Actually, I can't sell now. When I mentioned to give up, I mean dump it. Cut immediate loss. All my previous deposits will be forfeited and I will incur some extra charges on the paperwork.
Even if I am allowed to sell on the market, I am 100% sure no one wants it after I reduce the price by 30%. The property market in Iskandar is really that bad. There are tons of units still unsold now.
Even those very few projects which have recently been completed, selling them off is close to impossible. Rental is low and dismal.
So that's why I projected when the tens of thousands of new ones appear in 2-4 years time, it's going to get a lot worse. The "doom and gloom" news we often hear about Iskandar is not exaggerated.
People often slam the netizens and even the SG government and media for painting such a bleak picture about Iskandar. But if you read carefully, I don't think they have done that. They are warning people that it is the RESIDENTIAL properties in Iskandar that buyers have to be wary about. They did not say Iskandar will not progress or it's a failure.
However, having all those new amenities and offices coming up does not mean the rental investment or property market there will boom. Cos ultimately, it's still the hard figures/data that will reveal the truth. I read not too long ago someone compile a list of condos in Iskandar: Puteri Harbour, Medini, Bukit Indah, old JB, Danga Bay that will be ready from 2013-18. There are altogether 84 projects! I didn't bother counting the total number, but it's definitely some 60,000 or more condo units by 2018. That's a super huge supply in a short time.
I think the SG government knows that many Singaporeans have gone in there in the hope of renting them out or for capital appreciation, given that they are unqualified to dabble in SG properties due to the cooling measures. Even the UMNO guy came out to say Iskandar has never been targeted for residential investment. Their main aim is for offices and corporations to be there. And I quote roughly, he said: "If investors want to come and buy up properties in Iskandar, that's their choice. It's the risk they want to take and we can't stop them. We didn't plan Iskandar to be for residential purpose." If their own Malaysian officials are not optimistic or show support for such residential investments, I think it says a lot about the gloomy outlook of Iskandar properties for investment.
About the part on "low price and proximity", I can only agree that those who bought it during about 2010 or earlier, that's true. One of the mistakes I made was back in 2013. There was so much report on Iskandar being the "darling" of investors in Singapore. That was also the year the SG government introduced more cooling measures. We were shut out and I remember wanting a bite of the Iskandar pie. But I didn't do enough homework to check on the prices, future rental capability, etc.
My Malaysian friends told me the price I bought and prices now have all been super inflated. It's not something their own people will even consider. Such properties are for foreigners to play with. Their locals won't touch them. Indeed, RM800k for eg, for a large 2-bedroom condo is impossible to get in SG. Sounds cheap to us. But to their locals, it's way overpriced. A landed property bought in 2010 or before that cost like what... RM200+k? It's low risk.
The question is, who's going to buy a RM800k condo say 5 years from now for say RM1 million (assuming RM200k capital appreciation which I highly doubt)? Even if it is sold at cost RM800k, people will not bother taking a look when there are thousands others selling, and there are newer ones coming up costing the same or even slightly cheaper.
Proximity-wise, they always advertise Iskandar as 15 minutes from CIQ. That's misleading of course. The whole drive, including the frequent jams, could typically take 1.5 hr on average to be safe?
Ok.... The above is just an "academic" discussion. I'm not complaining or anything. Just having a "coffee shop" discussion. Please share if you have your views.
Hopefully, those who haven't bought will learn from my experience and make your own careful decision. Or those who have bought mainly as an investment, you should perhaps start considering where you should be heading now....
