I’m very very curious to see how things will pan out with the impending TOP of both CG and R&F’s city mega-projects when 1000s of owners will receive their keys very very soon. And these are not the only big projects going to TOP soon.
Will there be massive flooding if units in the resale market?
Those who can’t sell/rent bo pian may just use it as weekend holiday homes. These (or rental units) will need basic furnishings/ fittings. Wonder what impact all this will have on the JB economy. IKEA was clever to time the opening of their largest store in SE Asia right here in JB just in time to cash in on the completion of these mega developments. Did they see something in their projections to make their JB store SE Asia’s largest?
On the other hand, there could be large numbers of loan defaulters who were intending to flip their units but now find the market too soft. How will this impact the economy?
The next year will therefore be interesting from an observer’s point of view to see how things unravel for JB.
Whatever it is, the RTS is still akan datang (a matter of when) and this will no doubt spur another round of interest ...let’s see.
At first, my rough estimation for developers' unsold residential to be around 8 to 10,000.
The problem is all developers in JB do not report the actual sales results, always giving the impression that their project is selling like hot cakes.
Some probably even gave false numbers to the media to report.
When the Bank Negara report came out last month, I was shocked to see the unsold units standing at 40,000, mostly are high rise condo units.
How much is 40,000?
The huge Country Garden at Danga Bay is only about 8,000 units.
So it means the unsold units is about the size of FIVE Country Gardens!!
And where is this 40,000 units coming from?
So, I believe all the 4 major Chinese development are not selling as much as we thought and may be holding at least 30,000 unsold units, with the rest coming from an assortment of development in the Iskandar and city area.
And now, all the flippers has plenty to worry about.
When all the major projects handover within the next 2 years and if this 40,000 is still not moving fast enough, there will be more than a total of 100,000 new and resale units for sale in the market!
Another thing to note, the Saudi investment of US$7 billion in PIPC with the MOU signed during the King's visit this Feb, is still not finalized yet and no dateline was announced so obviously, don't know when the money is coming in or worse, actually coming in or not.
So, the promised few hundred thousand workers going to work in PIPC may have to wait much longer.
