Iskandar Residences @ Medini

[xebay11]

Yes, thanks.

I think VP is end next year.

Was thinking of short stay rental initially. But heard it's very competitive and earnings are not high.

So maybe just reserve it for own use now and then.

Expensive holiday home, I would just check in a nice hotel and then just leave and go at whim and fancy.

 

[sgcount]

Expensive holiday home, I would just check in a nice hotel and then just leave and go at whim and fancy.

I know what you mean. But already into it... no choice.

Let's hope by 2020, which is the target year that they promise the whole place will be developed, more things will be in place.

Waiting for HSR to boost the popularity also....

 

[mpan12]

Be prepared for no rental and no resale demand. It's clearly a huge negative return for investment.

If you intend to use it only as a holiday or weekend home, it is extremely expensive to pay so much for a condo even though it's in Johor. There are fees, bills, taxes, etc you have to incur every month/year. After a while, you may also get tired of traveling there just for the sake of it.

 

[enjoylife77]

Yup...If you look at the earlier posts of this Iskandar Residences forum, back in 2013/14, there was so much enthusiasm. It slowly died down and now, I guess most are just putting it aside and waiting for it to complete.

I gone back 3 years ago on this forum and learn that even the Bumi-released lot were snapped up like hot cakes by speculators. New launches easily secured cheques deposit from interested buyer influenced by the slick advertisement promising this and that. Very hot can turn very cold before you know it.

 

[sgcount]

I gone back 3 years ago on this forum and learn that even the Bumi-released lot were snapped up like hot cakes by speculators. New launches easily secured cheques deposit from interested buyer influenced by the slick advertisement promising this and that. Very hot can turn very cold before you know it.

I read that even Huttons agents, the Singapore side which was marketing the project, had unscrupulously booked several units under their names and later tried to sell to unsuccessful buyers for an asking fee. There were also lies about how "hot" the project was by saying one whole tower was fully sold. Later, I learned it was not true at all.

Yes, it was mainly the slick advertisements that attracted buyers. Many Singaporeans were also hungry at not being able to speculate on local SG properties (due to the cooling measures) so they snapped up many of these new developments in Iskandar. Developers saw the mad rush, became bold and priced their new condo units in Medini some 80-90% higher than previous launches just a year ago.

Today, all those cunning Huttons agents are gone. They don't want to talk any more about Iskandar condos. I think we can see the truth about why the market is so cold now. Some say it is just a property cycle. I don't think that's the main reason. It's more of a realization that what buyers thought was a "hot" property is not justified.

 

[Frodo]

I read that even Huttons agents, the Singapore side which was marketing the project, had unscrupulously booked several units under their names and later tried to sell to unsuccessful buyers for an asking fee. There were also lies about how "hot" the project was by saying one whole tower was fully sold. Later, I learned it was not true at all.

Yes, it was mainly the slick advertisements that attracted buyers. Many Singaporeans were also hungry at not being able to speculate on local SG properties (due to the cooling measures) so they snapped up many of these new developments in Iskandar. Developers saw the mad rush, became bold and priced their new condo units in Medini some 80-90% higher than previous launches just a year ago.

Today, all those cunning Huttons agents are gone. They don't want to talk any more about Iskandar condos. I think we can see the truth about why the market is so cold now. Some say it is just a property cycle. I don't think that's the main reason. It's more of a realization that what buyers thought was a "hot" property is not justified.

I suppose for initial launch of new projects there is much at stake...so need to project high optimism and good take up rate...otherwise if it is lacklustre launch it probably won't be any better later on. So by hook or by crook have to bring in the first big waves of buyers at first launch.

 

[sgcount]

Approximate views you can expect from the future Iskandar Residences!

There is still a lot of dense uncleared trees around there. Wonder if there is any development planned.

 

[enjoylife77]

What's the possibility that housing demand will exceed supply in a place with limited accessibility & jobs opportunity ? Speculators & owners should rightly be losing sleep. I even came across an article that a properly agent who snapped up multiple units at Signature@Medini because he saw great potential there.

 

[sgcount]

What's the possibility that housing demand will exceed supply in a place with limited accessibility & jobs opportunity ? Speculators & owners should rightly be losing sleep. I even came across an article that a properly agent who snapped up multiple units at Signature@Medini because he saw great potential there.

Do you mind sharing with me the article you came across? Can PM me if you think not convenient to post here. Thanks!

So you also question about the demand vs supply?

I think those who buy in bulk or more than 1 unit are likely multi-millionaires. Scary how some of them buy properties. Like go market buy vegetables! These speculators are out of my league.

Worst case is they buy and leave their condos empty. 1 Medini condo has now become like that.

 

[enjoylife77]

Do you mind sharing with me the article you came across? Can PM me if you think not convenient to post here. Thanks!

So you also question about the demand vs supply?

I think those who buy in bulk or more than 1 unit are likely multi-millionaires. Scary how some of them buy properties. Like go market buy vegetables! These speculators are out of my league.

Worst case is they buy and leave their condos empty. 1 Medini condo has now become like that.

The article that I came across appeared in The Business Times Weekend supplement unfortunately I cant remember the exact date but it was definitely over 3 years old around the period of aggressive advertising of Princess Cove.

As a visitor to JB and beyond, I have seen so many on going development and also pocket of abandoned project, I have always probe among my friends what are their reason for buying into Iskandar. Classic answer is they can enjoy a landed or luxury condo at a fraction of Sg equivalent and because it is freehold prices can only go up and will easily double or triple their initial investment at the end of 20-30 years. To them , free stay over 20 years and double their money was a no brainer decision.

Lets see what it will be like in the year 2030 and beyond.

 

[xebay11]

Suddenly the posts here become inline with my own observations and analysis of the Johor property market, what happened to all the arrogant pro Johor property posters?

I think the question of what the property market in 2030s would be like is very easy to answer and it lies in the vast uncleared land in the photos, that is what can be cleared and built, assuming demand picks up, there is the supply. Also there is a question of maintenance of existing stock, by 2030s, most of today's projects would be in a sorry dilapidated state. Who is there to fuel the demand to cause the price increase? So freehold in this case is a liability, it means just that, freehold liability.

Anyway, nice photos and demonstrates what I was saying all along. Where are the arrogant small time investors who used to so arrogantly put me down? Anyway people who invest in Johor are more likely than not, small timers, this investment is their life savings, lose it and there goes their retirement. That is why I advocate small timers to stay away from properties in Johor, keep the money in Johor FD and live on the interest, very simple and safe. That day I tried to withdraw RM30k from one of the Malaysian banks and was told to come back another day to collect, WTF a bank does not even have RM30k cash for withdrawal? What kind of backward country this is to put your money to invest in.

 

[sgcount]

Unless they stay in their landed houses or condos, it's hard to enjoy the properties. For me, traveling in and out everyday via the causeway or 2nd link is out of the question.

Also, maybe some buyers live in HDB flats and cannot afford a condo in Singapore. So Iskandar is the only place where they can proudly say they own a condo.

For some reason that I still don't know, Medini is not freehold. It's either 99 or 129 years. It remains to be seen if future buyers will mind this or they prefer only freehold.

Saw these articles on Damansara Heights in KL. Landed houses cost only RM46 psf in 1982. In 2015, they cost RM798 psf. Condos cost RM488 psf in Dec 2013. In Oct 2015, it shot up to RM862 psf.

Maybe there is a possibility of capital appreciation in Medini condos once more things become developed?

 

[potter]

If Damansara Heights is 46psf in 1982, then I got it 50psf in 2012... now oredi xxxpsf, better to keep it tight tight..:p

 

[sgcount]

If Damansara Heights is 46psf in 1982, then I got it 50psf in 2012... now oredi xxxpsf, better to keep it tight tight..:p

I don't get you.... How come you could get it at only 50psf in 2012? That's very recent.

If so, then better sell off and buy a Medini condo. Ride on the next wave to come! HUAT! :p

 

[potter]

I don't get you.... How come you could get it at only 50psf in 2012? That's very recent.

If so, then better sell off and buy a Medini condo. Ride on the next wave to come! HUAT! :p

Not referring to medini, I just saw Damansara land price...

 

[sgcount]

More pictures for those who may be interested. These are nearby to Iskandar Residences:

The entrance of 1 Medini

Convenience store nearby

Ground level. There are shops built there but they are pretty much empty. You can run around and play hide-and-seek!

I couldn't really tell if there are many owners who have shifted in. Didn't see any residents then. Some curtains have been put up but not sure if anyone is living inside. There are still quite a number of empty units.

 

[SuteraUtama]

I had a 2 hour solid oil massage + a solid feast at Tea Garden + some shopping at Jusco + 6 hours of almost free parking. All in for just RM 150. WTF. That's S$50. In spore I was charged almost $10 for just 2-3 hours of parking in Dephi Orchard last week! And the food at Rocky which cost S$20 is atrocious!

I am living it up in JB so I do not need any NUS or SMU analysts from Singapore who has never step foot into Iskandar to write articles to tell me I have made wrong decisions. My advice for them is to do a good job, get your 5000 a month salary and shoot for a BTO and an Altis to drive forever in Singapore. JB doesn't suit you and you doesn't suit JB

Well said Sweeeeeeee

 

[sgcount]

Nice day....

 

[Frodo]

Unless they stay in their landed houses or condos, it's hard to enjoy the properties. For me, traveling in and out everyday via the causeway or 2nd link is out of the question.

Also, maybe some buyers live in HDB flats and cannot afford a condo in Singapore. So Iskandar is the only place where they can proudly say they own a condo.

For some reason that I still don't know, Medini is not freehold. It's either 99 or 129 years. It remains to be seen if future buyers will mind this or they prefer only freehold.

Saw these articles on Damansara Heights in KL. Landed houses cost only RM46 psf in 1982. In 2015, they cost RM798 psf. Condos cost RM488 psf in Dec 2013. In Oct 2015, it shot up to RM862 psf.

Maybe there is a possibility of capital appreciation in Medini condos once more things become developed?

While you may not be able to fully enjoy the property if you are not staying there, you can still enjoy your property in JB during the times you do go there, and perhaps even look forward to it. And while commuting across the Causeway or 2nd Link is out of the question for you at present, things may still change which may make it more do-able in the near future.

I agree that SG condos are very expensive. They are simply out of reach for me. I can't even touch them. I got a friend who say that it is cheap to own an EC for $780K, but for a fraction (1/3 or less) I can buy a similar sized condo in JB, although one probably cannot expect the quality to be like most SG condos. And because it is in relatively accessible JB, compared to say buying a property in Vietnam or Penang or Australia or London, it becomes an attractive proposition for many who find themselves priced out of the SG market. So for me at least, I am more grateful than proud to be able to own a condo in JB, something with my name on it.

I suppose the Medini perks (trade off with being leasehold) are meant to entice investors, with apparently low entry and exit options, though whether the ROI can be met is doubtful for now and near future. I believe people generally prefer freehold, but may not mind leasehold if that area is very desirable and has a lot going for it.

 

[sgcount]

While you may not be able to fully enjoy the property if you are not staying there, you can still enjoy your property in JB during the times you do go there, and perhaps even look forward to it. And while commuting across the Causeway or 2nd Link is out of the question for you at present, things may still change which may make it more do-able in the near future.

I agree that SG condos are very expensive. They are simply out of reach for me. I can't even touch them. I got a friend who say that it is cheap to own an EC for $780K, but for a fraction (1/3 or less) I can buy a similar sized condo in JB, although one probably cannot expect the quality to be like most SG condos. And because it is in relatively accessible JB, compared to say buying a property in Vietnam or Penang or Australia or London, it becomes an attractive proposition for many who find themselves priced out of the SG market. So for me at least, I am more grateful than proud to be able to own a condo in JB, something with my name on it.

I suppose the Medini perks (trade off with being leasehold) are meant to entice investors, with apparently low entry and exit options, though whether the ROI can be met is doubtful for now and near future. I believe people generally prefer freehold, but may not mind leasehold if that area is very desirable and has a lot going for it.

Thanks for the suggestions. Yes, No choice. I am prepared it will be tough or impossible to find tenants and buyers. So I have to leave it as it is and probably just go back as and when I can. It's just my lifestyle and work which make it not conducive to live/work in JB/SG or go back every weekend. It's definitely a very expensive "holiday home" as xebay11 mentioned. But oh well... Whenever I can go back, I'll make sure I enjoy it.

Yes, SG condos, be it private or EC, are ridiculously priced. I find the prices are beyond the reach of many commoners. Seriously, even if I work out my finances and find I can afford it, I won't buy it. It's not a dignified life to live in something so small yet be in debt for decades. I think SG properties are no longer "investment grade" also. Way overpriced. That's why even the rich are now willing to quickly cut losses of several thousand $ or more than a million $ to sell away their SG properties.

I've always felt the prices of properties, even HDB flats, should have been better controlled by the government. They were too money-minded back in 2005-2012 and did a terrible job in many areas which caused a lot of the commoners to suffer.

As for Medini, I didn't know Malaysians in general prefer freehold properties. I assumed wrongly Malaysian properties work like SG, where even leasehold ones carry a lot of value. Many have advised me exiting or making profits is going to be extremely difficult/impossible in years to come or even in a decade. I'd be lying if I say I don't regret buying in Medini but no point beating myself so much over it every day .