Johor property market to shine
Written by Chua Sue-Ann
Wednesday, 04 May 2011 11:57
KUALA LUMPUR: As multi-billion ringgit investments in Johor’s Iskandar Malaysia take shape, property players and investors are increasingly positive that the Johor property market is poised for a golden era after a sluggish decade.
KGV-Lambert Smith Hampton executive director Samuel Tan is among those convinced that Johor Bahru and Iskandar Malaysia’s property scene are on the cusp of a change of fortune.
“The past 10 years have been miserable. When we look at Kuala Lumpur’s property market, we are full of envy,” Tan told a media briefing in Johor Bahru last weekend.
Although property values and demand have a long way to go before they catch up with the hot real estate markets of Kuala Lumpur, the Klang Valley and Penang, Tan said the narrowing gap in values provides investors good upside potential.
Although total transaction volume for properties in Iskandar Malaysia remained constant over the years, he said, the transaction value and demand have been on the uptrend, particularly since 2H10.
Data from the National Property Information Centre (Napic) show that the transaction volume in Johor in 4Q10 more than doubled to 5,147 units from 2,105 in the preceding quarter.
Significantly, the transaction value nearly tripled to RM1.13 billion in 4Q10 from RM397 million in the previous quarter.
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