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Property News
- Thread starter FHBH12
- Start date
It si too late to stop those Chinese developers. But as long as they don't come near Puteri Harbour, I am happy.
Isn't that humongous Forest City development by Country Garden only a few km downstream from Puteri Harbour?
Very far away. Easily 30 kms and across the highway. Moreso, it be a while before the first pile go in.
It will take years to dig and settle reclaimed land before any building can be built. Forest City is a 30 year project.
Far away and easily 30km away, are you sure?
From 2nd Link to JB town is only around 20 odd km.
On water, Puteri Harbour is only about 3 to 4 km away from the 2nd Link and about 5 to 6km by road because of looping by the Johor CIQ while the Forest City is just next to the 2nd Link!
The investors and developers are NOT going to wait 30 years for sure to see their returns!
The money will be tied up way too long, at least not for foreign investors!
Just look at the reclamation on Danga Bay, how long was the wait for settlement before Country Garden started building their multi-storey apartments on it?
30 years is what FC stated in their development plan. Could be completion of the entire project. But when is the first pile is anybody's guess. From Spore experience on reclaimed land, it takes many many years of settlement before they build. Realistically, I wouldn't want to factor FC in any of my investment plans as it is still talk and nothing concrete yet. As in Malaysia, things are very fluid. Economic and political climate changes very fast.
30kms might be farfetched but if you look at it carefully, the realistic roads cannot go over Tj Pelepas port but northwards and over the Sg Pulai before winding down south towards Tg Piai. Not to forget bridges to be constructed. Unless some benefactor would want to donate to build a super high straight bridge.
Sounds like really bad news for Iskandar.
I know many Singaporeans bought not really for self-stay but investment.
There was some greed and big buying spree back in 2013 after many realised how those early buyers of properties in Iskandar were reaping attractive profits. It didn't help also that properties in Singapore were out of reach for many middle income earners so they thought Iskandar could be an alternative investment.
I guess those who have already bought properties in Iskander hoping to invest got to wait really long to see what happens. But a property agent friend of mine is not anywhere near optimistic about the high-rise developments in Johor area even in the next 10-15 years. The oversupply is more serious than expected and slow pace of progress in Iskandar (plus the way the Malaysian government works) will not help at all.
I know many Singaporeans bought not really for self-stay but investment.
There was some greed and big buying spree back in 2013 after many realised how those early buyers of properties in Iskandar were reaping attractive profits. It didn't help also that properties in Singapore were out of reach for many middle income earners so they thought Iskandar could be an alternative investment.
I guess those who have already bought properties in Iskander hoping to invest got to wait really long to see what happens. But a property agent friend of mine is not anywhere near optimistic about the high-rise developments in Johor area even in the next 10-15 years. The oversupply is more serious than expected and slow pace of progress in Iskandar (plus the way the Malaysian government works) will not help at all.
New-home supply to shrink on higher loan-rejection rates
By V Sanjugtha
Friday, 17 Apr 2015, 12:30 AM
The shift from gross income to net income as a measure of loan eligibility has left many potential housebuyers in a quandary, with loan-rejection rates reported as high as 70% in the first round. Loan eligibility varies among financial institutions; therefore applicants can seek alternatives if they are rejected by the first financial institution approached.
Market players believe the higher incidence of loan rejection is largely a result of the economic prosperity enjoyed by the nation that overheated the property market in the first place. This gave rise to the need for a series of cooling measures by Bank Negara Malaysia (BNM) over the past two years to halt the exponential rise in house prices.
Now, buyers are out there -- but loans aren’t.
A major stumbling block in the sale of new property, according to a property industry survey by the Real Estate and Housing Developers Association (Rehda), is a problem with end-financing.
The association representing developers reported a 46% rejection rate for loan applications for homes in the category of RM500,000 to RM700,000. There was a 19% rejection rate for homes in the RM700,000 to RM1 mil bracket and 18% of rejections for homes priced RM1 mil to RM2.5 mil. According to Rehda, the largest loan rejections were in Johor, followed by Selangor and Penang, which corresponds with the quantum of home launches.
- See more at: http://www.focusmalaysia.my/Assets/...her loan-rejection rates#sthash.iwTMxgcz.dpuf
By V Sanjugtha
Friday, 17 Apr 2015, 12:30 AM
The shift from gross income to net income as a measure of loan eligibility has left many potential housebuyers in a quandary, with loan-rejection rates reported as high as 70% in the first round. Loan eligibility varies among financial institutions; therefore applicants can seek alternatives if they are rejected by the first financial institution approached.
Market players believe the higher incidence of loan rejection is largely a result of the economic prosperity enjoyed by the nation that overheated the property market in the first place. This gave rise to the need for a series of cooling measures by Bank Negara Malaysia (BNM) over the past two years to halt the exponential rise in house prices.
Now, buyers are out there -- but loans aren’t.
A major stumbling block in the sale of new property, according to a property industry survey by the Real Estate and Housing Developers Association (Rehda), is a problem with end-financing.
The association representing developers reported a 46% rejection rate for loan applications for homes in the category of RM500,000 to RM700,000. There was a 19% rejection rate for homes in the RM700,000 to RM1 mil bracket and 18% of rejections for homes priced RM1 mil to RM2.5 mil. According to Rehda, the largest loan rejections were in Johor, followed by Selangor and Penang, which corresponds with the quantum of home launches.
- See more at: http://www.focusmalaysia.my/Assets/...her loan-rejection rates#sthash.iwTMxgcz.dpuf
Either it is a directive from Bank Negara otherwise I suspect the banks are acting on an obvious rising mortgage default rate.
The new home owners bank loan application based on developers' report, the rejection rate don't seems too high except the lowest cat., it also shows that the mostly "working class" group applying for the RM500K - RM700K about half were rejected!
The new eligibility rule is based on net income and not gross income.
This is serious, either homes are already too expensive or many are trying to buy a home not within their means.
Again, this new ruling is not going to work too well for the local developers either where the lowest cat. are now only for locals and the SPRs.
For loan application of RM500K - RM700K 46% rejection
For loan application of RM700K - RM1m 19% rejection
For loan application of RM1.0m - RM2.5m 18% rejection
Concerns piling up over Iskandar housing glut
New figures show number of homes in Johor state to rise by over 335,000
PUBLISHED ON APR 24, 2015 6:41 AM
Media personnel gathered around a model of the Iskandar development zone during a briefing this month. The National Property Information Centre said that at the end of last year, 26 per cent of the 13,690 housing units launched in Johor remained unsold. -- PHOTO: KEVIN LIM
BY REME AHMAD, ASSISTANT MONEY EDITOR
Concerns over a housing glut in Iskandar have been aggravated by new figures from the Malaysian government.
It said the total number of homes in Johor state will surge by more than 335,000, or 46.7 per cent, over the next few years - with most almost certainly in the Iskandar development zone.
The finding will only add to concerns of an oversupply in the state, which is favoured by some Singaporeans looking for a second home.
The National Property Information Centre (Napic) also indicated in its 2014 annual report released on Monday that there will be a sharp increase in shop and industrial units in Johor in the coming years.
Napic said there were 719,421 residential units in Johor as of the end of last year. It noted that "incoming supply" - units being built - would total 142,567 units once completed over the next few years.
And then there are another 193,271 units under "planned supply" - or units that have been approved in Johor but the construction of which had not yet begun.
Those two figures - of incoming and planned supply - add up to 335,838 units, which represent a 46.7 per cent surge over the numbers as of the end of last year.
This is a huge jump when compared with the whole of Malaysia: Napic said that for the whole country, the existing stock of 4.83 million residential units will increase by 29 per cent.
It did not indicate the completion dates of the new units.
The report also revealed figures on commercial, industrial, and other land-use types in other Malaysian states and in the Kuala Lumpur federal territory.
Napic is a unit under the Valuation and Property Services Department, itself a department under Malaysia's Ministry of Finance.
Its website gave only the figures for the whole of Johor, with no separate data on residential units being built in the Iskandar zone in southern Johor.
But with most of the housing projects launched in Johor focused on Iskandar - including those by major China developers - it is safe to deduce that most of the new units will be built in southern Johor.
Maybank warned in a report last week of mounting risks to Iskandar's already-weak property market. It said the "aggressive land-banking activities" of Chinese developers in the "already crowded" Malaysian development zone could make matters worse.
"Without coordinated planning and control, (Chinese developers' land banking) could aggravate the oversupply situation and induce price wars, especially in the high-rise mixed-development segment," wrote Maybank analyst Wong Wei Sum in the report.
And there is more to worry about: Napic said that at the end of last year, of the 13,690 housing units launched in Johor, 26 per cent, or 3,572 units, remained unsold.
The report also indicated a surge in the number of shop units coming up in Johor over the next few years.
It said the shop units being built totalled 15,329, while another 18,078 have been approved for construction. They will add 46.6 per cent to the 71,718 existing shop units in Johor as of the end of last year.
As for industrial units, the existing stock of 14,159 units will jump by 40 per cent, as 1,935 units are being built and another 3,788 have been approved.
[email protected]
- See more at: http://www.straitstimes.com/news/bu...ar-housing-glut-20150424#sthash.9gB32qFx.dpuf
New figures show number of homes in Johor state to rise by over 335,000
PUBLISHED ON APR 24, 2015 6:41 AM
Media personnel gathered around a model of the Iskandar development zone during a briefing this month. The National Property Information Centre said that at the end of last year, 26 per cent of the 13,690 housing units launched in Johor remained unsold. -- PHOTO: KEVIN LIM
BY REME AHMAD, ASSISTANT MONEY EDITOR
Concerns over a housing glut in Iskandar have been aggravated by new figures from the Malaysian government.
It said the total number of homes in Johor state will surge by more than 335,000, or 46.7 per cent, over the next few years - with most almost certainly in the Iskandar development zone.
The finding will only add to concerns of an oversupply in the state, which is favoured by some Singaporeans looking for a second home.
The National Property Information Centre (Napic) also indicated in its 2014 annual report released on Monday that there will be a sharp increase in shop and industrial units in Johor in the coming years.
Napic said there were 719,421 residential units in Johor as of the end of last year. It noted that "incoming supply" - units being built - would total 142,567 units once completed over the next few years.
And then there are another 193,271 units under "planned supply" - or units that have been approved in Johor but the construction of which had not yet begun.
Those two figures - of incoming and planned supply - add up to 335,838 units, which represent a 46.7 per cent surge over the numbers as of the end of last year.
This is a huge jump when compared with the whole of Malaysia: Napic said that for the whole country, the existing stock of 4.83 million residential units will increase by 29 per cent.
It did not indicate the completion dates of the new units.
The report also revealed figures on commercial, industrial, and other land-use types in other Malaysian states and in the Kuala Lumpur federal territory.
Napic is a unit under the Valuation and Property Services Department, itself a department under Malaysia's Ministry of Finance.
Its website gave only the figures for the whole of Johor, with no separate data on residential units being built in the Iskandar zone in southern Johor.
But with most of the housing projects launched in Johor focused on Iskandar - including those by major China developers - it is safe to deduce that most of the new units will be built in southern Johor.
Maybank warned in a report last week of mounting risks to Iskandar's already-weak property market. It said the "aggressive land-banking activities" of Chinese developers in the "already crowded" Malaysian development zone could make matters worse.
"Without coordinated planning and control, (Chinese developers' land banking) could aggravate the oversupply situation and induce price wars, especially in the high-rise mixed-development segment," wrote Maybank analyst Wong Wei Sum in the report.
And there is more to worry about: Napic said that at the end of last year, of the 13,690 housing units launched in Johor, 26 per cent, or 3,572 units, remained unsold.
The report also indicated a surge in the number of shop units coming up in Johor over the next few years.
It said the shop units being built totalled 15,329, while another 18,078 have been approved for construction. They will add 46.6 per cent to the 71,718 existing shop units in Johor as of the end of last year.
As for industrial units, the existing stock of 14,159 units will jump by 40 per cent, as 1,935 units are being built and another 3,788 have been approved.
[email protected]
- See more at: http://www.straitstimes.com/news/bu...ar-housing-glut-20150424#sthash.9gB32qFx.dpuf
Assuming about 230,338 (0.26x142,567 launched but unsold + 193,271 approved) units TOP over next 5 years are mostly residential units and are unsold, this will mean 46,068 new residential units entering the market each year for next 5 years. Actual figure should be significantly lower as it includes commercial and industrial units, and developers hold back their launches.
Iskandar's population is about 1.35 mil with a growth rate of about 2% or 27,000 people per year. Assuming a household has 4 pax, this means only 6,750 new houses are required each year in Iskandar. Hence there is no way for local population to absorb the supply, and most of them may not be able to afford the mid-high end properties that are launched.
So JB government should not have discouraged foreigners from buying properties in Iskandar by raising minimum purchase price, stamp duties, tolls and levies, as it means many local jobs will be lost once the construction and property companies go bust (likely starting from this year).
Iskandar's population is about 1.35 mil with a growth rate of about 2% or 27,000 people per year. Assuming a household has 4 pax, this means only 6,750 new houses are required each year in Iskandar. Hence there is no way for local population to absorb the supply, and most of them may not be able to afford the mid-high end properties that are launched.
So JB government should not have discouraged foreigners from buying properties in Iskandar by raising minimum purchase price, stamp duties, tolls and levies, as it means many local jobs will be lost once the construction and property companies go bust (likely starting from this year).
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Like what the Sultan mentioned. The Rm1 million ceiling should only be imposed to the landed property in JB. JB government also trying to ask BNM to relax the loan application. JB gov is going to make a U turn soon because of the pressure from our beloved visionary Sultan. I still see things positively in JB.
I like your typical ultra-long term investor mindset
Buy 10 properties in hot areas ( PH, Medini, Sunway, Leisure Farm etc ) and go on a 10 year hiatus. Come back to Nusajaya to collect your fat profits. Dont worry about oversupply as those ulu locations and standalone condos or condos in not-so-hot areas will be hit badly. Dont worry about tolls or VEPs. Dont worry about any world events.
See long long term.
* This only applies to Nusajaya
Looks like the future of Nusajaya is as bright as Cyberjaya and Putrajaya! All 3 rhymes too, Haha
Err Nusajaya is in its own league. Cyberjaya and Putrajaya are not my cup of tea although I like the latters' nice environment
Have u ever been to Cyberjaya or Putrajaya?
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