80 percent of units sold in one hour. Really?

80 percent of units sold in one hour. Really?

The very last time I have ever experienced losing my potential property was way back in 2009. I lost it by 5 seconds. I was at the sales gallery of a property developer. I was choosing my unit. Then, I told the sales person, I would like to take Level 5. The sales person said, let me book for you and that’s when he found out that his team-mate had just booked that unit for someone else a few seconds ago. I was slow by 5 seconds.

At that time, most sales galleries are full of people. Most people took just a little time to decide. In fact one particular developer even limited all their buyers to just 10 minutes. They have a very long queue and needed to also be fair to all other buyers who were queuing outside the sales gallery. I have not seen such a scene these day except today when I read the news. 80 percent of units sold in one hour, really?

The state which this happened is Johor. The units which was 80 percent sold out are commercial units. The location these properties are on is inside Pulau Satu in Forest City and the reason why this happened was also because of the status of Pulau Satu becoming a duty-free island. Yes, you can cross the bridge and suddenly able to buy duty-free goods! For Johoreans, this is a very quick way versus needing to fly to Langkawi for duty-free goods.

Article in nst.com.my KUALA LUMPUR: Commercial units on Pulau Satu, Forest City have achieved 80 per cent take up rate in less than an hour from the launch at the Forest City sales gallery.

Forest City, covering 1,400 hectare of reclaimed land on four artificial islands near the border of Malaysia and Singapore, is a mega project developed by Country Garden Pacificview Sdn. Bhd., a joint venture between Country Garden Pacificview Sdn.Bhd. and Esplanade Danga 88 Sdn. Bhd.

Pulau 1, a 700-acre artificial island, is the most developed out of the four planned islands.

In July this year, five bills were passed by the Dewan Rakyat to turn Pulau Satu into a duty-free island.

Country Garden said more than 60 per cent of buyers of the commercial units were local and Singaporeans, while the others were international buyers. Article in nst.com.my

Are you also one of the buyers?

Congratulations if you are buying because you are going to start a business there. Duty-free is always a great attraction. If you are buying because you think the price could double in a short period of time, I wish you all the best too. However, I hope any price increase is always orderly so that we do not build up a bubble for speculative property market. That does not help anyone including all the owners because when prices rise too fast, it could also drop suddenly too.

Let’s keep following the Johor property market.

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