Perhaps should open a thread for forummer to discuss about their bad experience investing in iskandar. Can be anything, want to vent about security guard minum kopi and not working, or cant find a tenant after months, living in ghost like condo where still cant see up down left right neighbour ever since moved in, rental yield sucks, worry about supply boom etc. Come on, there had been so many good things happened, what about the bad one, dont hide, share it out.
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Bad investment experience in iskandar.
- Thread starter rotikok
- Start date
After 8 years, who does Iskandar Malaysia really benefit?
t was a mega-corridor meant to rejuvenate the state capital, Johor Baru, but eight years after it was launched, Iskandar Malaysia has come up short on its promise to give ordinary residents in southern Johor better jobs and better lives.
This was the sentiment gleaned from a straw poll by The Malaysian Insider among two groups of people, ordinary residents and business owners in four locations in southern Johor – Masai, Bandar Baru Uda, Bukit Indah and Kampung Melayu Majidi.
More than half of the 18 interviewees said that their lives had not changed for the better, even as Iskandar Malaysia seeks to transform southern Johor's physical and economic landscape.
About two-thirds of the businesses surveyed said that they had not felt any spillover effects, in terms of money-making opportunities or profits.
This is after the initiative has brought in RM156.35 billion in investments since 2006 according to an October 18 report by state news agency Bernama.
Yet, many respondents remain optimistic about Iskandar Malaysia, with a majority in both groups saying the initiative was, on the whole, good for southern Johor.
But this optimism was heavily tempered with intense frustration at the rise in the cost of living and the price of houses.
There is also a growing sense among residents that the rich and connected would get the lion’s share of benefits from Iskandar Malaysia while everyone else would get the table scraps.
Man on the street
In face-to-face interviews with 17 residents, they were asked three questions: has life improved in Southern Johor with Iskandar Malaysia? Why has it improved? Why has it not improved? On the whole, do you feel that Iskandar Malaysia is good for southern Johor?
Nine said "no" to the first questions, seven answered "yes" while one respondent replied that he was unsure.
The most commonly cited reason their lives had not improved was that wages were not keeping up with inflation. This was followed by complaints about the high price of property.
“There is nothing special for the people of Johor. Our wages have not gone up but house prices and food have. There are no benefits for us,” said a shop assistant, who wanted to be known only as Ahmad, in Masai.
Another common view when residents talked about Iskandar Malaysia was that what was being built was “not for locals but foreigners”.
They also claimed that some communities were being left behind as they were sidelined from business opportunities while having to deal with the government’s flip-flop policies and its bureaucracy.
For those who thought their lives had improved, the most common reasons they gave were were better roads, more jobs, more business opportunities and less crime.
“I can really see the drop in crime. Before we used to hear about cases all the time,” said a Bandar Baru Uda resident who gave his name as Zainal.
Cashing in or crashing out of Iskandar?
When it came to business owners, only four of the 18 said they had tasted some of the wealth poured into Iskandar Malaysia. The rest said their businesses had not benefitted.
The biggest problem cited by the businessmen was rising operating costs as the price of rent kept going up.
“My landlord keeps raising my rent but my sales can’t keep up. I’m thinking of closing down if it goes up again,” said a soy product retailer in Bukit Indah.
This was a common complaint among businesses in Bukit Indah, a suburb next to the new state administrative centre of Nusajaya and the luxury housing estate of Horizon Hills.
Property owners looking to cash in on the booming construction of luxury homes next door are driving rent prices up by 100% annually, said the business owners.
“Customers nowadays can’t spend as much because their cost of living has gone up,” said one bookstore owner. This was the second most common complaint among business operators.
Business operators who said they had benefited from Iskandar Malaysia said they now had more business opportunities, saw more sales and took advantage of better infrastructure.
But when it came to the question of whether Iskandar Malaysia was on the whole good for Johor, a majority from both groups said “yes”.
Consolidation phase
Pulai MP Datuk Nur Jazlan Mohamed said that the complaints were valid in terms of the present state of the economy in southern Johor.
But it does not reflect the potential of Iskandar Malaysia to make things better for everyone.
“Economic growth goes up but then it plateaus. What we are seeing now is a plateau. It is the consolidation period of the local economy as it balances out between supply and demand.”
During the first surge of money in the first phase of Iskandar Malaysia’s development, many people set up shop looking to profit from all the new homes, offices and colleges being built, he said.
“But growth of high-income earners was slow and so demand could not cater to the supply (of new businesses),” said Nur Jazlan, whose constituency includes Nusajaya and the booming suburb of Bukit Indah.
He said residents benefitted in some way from Iskandar Malaysia, whether directly or indirectly.
“Billions were poured into new roads in my area. Bukit Indah used to get power cuts all the time before Iskandar Malaysia and Nusajaya. Now it is served by a new coastal highway. It has upmarket shops, hypermarkets and a mall.”
He believes property prices will drop in the next few months as part of this consolidation phase but what is really needed is for Iskandar Malaysia to attract more corporations to set up shop.
“We need more high-paying jobs so that residents can earn better salaries and have more disposable income to spend in the local economy. This is where Singaporeans must be lured in to expand their businesses.”
A higher income would partially solve the problem of inflation biting into the pockets of local residents and which prevents them from spending or affording more expensive homes.
With a higher income they could probably afford the previously high prices until the prices go up again, he said. After all, this was the growth cycle in Iskandar Malaysia or any economy.
“It’s a rat race. You will always have to play catch up.” – October 21, 2014.
t was a mega-corridor meant to rejuvenate the state capital, Johor Baru, but eight years after it was launched, Iskandar Malaysia has come up short on its promise to give ordinary residents in southern Johor better jobs and better lives.
This was the sentiment gleaned from a straw poll by The Malaysian Insider among two groups of people, ordinary residents and business owners in four locations in southern Johor – Masai, Bandar Baru Uda, Bukit Indah and Kampung Melayu Majidi.
More than half of the 18 interviewees said that their lives had not changed for the better, even as Iskandar Malaysia seeks to transform southern Johor's physical and economic landscape.
About two-thirds of the businesses surveyed said that they had not felt any spillover effects, in terms of money-making opportunities or profits.
This is after the initiative has brought in RM156.35 billion in investments since 2006 according to an October 18 report by state news agency Bernama.
Yet, many respondents remain optimistic about Iskandar Malaysia, with a majority in both groups saying the initiative was, on the whole, good for southern Johor.
But this optimism was heavily tempered with intense frustration at the rise in the cost of living and the price of houses.
There is also a growing sense among residents that the rich and connected would get the lion’s share of benefits from Iskandar Malaysia while everyone else would get the table scraps.
Man on the street
In face-to-face interviews with 17 residents, they were asked three questions: has life improved in Southern Johor with Iskandar Malaysia? Why has it improved? Why has it not improved? On the whole, do you feel that Iskandar Malaysia is good for southern Johor?
Nine said "no" to the first questions, seven answered "yes" while one respondent replied that he was unsure.
The most commonly cited reason their lives had not improved was that wages were not keeping up with inflation. This was followed by complaints about the high price of property.
“There is nothing special for the people of Johor. Our wages have not gone up but house prices and food have. There are no benefits for us,” said a shop assistant, who wanted to be known only as Ahmad, in Masai.
Another common view when residents talked about Iskandar Malaysia was that what was being built was “not for locals but foreigners”.
They also claimed that some communities were being left behind as they were sidelined from business opportunities while having to deal with the government’s flip-flop policies and its bureaucracy.
For those who thought their lives had improved, the most common reasons they gave were were better roads, more jobs, more business opportunities and less crime.
“I can really see the drop in crime. Before we used to hear about cases all the time,” said a Bandar Baru Uda resident who gave his name as Zainal.
Cashing in or crashing out of Iskandar?
When it came to business owners, only four of the 18 said they had tasted some of the wealth poured into Iskandar Malaysia. The rest said their businesses had not benefitted.
The biggest problem cited by the businessmen was rising operating costs as the price of rent kept going up.
“My landlord keeps raising my rent but my sales can’t keep up. I’m thinking of closing down if it goes up again,” said a soy product retailer in Bukit Indah.
This was a common complaint among businesses in Bukit Indah, a suburb next to the new state administrative centre of Nusajaya and the luxury housing estate of Horizon Hills.
Property owners looking to cash in on the booming construction of luxury homes next door are driving rent prices up by 100% annually, said the business owners.
“Customers nowadays can’t spend as much because their cost of living has gone up,” said one bookstore owner. This was the second most common complaint among business operators.
Business operators who said they had benefited from Iskandar Malaysia said they now had more business opportunities, saw more sales and took advantage of better infrastructure.
But when it came to the question of whether Iskandar Malaysia was on the whole good for Johor, a majority from both groups said “yes”.
Consolidation phase
Pulai MP Datuk Nur Jazlan Mohamed said that the complaints were valid in terms of the present state of the economy in southern Johor.
But it does not reflect the potential of Iskandar Malaysia to make things better for everyone.
“Economic growth goes up but then it plateaus. What we are seeing now is a plateau. It is the consolidation period of the local economy as it balances out between supply and demand.”
During the first surge of money in the first phase of Iskandar Malaysia’s development, many people set up shop looking to profit from all the new homes, offices and colleges being built, he said.
“But growth of high-income earners was slow and so demand could not cater to the supply (of new businesses),” said Nur Jazlan, whose constituency includes Nusajaya and the booming suburb of Bukit Indah.
He said residents benefitted in some way from Iskandar Malaysia, whether directly or indirectly.
“Billions were poured into new roads in my area. Bukit Indah used to get power cuts all the time before Iskandar Malaysia and Nusajaya. Now it is served by a new coastal highway. It has upmarket shops, hypermarkets and a mall.”
He believes property prices will drop in the next few months as part of this consolidation phase but what is really needed is for Iskandar Malaysia to attract more corporations to set up shop.
“We need more high-paying jobs so that residents can earn better salaries and have more disposable income to spend in the local economy. This is where Singaporeans must be lured in to expand their businesses.”
A higher income would partially solve the problem of inflation biting into the pockets of local residents and which prevents them from spending or affording more expensive homes.
With a higher income they could probably afford the previously high prices until the prices go up again, he said. After all, this was the growth cycle in Iskandar Malaysia or any economy.
“It’s a rat race. You will always have to play catch up.” – October 21, 2014.
Neber buy for investment,neber buy bcause of rental yield,thus whatever comes along hard to rent,hard to sell,what the heck,non of my concern.view is priceless,family time spend is priceless,hopefully my place wont b desserted,currently not many ppl hv completed reno or shifted in,can b scary if staying currently,hopefully it turn out well couple of mth later.
....yawn.....
Anyone unfortunately paid for a property and the developer gone bankrupt? I saw an abandoned blue tower next to CIQ I think its called Best World Mall
Obviously that berry haih intelligent adult is talking abt he himself.
He very good in talking nonsense and creating stories but no action.
Most of the people here have already invested at least one or more properties but still not dare to talk until like expect.
But for this chap, never see him buy anything property but he talk until he is like big time property investor who know everything, yet he don't know that most of his talk are pointless, useless cum rubbish.
Hi there,
Must invest for long term of 10-20 years in Iskandar. I feel amused when some investors or non-investors just enter the forum to pour cold water or get cold feet whenever a new so-called "unfavourable" policy was introduced. My advice to them is to get a proper job and put money into CPF and stay in a HDB their entire lives. Its more worthwhile and less heart attack. Really, its good for them.
Also don't buy too many into unpopular places. That shd be safe
Must invest for long term of 10-20 years in Iskandar. I feel amused when some investors or non-investors just enter the forum to pour cold water or get cold feet whenever a new so-called "unfavourable" policy was introduced. My advice to them is to get a proper job and put money into CPF and stay in a HDB their entire lives. Its more worthwhile and less heart attack. Really, its good for them.
Also don't buy too many into unpopular places. That shd be safe
Perfectly it is everyone have same view as you, scare miss boat, kiasu n kiasi mentality making iskandar one of the hotest property market in malaysia. Unless it is some location/view that once miss never have it ppty or your consideration isnt money i.e. not investor. If as investor, current market no need to afraid no more boat, take sweet time to choose la. A lot of ppl esp malaysian get in with unrealistic future view of capital gain, wait them burn their hand first. Even nothing bad happen, iskandar 3 time bigger than sg, surely not need to afraid to miss it.
Hahaha. Did anyone ask the local mental hospital they a missing a patient? I sympathize with him actually. Probably got played out by other developers that's why he is so anti everyone else. Explains why he no property probably Kenna confiscate back by the bank.
My take is, no need to worry about no opportunity in iskandar, as investors, how much return, how long all matters, tell other to have super long waiting horizon is really a put off for many ppl unless you are buying for own use. Current market and for a year or two price wont have any movement, when time come, supply booming, only slowly choose la, why so hurry. Ever wonder why iskandad is so hot? Because people sharing the same prospect, and bullishness, scare no chance etc, and normally that is when the price most highest.
There will definitely be boom and bust cycle ahead in the property, commodity, equity, forex, market provided you live long enough and be gutsy to take advantage of it.
That is why I heard of people saying high tolls will instill a property crash in Iskandar. Has it crashed yet? I hope so because we can snap up more bargains
315am I went into JB to park petrol and wash car with some early breakfast just now and I was shocked that I had to Q for 3-5 cars in front of me ( just like in the past ).. high tolls has reduced the petrol warriors entrance into JB but bona-fide travellers are still flocking there. It is not at all bustling but its less rowdy now, which is good
The bike section is worse. The Q was horribly long of at least 50 bikes waiting to clear custom.
315am I went into JB to park petrol and wash car with some early breakfast just now and I was shocked that I had to Q for 3-5 cars in front of me ( just like in the past ).. high tolls has reduced the petrol warriors entrance into JB but bona-fide travellers are still flocking there. It is not at all bustling but its less rowdy now, which is good
The bike section is worse. The Q was horribly long of at least 50 bikes waiting to clear custom.
Maybe JB really have a lot of attraction to Singaporeans.
The so call property crash wont come any sooner. By the time people realise it..... they prices is already like in KL. KL properties seems cannot go anymore higher. JB will be catching up soon.
Well, of course one can take its on sweet time because there are many option now. However, as i mentioned earlier, when we invest, location is the prime factor. When the time you decided to end your sweet time, there are no more property for you at prime area.
It is very strange they interview people from Masai, Bandar Baru Uda, and Kampung Melayu.... places where "birds lay no eggs"
But the respondents of Bukit Indah are a bit hard to believe. If you have been to Bukit Indah 5 years back compared to today, the size of businesses have at least doubled. In particular furniture, F&B, supermarkets, massage businesses have boomed.
But the respondents of Bukit Indah are a bit hard to believe. If you have been to Bukit Indah 5 years back compared to today, the size of businesses have at least doubled. In particular furniture, F&B, supermarkets, massage businesses have boomed.
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