Iskandar properties now? Not many people would rank it as their top three property destination right now, even for those who are thinking to buy instead of adopting a wait-and-see attitude. There is a piece of good news however. One Batu-Pahat based developer, BCB Holdings announced that it has sold 75 percent out of a total of 335 units from their first tower block of 44 storeys. It’s for their flagship high-end condominium project known as Elysia Park Residence @ Medini, Iskandar Malaysia. It was launched in August this year, a tough time indeed. The project has a gross development value of RM1.2bil and sits on a 3.16ha land. The development will take five years. It comprises six tower blocks with a nine-storey cark park podium.
The project is a joint venture which BCB is holding a 60 percent equity with a Hong Kong based developer United Harvest Co Ltd (UHG). In terms of buyers, 50 percent of these sold units were to Malaysians while the remaining units were sold to Taiwanese, Singaporeans, South Koreans and mainland Chinese buyers. Its executive director Tan Vin Sern said the launch of the second tower block of 42 storeys with 334 condominium units would take place in the first-half of 2016. For this second block, they would be targeting Hong Kong and mainland buyers by appointing an agent in Shenzhen, China. A joint venture with the right partner is always useful, especially one who is also able to help market the development overseas.
Actually, it’s not all gloomy or doom for Iskandar. It is three times the size of Iskandar and whether it’s a manufacturing plant or an education institution, it would take time to be built up. It’s safe to say that any downturn affects every property market and not just Iskandar. Read some news about Singapore lately? Iskandar as Singapore’s output hub, seriously In fact there are predictions that the cooling measures may be eased next year because the prices have come down. Read here : If Singapore eases cooling measures, what about Malaysia? For those who are interested to understand more, whether or not you want to buy, do join the Facebook group called ‘Malaysian Investors in Singapore (MISS).’ One should also take a drive and understand what’s really happening. I have no Iskandar properties currently. Happy believing or discounting after some reading and analysing.
written on 22 Dec 2015
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