New developments to share

[cybermad]

Re: The Epic

If indeed it is true that new rules barring foreigners from buying 2ndary market properties from locals are implemented, it would further cause a shock to the market in johor.

Latest news is that the ruling is correctly reported !

 

[Chocolate]

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.

I doubt the Federal govt will allow such a foolish move that discriminates against Malaysian sellers, they will pay for it at the ballot box if they do so. It is quite uncharacteristic for the MY govt to discriminate against local sellers , so we shall have to wait and see,Hopefully the govt realises that it wont go down well with the locals, also the local VVIPs will also be affected
.But having said that, what many foreigners dont know is that the most expensive houses in JB are owned by locals, its just that previously we didnt have this kind of supply. The current supply may be running ahead of the market.

 

[FHBH12]

Re: The Epic

Property developments are moving northwards in JB.

Scientex buys 19.6ha land in Kulai
Sep 30, 2013 - PropertyGuru.com.my

Packaging manufacturer and property developer Scientex has acquired a 19.6ha land in Kulai, Johor for RM28.5 million, making its total undeveloped land in Iskandar Malaysia to 372ha.

Overall, Scientex’s undeveloped land stands at 414.1ha.

For the current financial year ending 31 July 2014, Scientex plans to launch new property projects with a gross development value (GDV) of RM600 million in Melaka and Johor.

Presently, the group is undertaking projects with a GDV of RM836 million in Kulai, Pasir Gudang, Senai, Melaka and Skudai.

According to Lim Peng Jin, Managing Director at Scientex, Kulai is now more receptive of innovative property ideas considering Iskandar Malaysia's rising proposition which lured property buyers.

With this, Scientex eyes to launch affordable landed housing projects on the newly-acquired land.

However, the group has yet to lay out the exact development plans as well as GDV for the planned project, said Lim.

Nikki De Guzman, Junior Journalist at PropertyGuru Singapore, wrote this story. To contact her about this or other stories email [email protected]

http://www.propertyguru.com.my/property-news/2013/9/10937/scientex-buys-19-6ha-land-in-kulai

 

[cow138]

Re: The Epic

Latest news is that the ruling is correctly reported !

If true then the local can only sell to each other which is hardly conducive to a healthy property market. This will create 2 classes of the property market. The question is whether the locals can afford or not. All those local speculators will be badly affected.

So unpredictable the Malaysia property market.

 

[malpaso]

Re: The Epic

If true then the local can only sell to each other which is hardly conducive to a healthy property market. This will create 2 classes of the property market. The question is whether the locals can afford or not. All those local speculators will be badly affected.

So unpredictable the Malaysia property market.

market will confirm drop, for all. imagine a development where only 20% bought by foreigners (due to quota), the rest locals don't want to buy as its too expensive. plus all those locals who buy 2-3 condo in the hope of reselling to singaporeans, all die c*** standing. in fact, the move may crash the market. the new MB is an idiot.

 

[cow138]

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

How to handle the conflicting interests. Seems like a mine field.. can they try to create zoning to handle low cost housing..
But are these strictly enforced? Not too sure how to do this for condo? When you are marketing as up market development yet have to cater for low cost housing in the same development? How to do

I don't see this being practise le. How does Country Garden do it?

Is this law only applies for Johor? How about for the other states? This seems like a shackle pulling down on development in Johor. Which developers would want to deal with this?

 

[Funniman]

Re: The Epic

Latest news is that the ruling is correctly reported !

I think it is only leasehold that need state consent would be affected. Freehold might be exempted.

 

[Chocolate]

Re: The Epic

market will confirm drop, for all. imagine a development where only 20% bought by foreigners (due to quota), the rest locals don't want to buy as its too expensive. plus all those locals who buy 2-3 condo in the hope of reselling to singaporeans, all die c*** standing. in fact, the move may crash the market. the new MB is an idiot.

You're right, the MB is shooting off his mouth. There will be a lot of ghost towns if locals dont fill their quota or avoid buying, if a dual mkt develops this is a certainty. Will foreign buyers wanna buy if only 20 or 30% of the houses are sold in a development? Developers also wont wanna build. Right now they cant even fill the bumi quota most of the time and have to apply for bumi release.If the local quotas cant be filled, developers will be declaring bankruptcy or boycotting the state.

 

[cow138]

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 pur

chase 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.

Is this one of the signs of boycotting the state?

 

[jasonjst]

Re: The Epic

How to handle the conflicting interests. Seems like a mine field.. can they try to create zoning to handle low cost housing..
But are these strictly enforced? Not too sure how to do this for condo? When you are marketing as up market development yet have to cater for low cost housing in the same development? How to do

I don't see this being practise le. How does Country Garden do it?

Is this law only applies for Johor? How about for the other states? This seems like a shackle pulling down on development in Johor. Which developers would want to deal with this?

Can be done lah . Tanah Sutera have done it wat . They have all the Semi D at Sutera One , Terrace at Sutera Pulai , Cluster at Casania . They built a few block of low cost apartment call KIWA . This is call respossible developer .

 

[cow138]

Re: The Epic

Can be done lah . Tanah Sutera have done it wat . They have all the Semi D at Sutera One , Terrace at Sutera Pulai , Cluster at Casania . They built a few block of low cost apartment call KIWA . This is call respossible developer .

No wonder the bungalows are like sealed up like safe. It's almost impossible to see inside.

 

[RedsYNWA]

Re: The Epic

market will confirm drop, for all. imagine a development where only 20% bought by foreigners (due to quota), the rest locals don't want to buy as its too expensive. plus all those locals who buy 2-3 condo in the hope of reselling to singaporeans, all die c*** standing. in fact, the move may crash the market. the new MB is an idiot.

The correct measure should have been to copy SG and impose on foreign buyers: either (a) foreigner ABSD (b) higher state consent fees or (c) higher RPGT on foreigners.

It's also politically acceptable to all, since a no. of Asian cities are doing it, eg HK and SG. His proposed rule is really weird.

 

[1nottiboy]

Re: The Epic

The MB should spend his days and nights reading the comments here.

 

[malpaso]

Re: The Epic

The MB should spend his days and nights reading the comments here.

.. while being strapped to a chair in a low cost housing flat.

 

[malpaso]

Re: The Epic

Anyway... latest new launch, in the tebrau plentong area. exactly where huh?

----------2nd oct from prop guru

Leveraging on the growing demand for high-rise condominiums, IOI Properties Bhd unveils its latest waterfront development project, the Marina Cove.

With a gross development value of RM4.5 billion, the project will be developed over the next 12 years on a 15.25ha site along the Tebreau-Plentong Basin, overlooking the Straits of Johor.

“We are confident that the project would receive good response from buyers due to its strategic location in the heart of Iskandar,” said General manager Lim Beng Yeang.

The project comprises 724 units of serviced apartments spread across six 35-storey blocks, with built-up area ranging from 526 sq ft to 1,344 sq ft. Prices starts from RM370,000 to RM1.2 million.

It is easily accessible from the New Pasir Gudang Coastal Highway and the Eastern Dispersal Link and is also within close proximity to the Bangunan Sultan Iskandar Customs, Immigration and Quarantine Complex.

The multi-billion ringgit development will also feature a complex as well as a hotel tower.

Work on the first phase of the project had already started two weeks ago, with completion date set in Q3 2017.

“Response to the property is good, with 110 units of serviced apartments already sold although we have yet to officially launch the project,” said Lim, noting that it would be opened for sale this Sunday.

Featuring a modern surrounding, units were either semi-detached or detached, offering more privacy to buyers. They were also competitively priced in the current property market, particularly within the Iskandar Malaysia.


Farah Wahida, Editor of PropertyGuru, wrote this story.

 

[sotong007]

Re: The Epic

Is everyone aware of the new ruling that is coming out?

Pls read up and decide before jumping in..... those who already signed SPA will be stuck. Will post once I find out more info.....

for now read this link, and pay attention the the last 2 paragraph.

http://www.starproperty.my/index.ph...e-property-ceiling-price-from-rm500k-to-rm1m/

 

[shctaw]

Re: The Epic

If this new ruling come into play; the high end properties price's trend will not be affected.

If only meant that those properties bought buy Singaporeans can be sold to both locals and foreigners.

The cheap housing cannot be sold to foreigners. (something like HDB)

It is copying Singapore. No harm don't. Nothing to see here. Move on and sign all the S&P.

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.


http://www.starproperty.my/index.ph...e-property-ceiling-price-from-rm500k-to-rm1m/

 

[Fire3]

Re: The Epic

Anyway... latest new launch, in the tebrau plentong area. exactly where huh?

----------2nd oct from prop guru

Leveraging on the growing demand for high-rise condominiums, IOI Properties Bhd unveils its latest waterfront development project, the Marina Cove.

With a gross development value of RM4.5 billion, the project will be developed over the next 12 years on a 15.25ha site along the Tebreau-Plentong Basin, overlooking the Straits of Johor.

“We are confident that the project would receive good response from buyers due to its strategic location in the heart of Iskandar,” said General manager Lim Beng Yeang.

The project comprises 724 units of serviced apartments spread across six 35-storey blocks, with built-up area ranging from 526 sq ft to 1,344 sq ft. Prices starts from RM370,000 to RM1.2 million.

It is easily accessible from the New Pasir Gudang Coastal Highway and the Eastern Dispersal Link and is also within close proximity to the Bangunan Sultan Iskandar Customs, Immigration and Quarantine Complex.

The multi-billion ringgit development will also feature a complex as well as a hotel tower.

Work on the first phase of the project had already started two weeks ago, with completion date set in Q3 2017.

“Response to the property is good, with 110 units of serviced apartments already sold although we have yet to officially launch the project,” said Lim, noting that it would be opened for sale this Sunday.

Featuring a modern surrounding, units were either semi-detached or detached, offering more privacy to buyers. They were also competitively priced in the current property market, particularly within the Iskandar Malaysia.


Farah Wahida, Editor of PropertyGuru, wrote this story.

Visible on the diagonal right hand side of EDL Perms bridge heading towards Pasir Gudang. Surrounded by HTC though.

 

[potter]

Re: The Epic

tat is e place tat i thought is ah lim hospital, where clearing of mangroves few wks back. Surrounded by low cost flats.

 

[FHBH12]

Re: The Epic

I tot beside EDL r e kampungs n swampy land. Poor little fishes n crabs. We r destroying their hatchery.