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Iskandar Residences @ Medini

sgcount

Alfrescian
Old Timer
1 Medini was completed more than a year ago or is it coming to 2 years but it's still so deserted. Looks like just finished construction. On the left is Medini Signature.



Seriously, wonder if this whole place will become a ghost town when everything is completed. *gulps* :(

 

sgcount

Alfrescian
Old Timer
Yes, indeed. I think banks themselves are starting to get fearful. Like buyers, they too were greedy to readily approve loans back in 2012/13.
 

enjoylife77

Alfrescian
Old Timer
Expert sees spectre of ghost towns in Johor

PETALING JAYA: A veteran property consultant has warned that many places in Johor will become ghosts towns because of the top-down nature of development there, particularly in the Iskandar region.

In an interview with FMT, chartered surveyor Ernest Cheong said he feared there wouldn’t be enough people to occupy the thousands of houses and commercial buildings being constructed.

“Just Forest City alone is estimated to be able to house some 700,000 people,” he said. “Who will take up these houses? Johoreans? That is unlikely. There are fewer than two million locals in Johor Bahru, and that’s a generous estimate. Many of them already own houses.”

He noted that some people expected Singapore and Chinese nationals to move in, but he said it was doubtful that enough of them would do so.

“Singaporeans who are rich wouldn’t want to move to Iskandar as they can live anywhere else around the world. Those who aren’t rich may not find it feasible to move to Iskandar and commute across the island every day. It is costly and time consuming.”

He also said it was doubtful that Singaporeans wishing to migrate would choose to move to Malaysia.

“People usually want to migrate to places where they believe the grass is greener. Why would Singaporeans, who enjoy a higher standard of living there, want to come here? It doesn’t make sense.”

As for Chinese nationals, Cheong said Iskandar would be just one of the many places they would have properties in.

He said many rich Chinese had a number of properties in cities around the world and would look at Iskandar as a place to invest in rather than to relocate to.

“So, even if all the units being developed by Chinese companies are sold, who will stay there?

“There is a demand for affordable housing from locals, but the Chinese developers aren’t building affordable housing. How many can afford to buy or rent these places?”

Cheong, who has worked at his trade for more than 40 years, said he was concerned that a low rate of occupancy in the Iskandar region would affect the value of surrounding properties “because no one wants to stay in an empty neighbourhood”.

“Sadly, this is the reality of development in Malaysia,” he said. “Developers think they can just build on a plot of land and people will come in. They don’t understand that demand is not just about people wanting homes; it’s about them wanting homes they can afford.”

Data from the National Property Information Centre show that developers in Johor plan to build more than 350,000 private homes in the state. Some of these are already under construction.
 

sgcount

Alfrescian
Old Timer
Expert sees spectre of ghost towns in Johor

“Sadly, this is the reality of development in Malaysia,” he said. “Developers think they can just build on a plot of land and people will come in. They don’t understand that demand is not just about people wanting homes; it’s about them wanting homes they can afford.”
Thanks for sharing. It's a very good read. For too long, this other point has not been seriously considered by many. I think the "old bird" veteran should know what he is talking, after being in the industry for more than 40 years!

The China developer thinks it can build fist, then buyers will come. But it could be disaster waiting to happen -- many unsold units and eventually a ghost town is formed.
 

snowbird

Alfrescian
Old Timer
Thanks for sharing. It's a very good read. For too long, this other point has not been seriously considered by many. I think the "old bird" veteran should know what he is talking, after being in the industry for more than 40 years!

The China developer thinks it can build fist, then buyers will come. But it could be disaster waiting to happen -- many unsold units and eventually a ghost town is formed.
Also, so many shopping malls, all opening soon, wonder how the malls manage to fill it up with tenants.
Already now, the existing malls are already not fully occupied with many pockets of shuttered units here and there while the existing regular McDonalds and KFCs, etc. are having very low patronage, perhaps just breaking even.
 

snowbird

Alfrescian
Old Timer
Expert sees spectre of ghost towns in Johor

PETALING JAYA: A veteran property consultant has warned that many places in Johor will become ghosts towns because of the top-down nature of development there, particularly in the Iskandar region.

In an interview with FMT, chartered surveyor Ernest Cheong said he feared there wouldn’t be enough people to occupy the thousands of houses and commercial buildings being constructed.

“Just Forest City alone is estimated to be able to house some 700,000 people,” he said. “Who will take up these houses? Johoreans? That is unlikely. There are fewer than two million locals in Johor Bahru, and that’s a generous estimate. Many of them already own houses.”
Exactly! I've said this many timers before.

He noted that some people expected Singapore and Chinese nationals to move in, but he said it was doubtful that enough of them would do so.
“Singaporeans who are rich wouldn’t want to move to Iskandar as they can live anywhere else around the world. Those who aren’t rich may not find it feasible to move to Iskandar and commute across the island every day. It is costly and time consuming.”

Spot on!
But of course, there are still some die hard fans who don't mind all the wasted time and hustle daily


He also said it was doubtful that Singaporeans wishing to migrate would choose to move to Malaysia.

“People usually want to migrate to places where they believe the grass is greener. Why would Singaporeans, who enjoy a higher standard of living there, want to come here? It doesn’t make sense.”

As for Chinese nationals, Cheong said Iskandar would be just one of the many places they would have properties in.

He said many rich Chinese had a number of properties in cities around the world and would look at Iskandar as a place to invest in rather than to relocate to.

“So, even if all the units being developed by Chinese companies are sold, who will stay there?

“There is a demand for affordable housing from locals, but the Chinese developers aren’t building affordable housing. How many can afford to buy or rent these places?”

The reason is very simple, the developers can't make big money from such projects, they are only keen on huge profits and are not responsible for social duties and responsibilities.

Cheong, who has worked at his trade for more than 40 years, said he was concerned that a low rate of occupancy in the Iskandar region would affect the value of surrounding properties “because no one wants to stay in an empty neighbourhood”.

“Sadly, this is the reality of development in Malaysia,” he said. “Developers think they can just build on a plot of land and people will come in. They don’t understand that demand is not just about people wanting homes; it’s about them wanting homes they can afford.”

Data from the National Property Information Centre show that developers in Johor plan to build more than 350,000 private homes in the state. Some of these are already under construction.
..........
 

eatshitndie

Alfrescian (Inf)
Also, so many shopping malls, all opening soon, wonder how the malls manage to fill it up with tenants.
Already now, the existing malls are already not fully occupied with many pockets of shuttered units here and there while the existing regular McDonalds and KFCs, etc. are having very low patronage, perhaps just breaking even.
they can help patronize each other's businesses. mcd's workers eat at kfc and kfc's workers eat at mcd. must eat a lot to breakeven. :p
 

enjoylife77

Alfrescian
Old Timer
Thanks for sharing. It's a very good read. For too long, this other point has not been seriously considered by many. I think the "old bird" veteran should know what he is talking, after being in the industry for more than 40 years!

The China developer thinks it can build fist, then buyers will come. But it could be disaster waiting to happen -- many unsold units and eventually a ghost town is formed.
As time passed, I think even the blind can see that investing in Iskandar properties without good connectivity will likely be unrecoverable in the long run.
 

snowbird

Alfrescian
Old Timer
As time passed, I think even the blind can see that investing in Iskandar properties without good connectivity will likely be unrecoverable in the long run.
Lately, there are already many resale of few newly completed residential units and some even up for auction.
Why would owners allowed their properties be seized by banks to be auctioned off?
Like this, the owner will lose all their money in whatever down payment, progressive payment they had made, they could have sold it off even with slight loss instead.
So, the reason will be either :
The owner cannot find a tenant for a long time
The owner cannot find a buyer even selling at cost price.
The owner got into financial difficulties and stopped paying loan installment.
The owner "ran road".

Anyway, this is just the only beginning, expect too see more foreclosure in the near future.
The worse will be if too many resale and foreclosures with little successful sales / bids, the banks will be in deep shit!
 

enjoylife77

Alfrescian
Old Timer
To see one's dream home bought few years ago turning into a nightmare with strings of unsettled liability are certainly making the owner feel rotten.

Other owners who are now waiting for their development to complete and keys collection likely suffer forex losses.
 

sgcount

Alfrescian
Old Timer
Not sure if any owners of I.R. still read this forum. Anyway, just an update.

I've got news from another buyer that construction of I.R. has slowed down a lot. He went down there recently and found not many workers working on the project.

Those who can might want to call or visit the developer to enquire if there is any problem. At the rate it is going, I doubt it will be completed by this year.
 

sgcount

Alfrescian
Old Timer
Developer is not responding to emails for updates and explanation. Really have to go down ourselves to their office to enquire.
I think buyers in this forum have lost interest. So different from the enthusiasm back in 2013.

It's not normal the developer doesn't reply to emails. From my past communication with them, they were quick to reply.

Progress is definitely delayed by a lot. Something is not right. Maybe the developer is facing some financial issues, cutting down the number of construction workers, etc. The Ringgit has been dropping significantly.

Let's hope they don't stop construction halfway!
 

FHBH12

Alfrescian
Old Timer
I think buyers in this forum have lost interest. So different from the enthusiasm back in 2013.

It's not normal the developer doesn't reply to emails. From my past communication with them, they were quick to reply.

Progress is definitely delayed by a lot. Something is not right. Maybe the developer is facing some financial issues, cutting down the number of construction workers, etc. The Ringgit has been dropping significantly.

Let's hope they don't stop construction halfway!
Iskandar Residences, Medini 100% Sold Out

Country Malaysia
Type Residential Address
Medini lot 59
TOP Year 2016
Units 640
Developer Distinctive Resources sdn bhd

https://www.huttonsgroup.com/project/iskandar-residences-medini
 

FHBH12

Alfrescian
Old Timer
Not sure if any owners of I.R. still read this forum. Anyway, just an update.

I've got news from another buyer that construction of I.R. has slowed down a lot. He went down there recently and found not many workers working on the project.

Those who can might want to call or visit the developer to enquire if there is any problem. At the rate it is going, I doubt it will be completed by this year.
As long as construction is in progress, it might be a blessing in disguise if you do not have urgent need for the house i.e. delayed CCC compensation by developer, cheaper exchange rate for loan and a potentially more robust property market after the delayed CCC.
 
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