New developments to share

[RedsYNWA]

Pandan Bridge upgrading: From another forum

"Some good news, spotted heavy machineries working at the pandan bridge, including piling machine and huge crane. Base from the project notice board by IRDA near the bridge, its stated they are upgrading the pandan bridge. The workers still working even at 6.30pm on Sunday evening today."

I also saw some works there when I was in JB over the weekend. They are doing the works from: Tebrau to town direction first, followed later by: Town to Tebrau.

 

[FHBH12]

Good news!

 

[IskandarRocks]

No RM1 million price floor for foreign buyers in Iskandar, says report


January 20, 2014


Foreigners planning to purchase property in Johor's Iskandar region will soon be exempted from the minimum purchase rule of RM1 million, Singapore's Straits Times reported today.

Quoting an industry source, the daily said that projects approved by Johor authorities before May 1 this year would be exempted from the ruling, first announced by Prime Minister Datuk Seri Najib Razak when tabling the Budget 2014 last Octover.

Under the new rule, the minimum value of properties that foreigners could buy is doubled to RM1 million, from RM500,000, as a measure to address rising property prices.

Najib had also announced that Real Property Gain Tax, or RPGT for non-Malaysians, is imposed at 30% on the gains from properties disposed within 5 years, while for disposals in the sixth and subsequent years, RPGT is imposed at 5%.

The deferment of the ruling will come as a relief to property developers in Malaysia who have already started on their projects, reported The Straits Times.

"They (Johor's state authorities) understand that the market is a bit shaken by these measures, particularly the projects that have gone quite far ahead," the paper quoted a source as saying.

"There's a tendency now to let them go through and extend the cut-off point to May 1. So developers that have submitted and received approval before that should be safe."

The exemption is expected to be announced in a few weeks.

According to The Straits Times, the minimum price announcement had "sparked frustration" among developers, upset that they would be forced to amend their projects, and leaving them no choice but to build bigger units to price the property at RM1 million.

Smaller property developers could be the hardest hit as they have limited land space.

"(These developers) have smaller parcels of land with limited capital. Although their traditional market is local buyers, foreigners could still be potential buyers," the daily quoted an executive from a property firm in Malaysia.

"But now they have to make the hard choice between making bigger units which could erode margins to woo foreigners or completely lose out on the foreign buyer segment. They are in a dilemma.

The paper also reported of speculations that RPGT could also be adjusted as developers worry about property market affected by the new measures announced by Putrajaya.

"The main thing here is that the policy makers need to make sure they don't kill the market by making potential investors nervous about Iskandar," a senior executive from an Iskandar told The Straits Times.

"We are comforted that, to some extent, they are being considerate to the businesses by making these adjustments." – January 20, 2014

 

[malpaso]

I read that report too this afternoon.

From what I gather, it only applies to DEVELOPERS. If one is buying a property to flip, there is no mention that he/she will be exempted i.e not applicable to subsale.

Hence, it appears good for those who were intending to buy a property for long term, and were turned off by the high 1 M ceiling.

 

[FHBH12]

Destination marketing for Iskandar Malaysia
By Laura Lee
Friday, 17 Jan 2014, 12:01 AM
- See more at: http://www.focusmalaysia.my/Assets/Destination-marketing-for-Iskandar-Malaysia#sthash.ZBDc6OS3.dpuf

With the ever-growing interest in Iskandar Malaysia, the country’s first economic corridor is not only attracting a host of foreign investors, it is also being positioned as the southern gateway to Malaysia, attracting visitors and tourists even as more hotels are being built there.

Among the latest foreign investors to jump onto the Iskandar bandwagon are developers from China. They include Guangzhou R&F Properties Co Ltd, which bought six plots of land in Johor Bahru for RM4.5 bil from the Johor Sultan and Country Garden Holdings Co Ltd which acquired 22.26ha in Danga Bay at RM376 per sq ft.

Iskandar Regional Development Authority (IRDA) senior vice-president of economics and investment Mohammad Rosly Selamat says Country Garden Holdings from Guangzhou, China’s sixth-largest developer, which is building 9,000 condominiums in JB, has been aggressively bringing in 3,000 to 10,000 Chinese visitors each week to view its development.

As of November, 7,000 of these units had been sold to those from Guangzhou, he says.

He says the top 10 foreign investors in Iskandar Malaysia last year were Singapore with RM6.32 bil, followed by Spain (RM4.2 bil), Japan (RM3.74 bil), the Netherlands (RM2.85 bil), United Arab Emirates (RM1.9 bil), Australia (RM1.8 bil), Lebanon (RM1.7 bil), France (RM1.63 bil), China (RM1.58 bil) and Germany (RM1.53 bil).

- See more at: http://www.focusmalaysia.my/Assets/Destination-marketing-for-Iskandar-Malaysia#sthash.ZBDc6OS3.dpuf

 

[cow138]

So many flip flop policies. No wonder ppl are nervous investing into Iskandar.
It's pretty frustrating.

 

[FHBH12]

Scientex Senai Lavender: https://www.facebook.com/pages/Scientex-Senai/223498627803171

Seems pretty cheap and good. Industrial area though.

 

[malpaso]

its more than just the flip flopping. Greed is in play here too. And investors can see that the politicians only have eyes on the money. they don't really care abt the people - local or otherwise. its just PURE GREED. disgusting.

everyone is greedy to some extent. i think the problem is policies that are not so transparent, and poor execution. i.e incompetence.

 

[FHBH12]

everyone is greedy to some extent. i think the problem is policies that are not so transparent, and poor execution. i.e incompetence.

Good and bad. JB has not been so advanced as a result and prices are still quite chip chip chip

 

[whoami]

they don't really care abt the people - local or otherwise. its just PURE GREED. disgusting.

Tis stmt reminds me of ....u know who and where lah...

 

[cow138]

I have the same feeling. The Malaysian govt expansion of Iskandar is just a cash grab. There doesn't seem to have long term plan to develop the state for the long term.

What a waste. They just can't seem to get their act together.

 

[shctaw]

I have the same feeling. The Malaysian govt expansion of Iskandar is just a cash grab. There doesn't seem to have long term plan to develop the state for the long term.

What a waste. They just can't seem to get their act together.

If buying for own stay, you will be okay.

If you buy for investment, the location you choose is critical. You maybe buying into a developer's lie, and end up in a ghost town.

 

[Jetstream]

So many flip flop policies. No wonder ppl are nervous investing into Iskandar.
It's pretty frustrating.

Flip flop is one aspect. Incompetence is another. Greed and politics completes the jigsaw!

Well, LkY did give u all sound advice oredi with his 'stroke of the pen' remark not too long ago in his book.

 

[Funniman]

If buying for own stay, you will be okay.

If you buy for investment, the location you choose is critical. You maybe buying into a developer's lie, and end up in a ghost town.

Totally agreed. Not only location but location within location.
Ghost towns happen only when you can ONE develper for the entire big location. If you have many developers in one location, chances of ghost town less likely.

 

[ginfreely]

Flip flop is one aspect. Incompetence is another. Greed and politics completes the jigsaw!

Well, LkY did give u all sound advice oredi with his 'stroke of the pen' remark not too long ago in his book.

most foreign investors in the last few years still made money even after policy changed with the stroke of pen...

 

[Travis]

Thought i might share this....Although published in April 2013, nonetheless, I think the observations made of Iskandar are still valid as they are long termed.

http://www.dbs.com/insights/conference/2013/SectorBriefing01_IskandarMalaysia.pdf

 

[Frodo]

If buying for own stay, you will be okay.

If you buy for investment, the location you choose is critical. You maybe buying into a developer's lie, and end up in a ghost town.

Best mix is to buy for own stay AND in good location, or a location you like.

 

[dare2]

At the back of the mind of buyers even if it's for own stay, will be the thought abt capital appreciation...otherwise might as well just rent, can move to new house every time the whims strike, and those claiming own stay but bought multiples....hahaha are just BS.....now KBW is sweating at the thought abt where the disposal hdbs units are going to find buyers with his bright idea of mass constructions in tens of thousands.....sg property might be in for a rough ride in text few years.

 

[jasonjst]

At the back of the mind of buyers even if it's for own stay, will be the thought abt capital appreciation...otherwise might as well just rent, can move to new house every time the whims strike, and those claiming own stay but bought multiples....hahaha are just BS.....now KBW is sweating at the thought abt where the disposal hdbs units are going to find buyers with his bright idea of mass constructions in tens of thousands.....sg property might be in for a rough ride in text few years.

easy to solve wat , replaced him with MBT ! HDB sure chiong one , no horse run !

 

[DorisPing]

....hahaha are just BS.....now KBW is sweating at the thought abt where the disposal hdbs units are going to find buyers with his bright idea of mass constructions in tens of thousands.....sg property might be in for a rough ride in text few years.

Hi Dare2, hmmm...KBW is still better than MBT lar...imagine if we got LTY...prices going up everywhere... :-)