My personal observations speaking to Johoreans:2-3 Years ago: Most of them believe IM is going to be another white elephant, all talk no action. Typical of Malaysian Govt! Hence, when I asked them for their (these are mostly Johor business owners or developers) views on investing in Iskandar, most said they would rather put their money in KL or Singapore instead. This is because Johor's real estate has always been lagging behind in the past decade or so. Most of them even quoted how well their investment in KL were doing.... In addition to that, there is no question that the prices UEM were selling at East Ledang were beyond local comprehension. I was even asked who would be buying at that sort of prices and still need to pay monthly maintenance fee. Even the rich locals can't accept that.1 Year ago: They realised the prices in Nusajaya (in particular) started to move like every where else, unlike what they first thought! In fact, at those prices there are people still buying especially HH and East Ledang. Hey, can do...Now, I believe there are two segments embedded in the scenarios above. If you asked around in most developments (incl East Ledang and HH), the locals still forms a rather big proportion of the buyers, ranging from 40% - 80%. So, not as though Singaporeans bought everything eventhough some locals still want to believe that's the case. Who are the locals (let me count the sinkies out) buying when the richer fellas were watching..... It turns out to be their sons and daughters who preferred "that type of lifestyle" more so with gated and guarded community. These are the locals been buying the terraces/superlink/clusters including Semi Ds. I am hearing and sensing a migration of the younger generation from JB old town to Nusajaya while the old folks are still staying in the old place.Now, if you were the old folks, what would you be thinking? Personally, I believe the next wave will see some movements on the higher end properties (eg. Leisure Farm, LH and etc). I expect the same scenario to be playing out with Singaporeans too. The richer Singaporean has just come to grip with Iskandar opportunity because of their business circumstances. They have not taken a position in JB residential market but they have done a lot more with Industrial properties. I've been surveying the industrial lots at SiLC and NCIP. The developers (esp NCIP) will tell you that their development were mostly snapped by Singaporeans!Now, there is another crowd from KL and Penang that has just traveled to JPO and suddenly realised - Wow, look at this place and so many other developments to come. For this particular crowd (KLite and Penangite), Nusajaya prices still look reasonable or attractive with so much more to come. The developments in IM has just started in fact, 2012 is supposed to be the turning point. Dont get me wrong, I do agree that there is the Euro Zone issue and GDP trending down in most economies and etc. Comparatively, IMHO Iskandar will still do much better than say KL, Penang or Singapore in the coming years??In summary, IM market boundary is bigger than just JB or what the local think or do. Dont worry, Be Happy.
Bro, good analysis and write-up. I share your view that though there is a Euro problem, the effects on ISAKANDAR MALAYSIA (IM) in particular NUSAJAYA, will be minimal. The factors minimizing the current Euro situation, are the the current projects that are and have launched i.e. the Educational Institutions in Nusajaya and the Entertainment and Leisure and the to be launched infrastructure projects like the MRT COLLABORATION, Wellness Resort bet. Singapore and Malaysia! Tourist and investors around this region would more likely come over here as their "buying power" is much bigger than if they were to go over to Europe or the US, both of which are currently having difficulties in resolving their problems due in part to their own created socio economic mess and exchange diff!