes to investing. Sometimes, it's easy to get too carried away and start to imagine all the good things. Of course, sometimes too much negativity is not good either.

But I rather call a spade a spade. We describe what we see as it is, and use past happenings as a good guide on what is to happen. Facts won't lie. Imagination will.

 

[winners]

Maybe some investors already invested in an area will say all the good things despite any bad news or negative points.

Ha, ha... Hear only the good stuff......

[video=youtube;RFcKLuR8G9A]https://www.youtube.com/watch?v=RFcKLuR8G9A[/video]

 

[mpan12]

Ha, ha... Hear only the good stuff......

Reproducing this article below. Some Singapore buyers are already getting worried or concerned. They should.

I don't agree with the writer on using it as a holiday home or worse, storage space! These are just lame excuses to find ways to make use of a white elephant. The cost of the condo paid by a buyer does not justify to utilize it that way. This is an example of what I mean to face the facts and work out your investment situation. Don't pretend or imagine.

My own advice is to cut losses if possible. But that's just me. The reality is out there now. All those hype created by local property agents (to me they are nothing more than mere salesmen) back in 2013 is rubbish. The truth is revealing itself now. The individual buyers got to decide for themselves what's best -- Stay on to incur more losses along the way, hope for the best (usually it turns out otherwise), or get out.


Phantom Ghost Market in Medini

Since the beginning of the year, there were more completion and handover of condominiums in Medini and Puteri Harbour. I have received some emails from Medini owners anxious of what to do next. They bought these houses as “investments” and there are now no returns in their foreseeable future.

Yes, Medini condo owners are facing the worst tough market. The market is thin. The locals are not here and neither are the foreigners. Amenities such as shopping and food outlets are scarce too.

To make things even worse, there are many more units coming on-stream. With almost all being SOHO or small and two bedroom units, potential tenants in Iskandar Puteri can really choose. It’s a huge supply dominating over small demand. Not much hope of great returns in this regard.

The fact is, these buyers were never going to live in Medini. They are Singapore-based investors. They don’t want to live there and can’t rent them out. Double Whammy! (A footnote to developers is never to sell property with hype.)

My prognosis on the whole is that the tenancy market is alive. But it’s mostly restricted to the higher-end landed property type. The clients are senior executives and business owners with children in the Educity and universities. In fact, I see prices of East Ledang bungalows rising in value rapidly soon because of diminishing supply of high-end investors.

Job generation of multinational companies in Iskandar Puteri is growing but it’s nevertheless starting from small base compared to the Klang Valley and Penang.

When you buy a property for rental alone, it is best to buy in a location where there is already hefty demand. But Medini is new. Buyers would have done better facing up to reality of opportunities and costs, honestly. If we follow the herd, we are part of the herd. There are no two-ways about it.

Another factor is that there are many new serviced apartments in the Medini vicinity. They are your competitors.

My best suggestion is that these owners find a use for their condominiums instead of waiting. Most units are just so well built with great views! They can for example use them as holiday homes or just storage units.

Personally, I don’t like short term stay model as it creates an unpredictable quality of environment for owners and long term residents.

The progress of Medini is assured. The relevant planning and economic entities such as Medini Iskandar are sparing no efforts and they are focused to make Medini a vibrant metropolis as planned. I’m optimistic they know the situation and how jobs must be created and talents retained. But economic development is a mid-term target.

So, the next best thing to do really is to enjoy the high quality of living in Medini and surrounding Iskandar Puteri. For Singapore-based investors, a weekly sojourn is sufficient to enjoy the huge space and recreational opportunities available here.

 

[rotikok]

Aaawwww.... come on, the new JDT stadium in JB is going to cost RM200m and is to be sponsored and build by the Chinks from Forest City for free to JB. Even with the latest technology, how can the value of RM200m compare with the Singapore Stadium costing S$1.87b? Imagine, the new JDT stadium will cost just about 3.6% of the cost of the Singapore Stadium. So.....? My 6 years old nephew can also logically counter that. No need a rocket scientist to do so. I think the existing stadium in Shah Alam is even larger and grandeur. His posts in this forum may be noticeable, but definitely not notable.

Winner, nothing wrong with investor888 statement. He didnt say sg stadium looks cheap, he said ordinary, and when ppl say look ordinary, is personal perception. Although jdt stadium still on paper drawing, can be highly misleading to its awesomeness....using cost to justify a stadium magnificient is highly misleading too. Have i heard you right, sg stadium is way more expensive, therefore looks super extraordinary... Lol. What about the dome? The land price etc? High cost come with a reason, i think the dome is super costly to build. Let me tell you, an oval shape, puxsy like stadium without any modification to its geometric shape or any other selling point that stand out from others stadium worldwide, is really ordinary judging by its looks, from architectual point of view, and from layman view as well. Jdt stadium, at least from paper view, ady got the Zaha Hadid feels, my personal perception, and i agree with investor888.

Thing is like that, $10M can be architectual miracle, an icon of its time; sometime no matter how hard you try, spending billions, people cant even remember got a stadium in sg. Sg stadium fail by uniqueness, if spending money will buy awesomeness, life will be much simpler.

 

[winners]

Sg stadium fail by uniqueness, if spending money will buy awesomeness, life will be much simpler.

It's one of the few stadiums in the world with a fully retractable roof to provide all weather occasions for its 55,800 capacity. If that is not unique, I don't know what is? It need not be a grand landmark to be unique, but more of its functionality and intended purpose.

The estimated construction cost is about S$1.3b, meaning the land cost should be around S$570m or about 31%.

People always say money cannot buy awesomeness and happiness. This is so untrue, especially to me. Money can buy so many things which one wants to his satisfaction during his lifetime. The only person who doesn't yearn for money is the one residing in IMH because he has already lost his senses.

 

[rotikok]

People always say money cannot buy awesomeness and happiness. This is so untrue, especially to me. Money can buy so many things which one wants to his satisfaction during his lifetime. The only person who doesn't yearn for money is the one residing in IMH because he has already lost his senses.

Get me right, i say uniqueness by its looks, and you said, got roof, big size, high cost etc=unique. Have you got your definition right, unique means being one of its kind, i.e. not common. Got roof stadium, even it is biggest, already no longer unqiue, 50 yrs ago maybe still unqiue la because i think the first of its kind is last century 60's. And the land price already can build 6-7 jdt stadiums, if they willing to spend that fraction of ~600m to hire better world renowned architectual firm, thing maybe can change. Nowadays, unique stadium all has to do with its outerlook, functionality stadium pretty much the same, you cant play any new pattern on stadium function to make it unqiue, soccer stadium no roof also common, see nou camp, old trafford. For reference of a high end zaha hadid designed stadium, http://www.arcspace.com/articles/touring-the-world-of-architecture-week-38/
And you say money can buy you awesomeness, let me sell you my grandma tampooi (try to sound it in hokkien, a spittoon). She said it dated back to Qing dynasty, use by the royalty, cheap cheap sell you this awesome product, 100 sgd can liao, you want.
Rich and dumb ppl money very easy to earn, because they use price as a determinant to quality. And because so much money had been spent, even things that bought is really soso, but they feel really happy because other ppl cant have it. Their happiness not come from quality of the product, rather a distorted mentality of other people cant own it make them very happy. Do you feel so?

 

[winners]

Rich and dumb ppl money very easy to earn, because they use price as a determinant to quality. And because so much money had been spent, even things that bought is really soso, but they feel really happy because other ppl cant have it. Their happiness not come from quality of the product, rather a distorted mentality of other people cant own it make them very happy. Do you feel so?

Your definition is clearly not in tune to mine. Money is not a determinant to quality? In this case, Rolls Royce, Porsche, Lexus, etc, would have long close shop already. What about Gucci and Rolex? Are all these brands of inferior or even mediocre quality? If their quality have been not acceptable to the elites, they would have all banished from their trades many decades ago. And not only their quality, but also their finesse and details. Majority of the elites are generally more discerning and they won't return nor be loyal to these brands if they have not proven themselves.

If money is not of importance to happiness, why everyone wants to earn more money? Why need to work so hard? Why need to have a good head start? Why are there speculators and investors in properties and stocks? All because people want to have more (money) and one is never enough. You are simply deceiving yourself if you admit that money is not a determinant to quality, success and happiness. That's your interpretation and just for you only.

On another note, I believe you will also classify the "Bird's Nest" stadium in Beijing as unique. However, it is but now an empty monument with some shops selling jade and pearl beauty care products to tourists. I'd seen it myself. Zaha Hadid is not among the best architect. Even Tokyo had abandoned their new stadium's design by Zaha Hadid for their forthcoming 2020 Olympics. My interpretation of unique is that the product is capable of multiple use in order to justify its worth. Unfortunately, we don't share the same view of the word unique. For me, it's more of versatility.

As for your grandma's spittoon, she can keep it for herself or bequeath it to you. I am always forward looking and I live for the future, not for the past.

 

[Investor888]

On weekends, probably there could be more Sinkies going to JB for shopping and entertainment, especially when S$1=RM3. But on weekdays, those "long Qs" are mostly the Malaysians returning from work in Singapore. Ditto for the vehicular and motorcycle queues. Make a trip to witness for yourself first before giving an inaccurate impression here.

Based on your same analysis, you should also say that the boom is also in Singapore since every weekday mornings, you'll also see "looongg Qs" coming into Singapore. Why didn't you? Your views do need some soul searching and are indeed very much biased.

Sinkies cheonging into Johor during weekends for shopping and entertainment and you don't call that a boom?

 

[winners]

Sinkies cheonging into Johor during weekends for shopping and entertainment and you don't call that a boom?

Go ahead and say what you like. Weekend booms only? So you ask them to smack mosquitoes for the other 5 days of the week? You go and ask those retailers in JB and see if depending on the weekend booms alone are sufficient for them? It might be an added bonus for them, but definitely for the bulk of their businesses, they will also need their own Johoreans' consumption and patronisation in order to survive. And I'm not talking just only for those edibles and daily essentials, but also for large ticket items like furnishings, renovations, etc. Then you come back and post here.

 

[Investor888]

Some of you are very right here. Malaysians going back to their houses to spend money. And since they are earning Sing Dollars, obviously its not that difficult to buy a RM 1 million house which is only S$330,000. And they will take out Sing dollars and buy cars and houses in Iskandar area even when some sinkies are afraid to buy to stay. As long as ringgit continues to fall or stay above RM 2.50, Malaysia economy is going to have a boom time compared to Singapore's ailing environment. Many MNCs are firing staff in the hundreds in Singapore while iskandar companies are recruiting FTs from overseas. I have seen it with my own eyes because I spend half of my time equally in Sg and JB. From what I see, JB is coming up very strongly and Singapore is degenerating. As a businessman in both sides of the causeway, I am of the opinion that Singapore current economy is very very bad

Unless Singapore govt bring in more FTs and replace the Sngaporean workers who are lazy and choosing their jobs, I don't see how Singapore economy can go up. The newspaper said it all: Singapore has lost its edge in competitiveness due to complacency

 

[winners]

Some of you are very right here. Malaysians going back to their houses to spend money. And since they are earning Sing Dollars, obviously its not that difficult to buy a RM 1 million house which is only S$330,000. And they will take out Sing dollars and buy cars and houses in Iskandar area even when some sinkies are afraid to buy to stay. As long as ringgit continues to fall or stay above RM 2.50, Malaysia economy is going to have a boom time compared to Singapore's ailing environment. Many MNCs are firing staff in the hundreds in Singapore while iskandar companies are recruiting FTs from overseas. I have seen it with my own eyes because I spend half of my time equally in Sg and JB. From what I see, JB is coming up very strongly and Singapore is degenerating. As a businessman in both sides of the causeway, I am of the opinion that Singapore current economy is very very bad

Unless Singapore govt bring in more FTs and replace the Sngaporean workers who are lazy and choosing their jobs, I don't see how Singapore economy can go up. The newspaper said it all: Singapore has lost its edge in competitiveness due to complacency

Why are you contradicting yourself here? If the Singapore's economy will degenerate and gets worse as you've said, similarly, those Malaysians working in Singapore can be affected and be retrenched. So...? How many of these can get absorbed into those Iskandar factories/companies with the same salary in the exact monetary term? I'm sure if you claim that you are a businessman yourself, you will know this very well.

Just to give you an example: My neighbor had once told me that during the 2007/8 financial crisis, the whole stretch of houses in my street were almost vacant because many of them had been rented out to migrant Malaysians working in Singapore. So, when they were out of jobs, most of them had to relocate or balik kampong.

1 thing I do agree with you is that Singaporean workers are indeed getting lazy and wants only easy money. So, more FTs got to be brought in, for the sake of the Singapore economy to continue to be vibrant. And these must be done well ahead before recession sets in, if it does.

In conclusion, if the Singapore economy falls, it will also adversely affect JB because it is at least 60% dependent on Singapore. For the other states in Malaysia, I won't say that they'll be that badly affected. You should know this very well since you are a businessman and divides 100% of your time equally in JB and Singapore.

 

[mpan12]

I have nothing against Malaysia or Iskandar/Johor. But we need to look at the situation objectively.

I'm not sure if those working in Singapore and living in Johor will necessarily buy a RM1million house. Maybe they will if they are the higher paid, educated professionals. For the lower skilled workers, they will not be able to afford it. But they are still earning a lot more than their peers back in Johor.

There was an article of a manicurist from Johor who earns S$2k working in Singapore. That's RM6k which she said is the salary of a Malaysian accountant! So it's a no brainer for Johoreans like her to work in SG rather than in Johor. How much can she earn in Johor otherwise?

That's why the question pops up on who would prefer to work in Iskandar. It's great that you are a businessman. I've always wanted to hear opinion from one to verify some statements.

I attended a talk by a local speaker who presented why he thought investing in Iskandar properties is risky and overhyped. One thing he mentioned is that not many Singapore businesses and SMEs are going into Iskandar as often publicised. That's because there are difficulties. Some of which are:

1. Difficult to find skilled Malaysian labour (as mentioned, if they can earn 3x or more in SG, why work in Johor?) Also, if the reason for a Singapore-based company to move to Iskandar is to cut costs, it won't want to pay workers too highly also. Otherwise, what's the point to relocate there?

2. There are still some restrictive policies which make SG's SMEs setting up businesses in Johor difficult (I don't know what this means here).

3. The travel times and jams are a hindrance to do business. Imagine clients in Singapore want certain physical things. The company based in Iskandar cannot quickly meet up with them.

Are the above true? Till today, I don't know of any SMEs or big companies from Singapore which have readily relocated to Iskandar.

I walked around Medini, Educity, Ascendas Park. Basically Flagship B of Iskandar. The places are so empty and deserted. Some Iskandar supporters have been saying there's Pinewood Studio, Educity, Mall of Medini, dunno what well-known ang moh "Sullivan" company... but the whole place is quite dead. Many shops and offices have remained empty for months or a year. Projects are held back. You still see grass everywhere. If the place is BOOMING, we will see crowds. Or at least some people moving around.

Singaporeans are NOT lazy. You should know the cost of living is very high here. If they are paid lowly, how do you expect them to survive? So they will naturally look for higher paying jobs.

Singapore has not lost its edge. Who told you that? And who says it is complacent? You should see how hardworking PM Lee and his ministers are in trying to rub shoulders with foreigner diplomats and businessmen. Go read also that many foreign companies have lots of confidence in Singapore and continue to set up businesses here. Why didn't they choose Iskandar instead?

Singapore properties are still doing well. Rents and prices are still high. That's why the cooling measures are not removed. Iskandar? I can't say the same thing. I have nothing against it. Buy if you have excess cash to splurge on without expecting returns. But for investment, you take the risks and see your money get stuck there.

Some of you are very right here. Malaysians going back to their houses to spend money. And since they are earning Sing Dollars, obviously its not that difficult to buy a RM 1 million house which is only S$330,000. And they will take out Sing dollars and buy cars and houses in Iskandar area even when some sinkies are afraid to buy to stay. As long as ringgit continues to fall or stay above RM 2.50, Malaysia economy is going to have a boom time compared to Singapore's ailing environment. Many MNCs are firing staff in the hundreds in Singapore while iskandar companies are recruiting FTs from overseas. I have seen it with my own eyes because I spend half of my time equally in Sg and JB. From what I see, JB is coming up very strongly and Singapore is degenerating. As a businessman in both sides of the causeway, I am of the opinion that Singapore current economy is very very bad

Unless Singapore govt bring in more FTs and replace the Sngaporean workers who are lazy and choosing their jobs, I don't see how Singapore economy can go up. The newspaper said it all: Singapore has lost its edge in competitiveness due to complacency

 

[sgcount]

Standing Tall....

 

[FHBH12]

Standing Tall....

Good to see it is still under construction. When it VPs in 2-3 years' time, you can have a peaceful weekend house and use of non-crowded facilities to yourself. It will be nice place to unwind.

 

[sgcount]

Good to see it is still under construction. When it VPs in 2-3 years' time, you can have a peaceful weekend house and use of non-crowded facilities to yourself. It will be nice place to unwind.

Yes, thanks.

I think VP is end next year.

Was thinking of short stay rental initially. But heard it's very competitive and earnings are not high.

So maybe just reserve it for own use now and then.