ISKANDAR PROPERTY CENSUS: 8 RTS PROPERTIES UNDER 15-MIN WALK TO HUB IN HIGH DEMAND
JOHOR BAHRU, Nov 23 (Bernama) -- The Rapid Transit System (RTS) official launch on 22 Nov 2020 coupled with Budget 2021 allocation means all-systems-go and 8 freehold properties within 15-minute walking distance to the RTS hub will be in high demand.
Jerren Lai, Head of Research at Datamine Malaysia said, "The Iskandar Property Census 2020 Q3 Report singles out 8 freehold properties walking distance to the RTS hub that will have an added premium as Woodlands is earmarked as the third Regional Centre and largest Northern economic hub of Singapore.”
Singapore Woodlands is a thriving commercial and industrial node where its Small and Medium Enterprises (SMEs) currently employ a large pool of Malaysians whose expected salary is lower as they live across the Causeway and the pool will get much larger once RTS completes.
Strong demand will also come from Singapore HDB leasehold dwellers who are experiencing the lease-decay problem. About 80 percent of Singaporeans live in HDB flats and 100,000 of these units are nearing 60 years where banks are reluctant to offer loans to new purchasers. Iskandar freehold properties will be an affordable escape route for them.
The 8 properties are Tri Tower and Suasana, 4-minute and 7-minute walk respectively to the hub and priced around RM1,300psf. R&F Princess Cove with fully covered walkway is a 9-minute walk priced at RM910psf. Sky Habitat 10-minute walk at RM800psf, Skysuites and V Summerplace 12-minute walk at RM635psf and RM748psf respectively while Paragon Suites 15-minute walk at RM880psf. Upcoming Twin Tower 5-minute walk at RM791psf.
Comparing Singapore Woodlands vs JB CIQ property price, the Urban Redevelopment Authority of Singapore (URA) records Woodland’s median price at SGD799psf (RM2,397psf) while Iskandar Property Census 2020 Q3 reported JB CIQ prices at RM921psf.
Lai said, "Private property price between the two nodes exceeds 320 percent differential but will likely narrow to around 30 percent upon RTS completion. JB CIQ prices will gradually appreciate in tandem with RTS progress from RM921psf now to around RM1,700psf.”
Danga Bay, a prime sea-frontal area where China Country Garden made its debut and Tropez - the first modern condominium in JB, will likely hit RM1,200psf or half of Woodlands’ median price.
The RTS journey is projected to take less than 10 minutes to connect the two regions and the state-of-art immigration clearance system that mirrors Shenzhen-HK crossing is said to be on the cards.
Malaysian real estate valuers will need a paradigm shift in the way they value Iskandar properties as the Singapore factor will drive prices benchmarked against Woodlands rather than historical local transaction prices.
Datamine
Datamine Malaysia is a market research firm that pioneered the Iskandar Property Census research. The 6-monthly tracking survey has been on-going since 2012 and uses census instead of sampling data to give prices, supply and demand, hotspot and forecast outlook.
SOURCE: Datamine http://mrem.bernama.com/viewsm.php?idm=38754
Comments