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Whoa… this is huge. RM8 billion into property market (nope, not in KL)

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We think there’s oversupply of property units all over Malaysia. By the way, this is far away from the truth yeah. While it’s true that there are some places where the number of units were just too many and time is needed for it to be sold slowly, most other places are doing just fine. This is especially true for developments targeted at families looking to upgrade or needing more space. This is why if you ask me, I think developments which have a right target market should continue to be built. After all, developments could not happen overnight. Here’s one with a RM8 billion gross development value. Not in Greater KL.

Article in the nst.com.my Iskandar Waterfront Holdings (IWH) has teamed up with Metallurgical Corporation of China Ltd to jointly undertake a property project on a 148-acre prime commercial land in Skudai, Johor. The GDV is estimated to be RM8 billion. in gross development value.

The company said, “The project is one of the largest of its kind to be announced since the start of the Covid-19 pandemic earlier this year.”

This development will be one of the biggest foreign direct investments (FDI) in Iskandar Malaysia and is a confidence booster into the Johor property industry. First phase of the project would be a mixed-use development on a 38-acre land site. Construction is starting in early 2021 and has a estimated GDV of RM2.88 billion. Please do read the full article here. Article in the nst.com.my

I have not been to JB for many months. I think I will tell my wife that our November cuti-cuti Malaysia could just be to JB. We should continue to support the economy by spending money around Malaysia. After all, everyone needs a holiday, else we would become a dull person.

The biggest advantage which JB has over Greater KL is certainly the distance to Singapore. Truth is, the only thing which is lagging is just more connectivities. I do think the Rail Transit System (RTS) will change a lot of dynamics. It could carry 10,000 people within an hour one way. That’s very impressive to me because this meant that workers could stay in JB versus in Singapore.

It will also lessen the stress of those who chose to stay in JB and had to wake up at 530am to travel to Singapore daily or to come back only after 930pm. With the RTS, they could actually wake up at 730am and still be on time to reach office by 830am. Plus, think of all the potential economic activities which could happen too. Let’s be realistic, majority of Singaporeans do not own a car. Thus, this RTS presents an easier and cheaper mode of transport for a weekend in JB. Happy anticipating.

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