you must do more ground work. visit more showflats. talk to the property agents (girls only). Talk to the bankers (girls only). this is what I do. then you will know whos buying what.
most projects in JB (those I have visited so far) are bought by Malaysians. Even the BIG EXPENSIVE bungalows in Setia Tropika were mainly bought by Malaysians. Do not underestimate the financial strength of Malaysians. Do not underestimate the power of 90% financing for first 2 properties and DIBS.
Plus, the average Malaysian is very very frugal. Cost of living is also low. Add all these factors up, you will realise that Malaysians have more money than you think they have. Also, a large number of them have large homes - big enough for 3 generations.
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There are many rich Malaysian businessmen who keep low profile but buy big when they see value. In fact I heard many are not from Johore. Their wealth can be unimaginable...
For Teega, they bring in busloads of KL tycoons to have the first bite of the cherries. There are lots of KL property investors who have make big bucks from the KL boom coming to Iskandar and buying big. There is also no state consent levy for Malaysians.
For SPR, they earn S$ with 2.5X buying power and so they are also buying like nobody business and hoping to offload to Singaporeans when they start coming in later. My observation is many Singaporeans is always waiting for Sg gov to lead, ie. when Temasek invest, they also start following.