One positive way to look at it, if you really are not financially strong, then console yourself that JB is the only option for you to get a second property, frankly it is those rich ones who bought in Johor that should be the ones kicking themselves. My strategy is to put my money and assets in a safer place and use the returns to rent in Johor. That way my investments are in a much better position for returns and CA. The point many here laughing at my strategy by saying that I am subsidizing owners properties are wrong, the way the market is going with huge oversupply in the horizon, rentals may not even cover mortgage payments and also I sleep well at night and and have supreme flexibility of where I want to live is priceless. Singapore is still a great place to live in, if you manage your money well it is still affordable, I may live in Johor when I retire but at the same time, say ten years, I also see myself returning to Singapore and spend my last golden years sitting at Boon Keng market whiling away my time.
Anyway your strategy now is to look for the least painful exit and if none exists maybe you grit your teeth and just go for the ride and hope things would turn out good. But I feel is difficult, because in reality, not many buyers for Johor properties both local and Singaporeans really have much money to fuel the capital appreciation needed in the secondary market. Look at PH thread, I don't think anyone bought it at over a million RM and all who post there are buyers who bought low before the RM1 million restriction.
Hey, thanks for your advice.
My view is that, if one is not financially stable or rich, don't even try to own a property for the sake of it with the intention to just go around telling people "I have a 2nd property". Even if one puts the money in the bank, the little pathetic returns after 20 years will probably still be greater than losing it through high bank interest rate, depreciating property value in Iskandar and the weakening currency exchange.
For me, like I've said, I do have the holding power. But I'm no multi-millionaire like some here. So that amount of money I want to put it to good use. To lose it like that is foolish. It's not like buying an iPhone if it gets stolen, yes it's a bit of a heartache, but I can just buy another one. So Iskandar properties are really strictly for own use only or if you have a lot of surplus money and don't know where else to dump it.
I do agree with the points you've raised about not having many buyers in the secondary Iskandar market. That's the downside. Even if buying to occupy on my own, it's a huge minus point to note that one is stuck with the property probably for life. Things do change. We may want to move elsewhere. We can't be sure we will retire there forever.
When a friend told me Be careful of Iskandar, people forgot it's Malaysia and think everything that happens there is like Singapore. I thought it was just some jealous comments. But after I see how the Malaysian officials talk, behave and with all the 1MDB saga, I totally agree with my friend now.
In fact, I fully understand now LKY's words when he once wrote something like "They (Malaysia) can change the rules with a stroke of the pen". The minimum RM1million for foreigners is a good example. When the news was announced, I remember feeling shocked! Wah, like that also can ah??? For those who have bought their Iskandar properties below RM1 million, it's like using a knife to go for a final stab to the heart. Now it's even more certain they will be unable to dispose their properties next time. So no choice but to pay S$300-350k just to enjoy it as an occasional holiday home. But that's very super expensive for leisure!