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New developments to share
- Thread starter wuqi256
- Start date
Re: The Epic 
Welcome to Iskandar - the Harlem of johore
To build or not to build
THE property market in Iskandar Malaysia is rather hot these days. However the issues plaguing the property market are even hotter.
In the past two years, both foreign investors as well as developers from other states are joining the bandwagon, hoping to have a share of the ever growing property pie and rake in quick gains.
Unfortunately, most investors and developers, if not all, only care about their return on investment and are not bothered about what has been enshrined in the Johor State Housing Policy.
According to the policy, it is clearly stated that developers are required to build affordable and low-cost houses based on the size of the land.
For every 2.02 hectares, 20 per cent of the land must be used to build affordable and low cost houses.
For land size bigger than 2.02 hectares, at least 40 per cent of the land should be reserved for the same purpose.
Using these as guidelines, one can roughly figure out how many property developers in Iskandar Malaysia, especially those concentrating on up market units, are willing to bend on this policy.
Menteri Besar Datuk Seri Khaled Nordin certainly welcomes investors into the economic region.
At the same time, he also expects those investors to follow the rules of the game.
Lately, he has been talking about punitive measures against developers who failed to abide by the ruling, such as by freezing their projects, or even seizing the approved land for the project.
Khaled has to be firm, as he has to take care of the interests of those people who have been complaining about the skyrocketing property prices in Iskandar Malaysia.
The booming property sector is triggered by the Iskandar Malaysia factor, and it is increasingly an uphill task for the regular wage earner to own a unit. Even rentals are on the rise.
There is a pressing need to build affordable and low-cost houses to cater to the needs of people.
However, I am doubtful if any foreign or local investors are willing to shoulder such social obligation.
After all, the price of land is not cheap these days. In fact, land is fast becoming a rare commodity in the region.
To require a property developer to build affordable and low cost houses in prime land meant for up market units is simply ridiculous.
At the same time, the failure to build such units contravene the state's housing policy.
Even if the developers are willing to follow the policy, the end result might be catastrophic.
Just imagine how many condominium owners who would have forked out nearly RM1 million to buy a unit would be willing to stay next to a low-cost apartment occupied by, probably, illegal immigrants? The stark contrast would be a deterrent to people who can afford to purchase the posh condominium in the first place.
Eventually the price of the condominiums would drop as well.
This is certainly how property developers who are coming up with luxurious property units feel.
The state government is therefore in a dilemma -- how do they take care of the interests of Johoreans and at the same time attract investors.
It is not easy to achieve an equilibrium and some form of wisdom is needed from the state government.
Low-cost flats such as these in Taman Sri Stulang are a practical option for the low-income group. Pic by Dazar Suarman
Welcome to Iskandar - the Harlem of johore
To build or not to build
THE property market in Iskandar Malaysia is rather hot these days. However the issues plaguing the property market are even hotter.
In the past two years, both foreign investors as well as developers from other states are joining the bandwagon, hoping to have a share of the ever growing property pie and rake in quick gains.
Unfortunately, most investors and developers, if not all, only care about their return on investment and are not bothered about what has been enshrined in the Johor State Housing Policy.
According to the policy, it is clearly stated that developers are required to build affordable and low-cost houses based on the size of the land.
For every 2.02 hectares, 20 per cent of the land must be used to build affordable and low cost houses.
For land size bigger than 2.02 hectares, at least 40 per cent of the land should be reserved for the same purpose.
Using these as guidelines, one can roughly figure out how many property developers in Iskandar Malaysia, especially those concentrating on up market units, are willing to bend on this policy.
Menteri Besar Datuk Seri Khaled Nordin certainly welcomes investors into the economic region.
At the same time, he also expects those investors to follow the rules of the game.
Lately, he has been talking about punitive measures against developers who failed to abide by the ruling, such as by freezing their projects, or even seizing the approved land for the project.
Khaled has to be firm, as he has to take care of the interests of those people who have been complaining about the skyrocketing property prices in Iskandar Malaysia.
The booming property sector is triggered by the Iskandar Malaysia factor, and it is increasingly an uphill task for the regular wage earner to own a unit. Even rentals are on the rise.
There is a pressing need to build affordable and low-cost houses to cater to the needs of people.
However, I am doubtful if any foreign or local investors are willing to shoulder such social obligation.
After all, the price of land is not cheap these days. In fact, land is fast becoming a rare commodity in the region.
To require a property developer to build affordable and low cost houses in prime land meant for up market units is simply ridiculous.
At the same time, the failure to build such units contravene the state's housing policy.
Even if the developers are willing to follow the policy, the end result might be catastrophic.
Just imagine how many condominium owners who would have forked out nearly RM1 million to buy a unit would be willing to stay next to a low-cost apartment occupied by, probably, illegal immigrants? The stark contrast would be a deterrent to people who can afford to purchase the posh condominium in the first place.
Eventually the price of the condominiums would drop as well.
This is certainly how property developers who are coming up with luxurious property units feel.
The state government is therefore in a dilemma -- how do they take care of the interests of Johoreans and at the same time attract investors.
It is not easy to achieve an equilibrium and some form of wisdom is needed from the state government.
Low-cost flats such as these in Taman Sri Stulang are a practical option for the low-income group. Pic by Dazar Suarman
Re: The Epic
http://www.starproperty.my/index.ph...e-property-ceiling-price-from-rm500k-to-rm1m/
Take note of the last 2 sentences in the article. Again, not sure if the reporter had quoted Khaled correctly.
Similarly, Khaled said foreigners would no longer be allowed to buy properties in the secondary market from locals, but that they could buy them from foreign owners.
“Foreigners can also no longer buy agricultural land, as they would convert the status of the land for non-agricultural use and bumiputra land,” he said.
http://www.starproperty.my/index.ph...e-property-ceiling-price-from-rm500k-to-rm1m/
Take note of the last 2 sentences in the article. Again, not sure if the reporter had quoted Khaled correctly.
Similarly, Khaled said foreigners would no longer be allowed to buy properties in the secondary market from locals, but that they could buy them from foreign owners.
“Foreigners can also no longer buy agricultural land, as they would convert the status of the land for non-agricultural use and bumiputra land,” he said.
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Re: The Epic
Without increase in minimum property value, it is still good news for those wanting to own properties in Johor but may not have high purchasing power to buy million ringgit properties, people like me lor.
Without increase in minimum property value, it is still good news for those wanting to own properties in Johor but may not have high purchasing power to buy million ringgit properties, people like me lor.
Re: The Epic
I understand that foreigners can buy but you have to sell to locals. Make you pay high high to subsidize the poor locals. Can expect property sales to slow down considerably. All foreign buyers are screwed deep deep. Lky was right about how things can changed with a stroke of the pen.
I understand that foreigners can buy but you have to sell to locals. Make you pay high high to subsidize the poor locals. Can expect property sales to slow down considerably. All foreign buyers are screwed deep deep. Lky was right about how things can changed with a stroke of the pen.
Re: The Epic
Valdez, my interpretation is different from yours.
Foreigners can still buy directly from developers (based on existing quotas) and can only buy resale properties form foreigners.
So basically, for existing foreign owners in Iskandar Malaysia, they can either sell to foreigner or locals. However, locals they can only sell their resale properties to locals.
The policy objective is to ensure the resale market is not inflated by foreigners as the amount of units that foreigners will be able to buy will be limited by the initial foreign quotas imposed by each project.
So, basically, there will be 3 different markets with its own supply and demand forces: foreign market, local market, bumi market.
Valdez, my interpretation is different from yours.
Foreigners can still buy directly from developers (based on existing quotas) and can only buy resale properties form foreigners.
So basically, for existing foreign owners in Iskandar Malaysia, they can either sell to foreigner or locals. However, locals they can only sell their resale properties to locals.
The policy objective is to ensure the resale market is not inflated by foreigners as the amount of units that foreigners will be able to buy will be limited by the initial foreign quotas imposed by each project.
So, basically, there will be 3 different markets with its own supply and demand forces: foreign market, local market, bumi market.
Re: The Epic
All eyes will be on the Budget later this month. In MY there is often a lot of talk but until its is officially implemented it means nothing.Even Ministers may make statements about possibilities that later don't come to pass.
All eyes will be on the Budget later this month. In MY there is often a lot of talk but until its is officially implemented it means nothing.Even Ministers may make statements about possibilities that later don't come to pass.
Re: The Epic
Yes but even then it has to be official , otherwise its just talk. The press tends to speculate and misquote, Ministers also tend to shoot their mouths off.Anyway, I am a Johorean (SPR) and I can tell you that if this happens, FHBH 's predictions would be right. Enough Malaysians have the money to buy these expensive houses, but they will go for landed. The condo mkt may take a beating if resale is limited.
Yes but even then it has to be official , otherwise its just talk. The press tends to speculate and misquote, Ministers also tend to shoot their mouths off.Anyway, I am a Johorean (SPR) and I can tell you that if this happens, FHBH 's predictions would be right. Enough Malaysians have the money to buy these expensive houses, but they will go for landed. The condo mkt may take a beating if resale is limited.
Re: The Epic
One by one developers finding excuse to get out of Iskandar. Stupid politicians
Mah Sing terminates RM4.3b project
Oct 1, 2013 - PropertyGuru.com.my
Mah Sing Group Bhd is terminating its RM4.3 billion Meridian@Senibong project in Iskandar Malaysia, Johor, after failing to obtain written consent from neighbouring developers for the development of road accesses.
Notably, the proposed project was supposed to feature a hotel, serviced residences, a street mall and a retail podium.
On 28 May 2013, the group agreed to buy the 14.1 ha land in Plentong for RM365.6 million provided shareholders consent to the acquisition and it manages to secure the written consent from the developers of land neighbouring the said project.
While the group's shareholders had approved the acquisition, the written consent of neighbouring developers could not be secured yesterday, which is the last day for the fulfilment of conditions under the sale and purchase agreement (SPA).
“Due to the non-fulfilment of this conditions precedent (CP), Mah Sing has sent a notice of termination of the SPA to the vendor in accordance with the terms of the SPA,” revealed the group.
Despite the termination of the project, Mah Sing noted that it will continue to look for good landbank in major economic zones of Sabah, Greater Kuala Lumpur and the Klang Valley.
One by one developers finding excuse to get out of Iskandar. Stupid politicians
Mah Sing terminates RM4.3b project
Oct 1, 2013 - PropertyGuru.com.my
Mah Sing Group Bhd is terminating its RM4.3 billion Meridian@Senibong project in Iskandar Malaysia, Johor, after failing to obtain written consent from neighbouring developers for the development of road accesses.
Notably, the proposed project was supposed to feature a hotel, serviced residences, a street mall and a retail podium.
On 28 May 2013, the group agreed to buy the 14.1 ha land in Plentong for RM365.6 million provided shareholders consent to the acquisition and it manages to secure the written consent from the developers of land neighbouring the said project.
While the group's shareholders had approved the acquisition, the written consent of neighbouring developers could not be secured yesterday, which is the last day for the fulfilment of conditions under the sale and purchase agreement (SPA).
“Due to the non-fulfilment of this conditions precedent (CP), Mah Sing has sent a notice of termination of the SPA to the vendor in accordance with the terms of the SPA,” revealed the group.
Despite the termination of the project, Mah Sing noted that it will continue to look for good landbank in major economic zones of Sabah, Greater Kuala Lumpur and the Klang Valley.
Re: The Epic
Malaysia-Singapore rail project presents economic and social benefits: SPAD chief
He said the project announced by Prime Minister Datuk Seri Najib Razak in February, would become a catalyst for socio-economic change and improve people's mobility.
"Even so, each plan for development must be managed in detail by considering its importance to the public and environment.
"This is to ensure a balance between sustainable development and the people's comfort," he said at a news conference after launching the Rail Systems Asia Forum 2013 here today.
Also present was Spad chief executive officer Mohd Nur Kamal and 70 delegates of relevant transport industries from countries including Japan, Sri Lanka, Thailand and India.
In his opening speech, Syed Hamid said the project was the result of efforts between the two countries to strengthen bilateral relationship.
"It must be noted the project is unique, as compared to many systems in the world as it provides seamless connectivity to two large populations at a distance of approximately 350km apart, resulting in travel time of below two-hour sits in the 'sweet spot'," he said.
He added that the KL-Singapore High Speed Rail (HSR) link has been identified by the Malaysian Government as an Entry Point Project under Economic Transformation Programme which was expected to generate an additional RM6.2 million gross national income per year and create 29,000 jobs in direct and indirect employment by 2020.
"Studies have shown that HSR as a whole, has tended to offer all inclusive benefits for the nation, with cities in between also benefitting. HSR itself, is not just for transportation but for the development of cities and to enable clusters of business opportunities and economic development along the HSR corridor," he said.
The three-day forum entitled 'Strategic Challenges and Opportunities in High Speed Rail and Rail Construction in Asia' will offer opportunities that allow rail industry players to tap into exciting opportunities which could be derived from such developments. -- BERNAMA
Malaysia-Singapore rail project presents economic and social benefits: SPAD chief
He said the project announced by Prime Minister Datuk Seri Najib Razak in February, would become a catalyst for socio-economic change and improve people's mobility.
"Even so, each plan for development must be managed in detail by considering its importance to the public and environment.
"This is to ensure a balance between sustainable development and the people's comfort," he said at a news conference after launching the Rail Systems Asia Forum 2013 here today.
Also present was Spad chief executive officer Mohd Nur Kamal and 70 delegates of relevant transport industries from countries including Japan, Sri Lanka, Thailand and India.
In his opening speech, Syed Hamid said the project was the result of efforts between the two countries to strengthen bilateral relationship.
"It must be noted the project is unique, as compared to many systems in the world as it provides seamless connectivity to two large populations at a distance of approximately 350km apart, resulting in travel time of below two-hour sits in the 'sweet spot'," he said.
He added that the KL-Singapore High Speed Rail (HSR) link has been identified by the Malaysian Government as an Entry Point Project under Economic Transformation Programme which was expected to generate an additional RM6.2 million gross national income per year and create 29,000 jobs in direct and indirect employment by 2020.
"Studies have shown that HSR as a whole, has tended to offer all inclusive benefits for the nation, with cities in between also benefitting. HSR itself, is not just for transportation but for the development of cities and to enable clusters of business opportunities and economic development along the HSR corridor," he said.
The three-day forum entitled 'Strategic Challenges and Opportunities in High Speed Rail and Rail Construction in Asia' will offer opportunities that allow rail industry players to tap into exciting opportunities which could be derived from such developments. -- BERNAMA
Re: The Epic
Oh boy! They are stratifying the real estate market even further then, from the current Bumi & non-Bumi to i) Bumi, ii) non-Bumi local and iii) International. Current foreign owners will reap the most benefits then as their units will be in great demand in the secondary market by wealthier foreigners. Ha! Great news to Singaporeans & international investors. For M'sian SPRs, they really need to get more of their fellow SPRs to invest in the high-end properties in JB to generate an equally vibrant and sustainable good values for their properties here.
Oh boy! They are stratifying the real estate market even further then, from the current Bumi & non-Bumi to i) Bumi, ii) non-Bumi local and iii) International. Current foreign owners will reap the most benefits then as their units will be in great demand in the secondary market by wealthier foreigners. Ha! Great news to Singaporeans & international investors. For M'sian SPRs, they really need to get more of their fellow SPRs to invest in the high-end properties in JB to generate an equally vibrant and sustainable good values for their properties here.
Re: The Epic
Internal migration would be slow as not too many high tech industries is taking place in Johore. Most of them are situated in Penang and Selangor. Maybe it is due to availability of knowledge based workers. On the other hand, Johore would be attracting industries from Singapore but most of them would be managed from Spore office while its labour intensive factory is in Johore. Therefore the affordability of the expensive new homes in Johore would be in question.
Many people like myself bought Johore properties as just an investment/ holiday home/ base for children's education. We would not like to stay there on a permanent basis afterall KL and Penang are much better place to live in as it is more spacious, organised and vibrant.
Internal migration would be slow as not too many high tech industries is taking place in Johore. Most of them are situated in Penang and Selangor. Maybe it is due to availability of knowledge based workers. On the other hand, Johore would be attracting industries from Singapore but most of them would be managed from Spore office while its labour intensive factory is in Johore. Therefore the affordability of the expensive new homes in Johore would be in question.
Many people like myself bought Johore properties as just an investment/ holiday home/ base for children's education. We would not like to stay there on a permanent basis afterall KL and Penang are much better place to live in as it is more spacious, organised and vibrant.
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