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Property News

FHBH12

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Good signs for growth in Iskandar

By Christopher Boyd / Savills, The Edge Property | November 6, 2015 12:10 PM MYT

Iskandar, at the southern tip of Johor, wraps itself around the coastline facing Singapore. On plan, it is three times the size of Singapore, and twice the size of Hong Kong.

Since the inception of Iskandar Malaysia in 2006 as a master-planned development area, total approved investments have exceeded RM172 billion ($56 billion), with some RM85 billion in projects already completed. The economy is domestically driven, but with a fair contribution from foreign investments (39%).

The services and utilities sector has contributed the most. The sector covers a broad range of industries, including logistics, healthcare, tourism, education, creative industry, finance, retail and industrial properties, emerging technologies and utilities. This is followed by substantial growth in the manufacturing sector as well as residential properties.

Major catalyst projects that have been completed in recent years include Educity, Pinewood Iskandar Malaysia Studio, Johor Premium Outlet (the first in the region) and Legoland Malaysia (the first in Asia), to name a few. Increasing investments are expected to boost the property market by creating more job opportunities, generating higher-income jobs and hence, promoting population diversity.

Much has been said and written about the supply of residential property in Iskandar. We believe with such a large area being master-planned for development, it is only to be expected that statistics will show a high number of “approved” residential developments.

However these are largely in the hands of private-sector developers who are adept at self-regulation and know how to match supply with demand. Moreover, the sell-then-build system of delivery is invaluable in preventing excessive overbuilding.

Office sector

There has been little focus on office property in Iskandar. However, the high-speed rail link from Kuala Lumpur to Singapore, together with the proposal to extend the Singapore MRT system into Johor Baru, will be transformational.

The rapid development of the service industries in Malaysia, massive new Johor developments such as the 20,000-acre Pengerang Integrated Petroleum Complex, and the opportunity to provide a more economical office solution to Singapore, all spell a great future for modern office space in Iskandar. Set against this exciting backdrop, it may be surprising to learn that virtually no new office space has been built in Iskandar in the last 10 years!

The office market hovered around 5.65 million sq ft from 2004 until 2014, increasing to only 5.89 million sq ft at the end of last year.

New additions, such as the low-rise Medini 6 (50,700 sq ft) completed in 2Q2014 and Medini 7 (106,000 sq ft) completed in 2Q2015, are understandably well occupied. Menara Komtar, which completed renovation work in 2014 and has a total office space of 409,000 sq ft, is fully occupied by Johor Corp and its subsidiaries.

Most of the existing offices are located in the Johor Baru City Centre, while future supply is currently concentrated in growth areas such as Medini Iskandar.

Office rentals in Johor Baru are low, reflecting the age and quality of existing buildings, many of which were completed over 20 years ago. However, new offices in Medini are able to achieve values as high as RM5 psf, and we see this as highly significant.

Moving forward, we expect future tenants, including the numerous MNCs that are scouting the market, will not hesitate to pay a premium for the quality and facilities that the current older generation of office buildings are unable to offer. This spells promising returns for the first few owners of world-class buildings in Johor Baru offering first-mover advantage.

The average occupancy rate for the office sector in Johor Baru is recorded at 73%. Nonetheless, major office buildings such as JB City Square Office Tower, Menara Ansar, Menara Landmark, Menara Komtar and Menara MSC Cyberport are fully tenanted. Just as has happened in Kuala Lumpur, we expect to see a flight to quality once a new generation of buildings becomes available.

Retail sector

The retail scene in Iskandar is still relatively small, with a modest middle-income segment and hefty dependence on the state population and Singaporean shoppers. Total retail space is 12.34 million sq ft, or 6.33 sq ft per head, slightly lower than Greater Kuala Lumpur’s 7.8 sq ft per capita.

Iskandar’s new mall space has doubled in the past 10 years, a growth rate similar to that experienced in the Klang Valley.

Numerous new megamalls have been planned, and these will mostly form part of the master plans of major township developments. However, only a few of these have seen the start of construction, demonstrating again the ability of developers to moderate supply.

Larger malls under construction include Southkey Megamall (1.5 mil-lion sq ft), Paradigm JB (1.3 mil-lion sq ft) and Capital 21 (a million sq ft strata-titled mall). Currently, the best-performing mall in JB City Centre is JB City Square, which is directly connected to the Customs Immigration Complex and hence, able to enjoy high footfall.

The average occupancy rate of shopping malls in Iskandar Malaysia is registered at 77%, but this statistic includes a number of older properties that are losing ground to modern, better planned and managed complexes.

Retailers find business in Iskandar good. Population growth, an increase in household income and more Singaporean visitors and bargain hunters augur well for the future and Iskandar will continue to gain ground by offering a comprehensive shopping experience.

http://www.theedgeproperty.com.sg/content/good-signs-growth-iskandar
 

mpan12

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My HDB block also got break in, but no one is giving up living in HDB anytime soon. Same with the landed property nearby. Got big police signboard placed on road side pavement reporting of break in but anyone giving up buying landed in Singapore? Don't think so.

I find this is a very often used example -- "Singapore also got murders, rape, robberies, etc. So why pick on Malaysia, eg JB? Singapore is not free from crimes what!" But you can't compare like that. It's a very flawed argument.

What you have missed is the number of times crimes are being committed. In JB, it's A LOT more. The nature of crimes is also more violent and fatal.

I seriously can't remember when a stranger was murdered in Singapore during a robbery. In most of the cases, the murder involves people who know each other. But in JB, Penang or KL, you could be walking down the street, if a bad guy or guys want to rob you, it may not even be planned. You don't know them either. If they find it hard whether or not you resist, they will not hesitate to hurt you badly or KILL you, either by slashing your throat, slicing off your fingers, literally hammering your head (I remember a Singaporean elderly lady was killed this way in JB a few years ago), stabbing you or in worst case, shooting you with a gun.

It's natural to think "It won't happen to me lah". But those victims who have been pickpocketed, robbed, hurt or killed, I'm sure they too didn't expect it would happen to them.

Put your hand to your heart and ask yourself: Which scenario do you feel safer, walking along a quiet Singapore street at 11pm alone while carrying your $3000 laptop openly, or walking in a fairly crowded JB street at 6pm and take out your new $600 iPhone 6S phone to text.

As for home robbery, it's nothing to Malaysians. Almost all Malaysians somehow have their own homes subject to theft or robbery, or at least have a friend or relative who has been robbed before. My JB friend related stories to us which make us squeal in AIYOHHHH!! But he said it with a straight face cos to him, it's part and parcel of living in Johor.

Of course, it's up to the individuals to identify with themselves what it means to live in JB. If you feel you can't let go the cheaper food and groceries, at the expense of long traveling times in and out of SG and always face the risk of being robbed, I think go for it. To each his own and everyone got different kind of risk appetite. But safety is definitely one big reason among others that many Singaporeans are not moving over to JB/Iskandar to live.
 

mpan12

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Yup. Check this out just as we were on the topic:

http://www.tnp.sg/news/world-news/she-stabbed-death-100m-her-home

Tragic. They kill without hesitation.

It remains to be seen what the situation will be like when more foreigners settle into the different parts of Iskandar in 2-3 years' time. If the robbers dare to kill in a crowded public place, what more when the areas are deserted with only residential condos here and there.
 

xebay11

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Yup. Check this out just as we were on the topic:

http://www.tnp.sg/news/world-news/she-stabbed-death-100m-her-home

Tragic. They kill without hesitation.

It remains to be seen what the situation will be like when more foreigners settle into the different parts of Iskandar in 2-3 years' time. If the robbers dare to kill in a crowded public place, what more when the areas are deserted with only residential condos here and there.

The people are totally blind here, they make stupid impulsive decision to invest now refuse to face facts. Leave them be.
 

Investor888

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The people are totally blind here, they make stupid impulsive decision to invest now refuse to face facts. Leave them be.

If I never buy any houses in JB, I will be stupid. Imagine driving at 90km/hour along PIE or SLE, can you tahan Mr 2.6m?

For me I cant. I am one of those speedsters who buy cars to speed. Of course not 200km/hour everytime.

Jb gives me a chance to drive 30 minute without traffic lights. And light or no traffics. Sorry, I haven't been robbed even though I am there wee hours of the morning. The only cars I see along Coastal highway mostly are polis cars.
 

Frodo

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Loyal
I find this is a very often used example -- "Singapore also got murders, rape, robberies, etc. So why pick on Malaysia, eg JB? Singapore is not free from crimes what!" But you can't compare like that. It's a very flawed argument.

What you have missed is the number of times crimes are being committed. In JB, it's A LOT more. The nature of crimes is also more violent and fatal.

I seriously can't remember when a stranger was murdered in Singapore during a robbery. In most of the cases, the murder involves people who know each other. But in JB, Penang or KL, you could be walking down the street, if a bad guy or guys want to rob you, it may not even be planned. You don't know them either. If they find it hard whether or not you resist, they will not hesitate to hurt you badly or KILL you, either by slashing your throat, slicing off your fingers, literally hammering your head (I remember a Singaporean elderly lady was killed this way in JB a few years ago), stabbing you or in worst case, shooting you with a gun.

It's natural to think "It won't happen to me lah". But those victims who have been pickpocketed, robbed, hurt or killed, I'm sure they too didn't expect it would happen to them.

Put your hand to your heart and ask yourself: Which scenario do you feel safer, walking along a quiet Singapore street at 11pm alone while carrying your $3000 laptop openly, or walking in a fairly crowded JB street at 6pm and take out your new $600 iPhone 6S phone to text.

As for home robbery, it's nothing to Malaysians. Almost all Malaysians somehow have their own homes subject to theft or robbery, or at least have a friend or relative who has been robbed before. My JB friend related stories to us which make us squeal in AIYOHHHH!! But he said it with a straight face cos to him, it's part and parcel of living in Johor.

Of course, it's up to the individuals to identify with themselves what it means to live in JB. If you feel you can't let go the cheaper food and groceries, at the expense of long traveling times in and out of SG and always face the risk of being robbed, I think go for it. To each his own and everyone got different kind of risk appetite. But safety is definitely one big reason among others that many Singaporeans are not moving over to JB/Iskandar to live.

In my view, if JB is so unsafe, then it is unsafe whether you bought a property here or you are a habitual rental person who wants to enjoy JB without the risks and apparent silliness of buying a property or two here. Robbers and murderers do not have the means to single out those who have invested in JB properties or those who are just on vacation or are renting new condos as a lifestyle. In other words, people who invest in properties in Iskandar are not anymore at risk than those who come here on vacation or day trips or just renting condos to stay. You can be staying here for years and not have an incident or it could be your first trip to JB as well as your last..
 

Frodo

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Loyal
The people are totally blind here, they make stupid impulsive decision to invest now refuse to face facts. Leave them be.

You seem to generalise that those who bought into JB are just making stupid impulsive decisions. Is it also your view that for those who have thought over the decision and not on impulse, it is even worst because it is a stupid considered decision?
 

RedsYNWA

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Loyal
The people are totally blind here, they make stupid impulsive decision to invest now refuse to face facts. Leave them be.

People who are worried about crime always have a choice to stay put in SG lah. Australia isn't that safe as well. My rented car was broken into at Westfield Carousel's parking lot, just 100m from Carousel's main entrance on a busy Sat afternoon 3 pm.

Similarly, you are not going to see a lot of people hanging out at night at places such as East London, LA downtown, Brooklyn. JB isnt safe, but it's not a warzone too. If you are worried, just stay put in SG lor. Simple. V simple.
 

Tekkun

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That's the trouble with some who hesitated and didn't. Now that prices had been pushed up, I suspect they are either distraught or in a state of denial...:biggrin:

You mean like sour grapes or Heng ah...lucky did not buy.
Which ever way one twist or complain, the fact is they did not buy. Period.
 

FHBH12

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Loyal
I'm seeing slight softening in asking prices in Johor, in line with Johor's and Singapore's weakening economy.

The next bubble in next 1-2 years should be the commercial properties follow soon by industrial properties in Johor.

Those who want to buy Johor properties can wait until next year for some firesales. If you are born with a silver spoon and "made" $1 mil before turning 30, Johor is not the place for you. Singapore luxury properties are where you should place your bets.
 

Daydreamer

Alfrescian
Loyal
I find this is a very often used example -- "Singapore also got murders, rape, robberies, etc. So why pick on Malaysia, eg JB? Singapore is not free from crimes what!" But you can't compare like that. It's a very flawed argument.

What you have missed is the number of times crimes are being committed. In JB, it's A LOT more. The nature of crimes is also more violent and fatal.

I seriously can't remember when a stranger was murdered in Singapore during a robbery. In most of the cases, the murder involves people who know each other. But in JB, Penang or KL, you could be walking down the street, if a bad guy or guys want to rob you, it may not even be planned. You don't know them either. If they find it hard whether or not you resist, they will not hesitate to hurt you badly or KILL you, either by slashing your throat, slicing off your fingers, literally hammering your head (I remember a Singaporean elderly lady was killed this way in JB a few years ago), stabbing you or in worst case, shooting you with a gun.

It's natural to think "It won't happen to me lah". But those victims who have been pickpocketed, robbed, hurt or killed, I'm sure they too didn't expect it would happen to them.

Put your hand to your heart and ask yourself: Which scenario do you feel safer, walking along a quiet Singapore street at 11pm alone while carrying your $3000 laptop openly, or walking in a fairly crowded JB street at 6pm and take out your new $600 iPhone 6S phone to text.

As for home robbery, it's nothing to Malaysians. Almost all Malaysians somehow have their own homes subject to theft or robbery, or at least have a friend or relative who has been robbed before. My JB friend related stories to us which make us squeal in AIYOHHHH!! But he said it with a straight face cos to him, it's part and parcel of living in Johor.

Of course, it's up to the individuals to identify with themselves what it means to live in JB. If you feel you can't let go the cheaper food and groceries, at the expense of long traveling times in and out of SG and always face the risk of being robbed, I think go for it. To each his own and everyone got different kind of risk appetite. But safety is definitely one big reason among others that many Singaporeans are not moving over to JB/Iskandar to live.

Ladies and Gents, This is call Buble Boy disease
bubble-boy.jpg
 

xebay11

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Loyal
You seem to generalise that those who bought into JB are just making stupid impulsive decisions. Is it also your view that for those who have thought over the decision and not on impulse, it is even worst because it is a stupid considered decision?

I apologise for that statement.
 

xebay11

Alfrescian
Loyal
If I never buy any houses in JB, I will be stupid. Imagine driving at 90km/hour along PIE or SLE, can you tahan Mr 2.6m?

For me I cant. I am one of those speedsters who buy cars to speed. Of course not 200km/hour everytime.

Jb gives me a chance to drive 30 minute without traffic lights. And light or no traffics. Sorry, I haven't been robbed even though I am there wee hours of the morning. The only cars I see along Coastal highway mostly are polis cars.

Good for you and I envy you as I dont have a fast car.
 

xebay11

Alfrescian
Loyal
In my view, if JB is so unsafe, then it is unsafe whether you bought a property here or you are a habitual rental person who wants to enjoy JB without the risks and apparent silliness of buying a property or two here. Robbers and murderers do not have the means to single out those who have invested in JB properties or those who are just on vacation or are renting new condos as a lifestyle. In other words, people who invest in properties in Iskandar are not anymore at risk than those who come here on vacation or day trips or just renting condos to stay. You can be staying here for years and not have an incident or it could be your first trip to JB as well as your last..

My point is, if I get robbed as a tenant in JB I will most probably leave JB without having to carry the baggage that I have to go back and stay in JB as I still have a property there.
 
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