Anyway, with the avalanche of new condos to be ready in the next 2 to 3 years, I anticipate there will be more fire sales (for those sub-sales) unless those owners have strong holding power. I was told that the average selling price for Sky Loft from the developer at that time for those 1,615 sq ft units is between RM700k & RM800k, depending on floor level and facing.
1 good outcome from the agent though: he told me that he had just managed to secure a Japanese tenant in Sky Loft (21st floor) for RM3.6k. So, there could still be some hope. Also, whilst I was driving past the adhering AEON mall, I saw 2 Japanese mei-meis walking towards it, probably could be living nearby.
Actually, I'm trying to understand the psychology of buyers and tenants.
Sky Loft so huge 1,615 sq ft selling RM700-800k. Nearby D'Inspire released later sold at a much more expensive RM700-800psf I think.
Why would people buy expensive condos such as those costing RM700-800 psf when there are so many in JB going for much cheaper? Moreover, most will own a car. A short drive away can buy cheaper condos.
I wonder if parts of Iskandar is supported mainly by foreigners. The price increase does not seem to me to be supported by fundamentals, such as economy getting stronger, more jobs available, salary increment, etc. It's all done up by developers simply setting higher and higher prices for newer projects. With so many condos coming up and prices artificially increased this way, I think a bubble may happen.
Medini condos are a fine example. From an initial reasonable RM400-500psf (reasonable to foreigners, but still quite expensive to JB locals) the prices shot up to RM700-800psf within 1-2 years. Those in Puteri Harbour already hit in excess of RM1k psf. It's far too expensive.
Wonder if all these places will only have foreigners living. We might see a few regions being ghost towns once those condos are completed.