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Puteri Harbour Community
- Thread starter Qube3
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I have booked 1 unit, any latest news update to share?
Is Iskandar still a good bet for investors?
Monday, May 11, 2015
Rennie Whang
The Straits Times
The flood of new property in the Iskandar region seems finally to have reached a tipping point, with fears of a glut now well and truly taking hold.
Two recent reports - by Malaysia's property information centre and lender Maybank - underscore the concerns.
While some segments, including industrial and commercial property in good locations, are still performing well, housing is expected to remain relatively muted this year, say experts.
Supply and prices
It is estimated that 107,000 new homes will be added to Iskandar - including Johor Bahru and Kulaijaya districts - in the coming years.
They comprise 39,716 landed homes, 4,935 low-cost homes and 61,836 flats.
Many of the new builds are in the Danga Bay and Medini areas, although it is not known when these new units will be completed.
But developers monitor the market closely, says Mr Paul Khong, deputy managing director of Savills Malaysia. "When the market reaches an equilibrium point, they will react accordingly. No developer would want to lose money by purely building without demand."
Many developers, including Chinese companies, can easily afford to land bank when the market slows down, he adds.
Residential prices in Johor remained firm in 2013 and last year, but dipped by about 1 per cent in the fourth quarter of last year.
The number of residential transactions in the fourth quarter also fell by about 31.1 per cent quarter on quarter and 9.1 per cent year on year, says Mr Wee Soon Chit, executive director of Landserve in Johor.
Sales volumes and prices will certainly drop this year, with high-rise homes likely to bear the brunt, says Mr Wee. The price drop should be minimal for landed properties.
Projects have been delayed. CapitaLand's $3.2 billion township in Danga Bay that it will build with Temasek Holdings and Iskandar Waterfront Holdings (IWH) was announced two years ago but has not been launched.
A CapitaLand spokesman said it is working with IWH to "resolve outstanding conditions precedent as stipulated in the sale and purchase agreement".
Construction has also not started for Rowsley's Vantage Bay and motorsports hub projects, which were announced in 2012.
This means units are unlikely to be released all in one go, says Mr Chew Hwei Yeow, chief operating officer of PPB Group, which launches its Southern Marina project in Puteri Harbour in June.
Various developments in the Nusajaya area will create jobs and lend support to rental demand, he says.
Development status
Marlborough College Malaysia opened just three years ago and already has 740 students. About 200 of them live in Singapore, although most are expatriates, says headmaster Robert Pick.
"(Demand for places at the school) has been excellent and we are a year ahead of where we expected to be, in respect of numbers," he adds. It may even start expanding in 2017 as it will be close to capacity from this September.
Raffles American School in Nusajaya has 120 students at its temporary facility and is building a permanent campus to support 2,000 students.
Educity boasts six universities, including Netherlands Maritime Institute of Technology and Newcastle University, with about 1,920 students in all. Several more institutions are expected to move in.
The 210ha Nusajaya Tech Park is on track to complete its first batch of ready-built factories by the end of the year. A firm from Japan and one from Singapore are among the companies that have already signed up.
There are 42 completed factories at the 529-ha Southern Industrial Logistics Cluster (SiLC) - a "green" industrial park focusing on advanced technology, health and nutrition, logistics and biotechnology - with 39 of them operating. A further 230 factories are under construction.
They have been bought by firms from Singapore, Holland, Taiwan, the United States and Malaysia, among others, says Mr Anwar Syahrin Abdul Ajib, managing director and chief executive officer of UEM Sunrise, the master developer of Nusajaya.
About 2,000 staff from 33 government departments have also moved into Kota Iskandar in Nusajaya, the new administrative centre for the Johor state government, with more expected.
Transport links are fast developing. The Coastal Highway linking Danga Bay to Kota Iskandar was completed in 2012, and a Southern Link addition will connect it to the Second Link Expressway.
A ferry service from Puteri Harbour to Harbour Front is expected to start in the second half of this year.
Iskandar has attracted about RM166.1 billion (S$62 billion) in cumulative investments from 2006, the year it was launched, the Iskandar Regional Development Authority (Irda) said on Wednesday. About 47 per cent of this has been realised as projects on the ground. Of the cumulative investment amount, 31 per cent has been in the manufacturing sector, 24 per cent in residential property, and 17 per cent in retail space.
Sales and launches
Launches have quietened this year, with the latest ones usually for projects in more established neighbourhoods like Taman Molek, Setia Tropika, Setia Indah, Horizon Hills and Eco Botanic or in the city centre vicinity where there is real demand, says Mr Khong of Savills.
Sales have not been encouraging, says Mr Wee of Landserve. Research from the Real Estate & Housing Developers Association (Rehda) in September found that of a total of 10,189 units launched across Malaysia in the first half of last year, just 49 per cent were sold.
While Acquaint Danga Bay condo achieved an 80 per cent take-up at its launch last October, sales at other projects have been slower.
Eco Village in Setia Eco Gardens, which launched in February, is 50 per cent sold. The Hills Residences in Senibong Cove is 20 per cent booked, as is Brio Residences at Paradigm Mall. Both will launch later this year.
Launches of industrial property are faring better. IBP Nusajaya sold all 52 units of its phase 1 semi-detached and detached factories on launch day last November, at an average of about RM3 million per unit.
Commercial developments like shop offices are still performing, although they are sensitive to location.
The first phase of Austin 8 Avenue shop offices, consisting of 106 units of three- to four-storey shop offices, sold out during the launch and its later phases are still recording decent take-up.
The ringgit has been more volatile than the Singapore dollar over the past six to nine months, says DBS senior currency economist Philip Wee, adding that he expects the Singapore dollar to continue appreciating against the ringgit.
"Singapore has a stronger current account surplus and a modest appreciating exchange rate policy.... As witnessed during the emerging market volatility in 2013, Malaysia has a weaker international liquidity position that keeps the ringgit vulnerable to US rate hike risks later this year."
Returns and risks
People who invested in Flagship A - Johor Bahru City, near the Woodlands Causeway - and Flagship B - Nusajaya, near the Tuas Second Link - would have seen considerable capital appreciation if they bought four or more years back, says Mr Chris Koh, director of Chris International.
"Iskandar has not been the area for rental returns, perhaps because it is not a central business district like Kuala Lumpur, where you have many expatriates."
But for those who bought landed property in the region, for example, in Horizon Hills, East Ledang or Casa Almyra, prices have doubled in eight years.
A real estate agent, who wants to be known as Ms Ng, bought a semi-detached house in Casa Almyra less than five years ago for RM1.2 million and says it has now risen in value.
The house, which she uses as a holiday home, is on about 5,200 sq ft of land with a built-up area of 3,200 sq ft. The gated project has facilities, including a pool and gym, and is about a 15-minute drive from the Causeway if there is no traffic jam. "It is so close to Singapore, for so little money. I have no regrets," she says.
Ms Ng, 43, has also bought a condo unit at Imperia in Puteri Harbour which is due to be completed in six months.
But not everyone has been as fortunate.
Some owners of strata retail units at Danga City Mall - formerly Plaza Best World - are still wringing their hands over not having the title deeds to the project, which they bought into in the late 1990s.
Most of these owners are ageing, says the son of one, who wants to be known as Chong, 38. "Eventually, how would their heirs get proof of ownership?"
The only proof they have is their sales and purchase agreements. Chong says he approached several law firms in Malaysia for help but was told it would be a complicated and costly process to get title deeds.
The mall opened for about a year in 1998 before closing. It was vacant until 2008, when a businessman took over the majority stake from the developer.
Chong's mother bought the 300 sq ft unit for RM430,000 but had no returns for the 10 years the mall was closed. They now get about RM1,000 in rent every month since it reopened. Chong says: "I don't think we are familiar enough with the legal system in other countries, whereas in Singapore I know we are very protected."
Another key concern about the region is the absence of fixed master plan parameters for some areas, which has resulted in a massive amount of gross floor area due to high plot ratios, says Mr Ku Swee Yong, Century 21 chief executive.
There also policy risks. The minimum price of property that can be bought by foreigners was raised from RM500,000 to RM1 million in May last year.
Buyers must do their due diligence, says Mr Koh. "For example, checking whether the title for a resale property is in order and whether the developer is reputable, licensed and has the necessary building approvals."
Monday, May 11, 2015
Rennie Whang
The Straits Times
The flood of new property in the Iskandar region seems finally to have reached a tipping point, with fears of a glut now well and truly taking hold.
Two recent reports - by Malaysia's property information centre and lender Maybank - underscore the concerns.
While some segments, including industrial and commercial property in good locations, are still performing well, housing is expected to remain relatively muted this year, say experts.
Supply and prices
It is estimated that 107,000 new homes will be added to Iskandar - including Johor Bahru and Kulaijaya districts - in the coming years.
They comprise 39,716 landed homes, 4,935 low-cost homes and 61,836 flats.
Many of the new builds are in the Danga Bay and Medini areas, although it is not known when these new units will be completed.
But developers monitor the market closely, says Mr Paul Khong, deputy managing director of Savills Malaysia. "When the market reaches an equilibrium point, they will react accordingly. No developer would want to lose money by purely building without demand."
Many developers, including Chinese companies, can easily afford to land bank when the market slows down, he adds.
Residential prices in Johor remained firm in 2013 and last year, but dipped by about 1 per cent in the fourth quarter of last year.
The number of residential transactions in the fourth quarter also fell by about 31.1 per cent quarter on quarter and 9.1 per cent year on year, says Mr Wee Soon Chit, executive director of Landserve in Johor.
Sales volumes and prices will certainly drop this year, with high-rise homes likely to bear the brunt, says Mr Wee. The price drop should be minimal for landed properties.
Projects have been delayed. CapitaLand's $3.2 billion township in Danga Bay that it will build with Temasek Holdings and Iskandar Waterfront Holdings (IWH) was announced two years ago but has not been launched.
A CapitaLand spokesman said it is working with IWH to "resolve outstanding conditions precedent as stipulated in the sale and purchase agreement".
Construction has also not started for Rowsley's Vantage Bay and motorsports hub projects, which were announced in 2012.
This means units are unlikely to be released all in one go, says Mr Chew Hwei Yeow, chief operating officer of PPB Group, which launches its Southern Marina project in Puteri Harbour in June.
Various developments in the Nusajaya area will create jobs and lend support to rental demand, he says.
Development status
Marlborough College Malaysia opened just three years ago and already has 740 students. About 200 of them live in Singapore, although most are expatriates, says headmaster Robert Pick.
"(Demand for places at the school) has been excellent and we are a year ahead of where we expected to be, in respect of numbers," he adds. It may even start expanding in 2017 as it will be close to capacity from this September.
Raffles American School in Nusajaya has 120 students at its temporary facility and is building a permanent campus to support 2,000 students.
Educity boasts six universities, including Netherlands Maritime Institute of Technology and Newcastle University, with about 1,920 students in all. Several more institutions are expected to move in.
The 210ha Nusajaya Tech Park is on track to complete its first batch of ready-built factories by the end of the year. A firm from Japan and one from Singapore are among the companies that have already signed up.
There are 42 completed factories at the 529-ha Southern Industrial Logistics Cluster (SiLC) - a "green" industrial park focusing on advanced technology, health and nutrition, logistics and biotechnology - with 39 of them operating. A further 230 factories are under construction.
They have been bought by firms from Singapore, Holland, Taiwan, the United States and Malaysia, among others, says Mr Anwar Syahrin Abdul Ajib, managing director and chief executive officer of UEM Sunrise, the master developer of Nusajaya.
About 2,000 staff from 33 government departments have also moved into Kota Iskandar in Nusajaya, the new administrative centre for the Johor state government, with more expected.
Transport links are fast developing. The Coastal Highway linking Danga Bay to Kota Iskandar was completed in 2012, and a Southern Link addition will connect it to the Second Link Expressway.
A ferry service from Puteri Harbour to Harbour Front is expected to start in the second half of this year.
Iskandar has attracted about RM166.1 billion (S$62 billion) in cumulative investments from 2006, the year it was launched, the Iskandar Regional Development Authority (Irda) said on Wednesday. About 47 per cent of this has been realised as projects on the ground. Of the cumulative investment amount, 31 per cent has been in the manufacturing sector, 24 per cent in residential property, and 17 per cent in retail space.
Sales and launches
Launches have quietened this year, with the latest ones usually for projects in more established neighbourhoods like Taman Molek, Setia Tropika, Setia Indah, Horizon Hills and Eco Botanic or in the city centre vicinity where there is real demand, says Mr Khong of Savills.
Sales have not been encouraging, says Mr Wee of Landserve. Research from the Real Estate & Housing Developers Association (Rehda) in September found that of a total of 10,189 units launched across Malaysia in the first half of last year, just 49 per cent were sold.
While Acquaint Danga Bay condo achieved an 80 per cent take-up at its launch last October, sales at other projects have been slower.
Eco Village in Setia Eco Gardens, which launched in February, is 50 per cent sold. The Hills Residences in Senibong Cove is 20 per cent booked, as is Brio Residences at Paradigm Mall. Both will launch later this year.
Launches of industrial property are faring better. IBP Nusajaya sold all 52 units of its phase 1 semi-detached and detached factories on launch day last November, at an average of about RM3 million per unit.
Commercial developments like shop offices are still performing, although they are sensitive to location.
The first phase of Austin 8 Avenue shop offices, consisting of 106 units of three- to four-storey shop offices, sold out during the launch and its later phases are still recording decent take-up.
The ringgit has been more volatile than the Singapore dollar over the past six to nine months, says DBS senior currency economist Philip Wee, adding that he expects the Singapore dollar to continue appreciating against the ringgit.
"Singapore has a stronger current account surplus and a modest appreciating exchange rate policy.... As witnessed during the emerging market volatility in 2013, Malaysia has a weaker international liquidity position that keeps the ringgit vulnerable to US rate hike risks later this year."
Returns and risks
People who invested in Flagship A - Johor Bahru City, near the Woodlands Causeway - and Flagship B - Nusajaya, near the Tuas Second Link - would have seen considerable capital appreciation if they bought four or more years back, says Mr Chris Koh, director of Chris International.
"Iskandar has not been the area for rental returns, perhaps because it is not a central business district like Kuala Lumpur, where you have many expatriates."
But for those who bought landed property in the region, for example, in Horizon Hills, East Ledang or Casa Almyra, prices have doubled in eight years.
A real estate agent, who wants to be known as Ms Ng, bought a semi-detached house in Casa Almyra less than five years ago for RM1.2 million and says it has now risen in value.
The house, which she uses as a holiday home, is on about 5,200 sq ft of land with a built-up area of 3,200 sq ft. The gated project has facilities, including a pool and gym, and is about a 15-minute drive from the Causeway if there is no traffic jam. "It is so close to Singapore, for so little money. I have no regrets," she says.
Ms Ng, 43, has also bought a condo unit at Imperia in Puteri Harbour which is due to be completed in six months.
But not everyone has been as fortunate.
Some owners of strata retail units at Danga City Mall - formerly Plaza Best World - are still wringing their hands over not having the title deeds to the project, which they bought into in the late 1990s.
Most of these owners are ageing, says the son of one, who wants to be known as Chong, 38. "Eventually, how would their heirs get proof of ownership?"
The only proof they have is their sales and purchase agreements. Chong says he approached several law firms in Malaysia for help but was told it would be a complicated and costly process to get title deeds.
The mall opened for about a year in 1998 before closing. It was vacant until 2008, when a businessman took over the majority stake from the developer.
Chong's mother bought the 300 sq ft unit for RM430,000 but had no returns for the 10 years the mall was closed. They now get about RM1,000 in rent every month since it reopened. Chong says: "I don't think we are familiar enough with the legal system in other countries, whereas in Singapore I know we are very protected."
Another key concern about the region is the absence of fixed master plan parameters for some areas, which has resulted in a massive amount of gross floor area due to high plot ratios, says Mr Ku Swee Yong, Century 21 chief executive.
There also policy risks. The minimum price of property that can be bought by foreigners was raised from RM500,000 to RM1 million in May last year.
Buyers must do their due diligence, says Mr Koh. "For example, checking whether the title for a resale property is in order and whether the developer is reputable, licensed and has the necessary building approvals."
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I got 1 too. Price, location and developer is good. Handover by 3rd quarter 2017. Most of the development in PH should be handed over and the crowd should be in by then.
My only concern is the ferry services. Hope it goes according to the news here. Ferry service from Puteri Harbour to Harbour Front, Singapore to start operating soon.
http://www.channelnewsasia.com/news/singapore/plans-underway-for-more/1838358.html
To answer your qquestion, the commercial building block will be the new UEM Sunrise corporate HQ.
http://www.propertyguru.com.sg/property-management-news/2015/5/93946/more-sea-links-to-johor-
Last 2 para.
Must be very patient la guys
...slowly slowly things will turn positive.
Last 2 para.
Must be very patient la guys
...slowly slowly things will turn positive.Since they can acquire JCC site for the HSR station, I feel they should also consider acquiring Raffles Marina too.
Why make a 5 mins ferry ride become a 90 mins or more ride and adding congestion to the already busy sea lanes down south? Not to mention the higher ticket price to Harbourfront instead of Raffles Marina from PH?
Furthermore, the Tuas West Extension line should be operational by 2016 too.
My 2 sens.
Why make a 5 mins ferry ride become a 90 mins or more ride and adding congestion to the already busy sea lanes down south? Not to mention the higher ticket price to Harbourfront instead of Raffles Marina from PH?
Furthermore, the Tuas West Extension line should be operational by 2016 too.
My 2 sens.
UEM Sunrise HQ as in Malaysia HQ or JB branch HQ? I presume its the latter? Now they are all based in the marina block facing the sea right?
They have 1 in KL Shangri-La. They are coming up with the showroom at Puteri Harbour and should be ready by next month.
Yes. It should be their Johor HQ. Currently their operations are housed both at East Ledang and the Marina clubhouse.
Hi, if I jus need a small unit with a carpark lot at Southern Marina, how much would it cost?
Should be estimated RM 800k but if you just want a small unit to act as your base in PH and Johor in general to park your Malaysian car, you can go for Almas @ just RM 400+k for 500 sq feet or less
Dropped by PH to have dinner again last evening and was amazed by the UEM HQ. It is gona be the start of a modern & bustling coastal town. I hope the Spore govt stop more Sporeans from coming to PH to disturb the peace and tranquility. Imagine if all of them know it cost just S$350,000 ( cheaper than 4 bedroom HDB ) to own a sea view unit here in PH, PH will be like Woodlands Interchange during peak hours.. I guess even the PRCs will find Spore overpriced and move to PH
We were a lot luckier than those who invested over in JB city.
PH to JB City is about 20km. In Klang Valley, media made a separate report for KL and Selangor. I have a few properties in PJ. I am glad the media and reports published it that way so whatever happens in KL..stays in KL.
But in Iskandar which consist of Nusajaya and JB City, they don't.
Johore has not reached the level of KL so cannot blame them but SG also does the same . maybe someone is afraid SG folks will flock to Nusajaya after HSR at Jurong East announcement ?
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