KUALA LUMPUR, May 11 — Singaporeans are becoming more “wary” of buying properties in Johor amid fear of an impending property oversupply in Malaysia’s southernmost state, a board member in the Monetary Authority of Singapore (MAS) said.
The member, Lawrence Wong, noted that close to 336,000 private residential properties are currently under construction in Johor, according to Malaysia’s National Property Information Centre’s latest statistics.
According to news portal TODAY, the number of these soon-to-be launched properties in Johor already exceeds the total number of residential properties in Singapore, which has a population size of around 5.47 million.
Beyond the 336,000 new housing units in Johor, Wong also pointed to the expected development after 2020 of 1,400 hectares of reclaimed land near the second link between Malaysia and Singapore.
“Given these indications, there are many reports indicating that buyers are becoming more cautious. Official Malaysian data suggest Johor housing market is already slowing down … Singaporean buyers too, are becoming wary.
“According to a survey of real estate agencies, the number of Malaysian properties bought through these agencies dropped from 2,609 in 2013 to 838 in 2014,” Wong, who is Singapore Minister for Culture, Community and Youth, was quoted saying by TODAY.
He was responding to a parliamentary question on the number of Singaporeans who have purchased properties in Johor’s economic region Iskandar Malaysia.
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