“The slowdown is short term. It is attributed to the overcautious reaction to the goods and services tax, government property cooling measures and tighter lending conditions by banks,” said Johor Real Estate and Housing Developers Association (Rehda) branch chairman Hoe Mee Ling.
She noted that Iskandar Malaysia will continue to attract the interest of foreign and domestic investors as long as fundamentals remain strong.
In fact, latest data from the Iskandar Regional Development Authority (Irda) showed that total cumulative investments in Iskandar Malaysia rose from RM158.13 billion in December 2014 to RM166.10 billion as at end-March 2015.
Hoe was commenting on data from National Property Information Centre (Napic) which showed that transactions in Iskandar Malaysia dropped 33 percent quarter-on-quarter in Q4 2014.
“With developments in economic activities and catalytic projects moving in tandem with the property sector, we will see more sustainable demand in Iskandar Malaysia in the long-term.”
She explained that the progress of property investments within the region had outweighed other sectors, resulting to a mismatch between supply and demand of property.
“The acceleration of other sectors such as services, tourism, healthcare, manufacturing, logistics and creative industries will bridge the gap,” said Hoe.
Foreign property developers were targeting a different market from local developers, providing properties to buyers from their home turf and foreigners, particularly Singaporeans.
“This should not create anxiety over the oversupply situation and the performance of the market as a whole,” stated Hoe.
In concurring, KGV International Property Consultants (M) Sdn Bhd director Samuel Tan Wee Cheng said, “Iskandar Malaysia remains attractive due to its proximity to Singapore and it is more viable compared with other economic growth corridors in the country.”
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From: http://www.propertyguru.com.my/property-news/2015/5/94137/iskandar-malaysia-still-attractive-to-investors-rehda
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