Chitchat Rise of Jiuhu Ghost Towns Due To Lack of Sinkie Buyers And Poor Jiuhukias!

[JohnTan]

Malaysia's central bank warned on Friday (Nov 17) that unsold residential properties are at their highest level in a decade, with the largest oversupply found in southern Johor state.

Bank Negara Malaysia (BNM) said the glut is caused by developers selling these units at above RM250,000 (S$81,500), beyond what most Malaysians could afford.

BNM on its website on Friday said there were 130,690 unsold units at the end of March this year, with 83 per cent priced at above RM250,000. It said 61 per cent of the unsold units were high-rise apartments.

"Supply-demand imbalances in the property market have increased since 2015. Unsold residential properties are at a decade high, with the majority of unsold units being in the above RM250,000 price category," the central bank said.

The issue of high home prices is being tackled by Prime Minister Najib Razak, who is expected to call for the general election in the next six months.

In the 2018 Budget, Datuk Seri Najib announced a RM2.2 billion allocation to build 248,000 more affordable houses.



BNM projected that one-in three offices will be vacant by 2021, and sees 140 new malls entering the market by that year.

In March, The Malaysian Insight news site reported that there were 255 shopping centres in Kuala Lumpur and its surrounding districts alone, with 14 more set to open this year.

The central bank suggested a single agency to be set up to handle "affordable housing". Such homes are usually priced at RM150,000 and below, and are built by several agencies under both the federal government and various Malaysian states.

In a newspaper column published Friday, Datuk Seri Azman Ujang, chairman of national news agency Bernama, said Malaysia could learn from Singapore's example in its HDB (Housing Development Board), a single authority to efficiently handle public housing.

In Malaysia, the steady rise in landbank prices - fed by stable economic growth - has led developers to build condominiums at ever-increasing prices even though salaries have failed to catch up.

BNM in its statement said: "This (glut) situation could worsen if the current supply-demand conditions persist. Within the country, Johor is poised to have the largest property market imbalances (highest number of unsold residential properties and potentially the largest excess supply of retail space)."

"As such, it is timely for all parties to act now to mitigate any potential risks to macroeconomic and financial stability," it added.

http://www.straitstimes.com/asia/se-asia/malaysias-central-bank-warns-of-property-glut

 

[scroobal]

The issue for Condo and private property is the lack of maintence fees from unsold units and they end up deteroriating. As the price slump pick up landed properties rather condo.

 

[kryonlight]

Inside Malaysia's Empty New Cities

 

[eatshitndie]

they got greedy and opened up development lots for the tiong market. after tiong developers move in, it’s downhill from there. i went in there to explore and saw it with my own eyes. my sinkie buddies who bought in there before the tiong bubble agreed with me.

 

[winnipegjets]

The export of China's empty cities to Malaysia is a good thing.

 

[Narong Wongwan]

They were following pap tactic offering citizenship and PR for foreign buyers (mostly Tiongs) until central govt stopped that.
It’ll be business as usual after Johor sultan and ah jib resolve their differences.

 

[Robert Half]

Many Malaysian Chinese women took up SG citizenship for the sake of baby bonus.

They bought flats and private apartments in both countries and shamelessly asking their employers for salary increment almost every month.

With a huge bank loan on properties on both side, they rented out their apartments and hope that it's will appreciate so they sell it for a profit one day.

Money isn't everything in life and these greedy Malaysian Chinese women will likely to end up regretting in near future

 

[Leckmichamarsch]

lost lots of money in Penisland decades ago...... so this time smarter - NO foreign prop built on foreigh dirt for me. One prop there not same as one pigeonhole here!!!

 

[syed putra]

lost lots of money in Penisland decades ago...... so this time smarter - NO foreign prop built on foreigh dirt for me. One prop there not same as one pigeonhole here!!!

Thats because their property does not appreciate due to abundance of land and competing and new developments plus depreciating currency.
If najib had not impose unecessary charges and tolls at border, it may encourage sinkies to buy flats and live in jb. Hence last budget, tolls at border to be abolished.

 

[congo9]

Many Malaysian Chinese women took up SG citizenship for the sake of baby bonus.

They bought flats and private apartments in both countries and shamelessly asking their employers for salary increment almost every month.

With a huge bank loan on properties on both side, they rented out their apartments and hope that it's will appreciate so they sell it for a profit one day.

Money isn't everything in life and these greedy Malaysian Chinese women will likely to end up regretting in near future

If they took up Citizenship due to baby bonus, they deserve to be screwed. One child birth in a well know Pte hospital in JB set you back by only 1/3 of that in Singapore. The baby specialist is also cheaper. The milk powder is cheaper almost by 60% per pack.

Why do you need to take up Singapore citizenship when all you want is to earn S$ ????

 

[syed putra]

If they took up Citizenship due to baby bonus, they deserve to be screwed. One child birth in a well know Pte hospital in JB set you back by only 1/3 of that in Singapore. The baby specialist is also cheaper. The milk powder is cheaper almost by 60% per pack.

Why do you need to take up Singapore citizenship when all you want is to earn S$ ????

BEcause singapore passport number 1.

 

[Narong Wongwan]

Thats because their property does not appreciate due to abundance of land and competing and new developments plus depreciating currency.
If najib had not impose unecessary charges and tolls at border, it may encourage sinkies to buy flats and live in jb. Hence last budget, tolls at border to be abolished.

The original Iskandar zone concept was great.
But sadly johor, Sg and the mudland central govt won’t work together on it.

 

[syed putra]

Its a shame we treat one another as competitors rather than allies, like hong kong and shenzhen.
Travel between shenzhen and hong kong is seamless. But to jb, its like east and west germany. Until today, no commuter rail introduced decades after separation. Smrt will only link to jb in 2024. Probsbly reluctantly.