The rise of expensive private homes in Singapore, primarily attributed to the government’s new property tax measures, could turn the spotlight on Johor property next year.
According to some analysts, Johor is expected to benefit from the recent residential cooling measures in Singapore, with UEM Land to tap on these changes, given its sizeable landbank in Iskandar.
Last week, the Singapore government imposed an additional 10 percent tax on residential properties acquired by foreign buyers. Permanent residents (PRs) acquiring second and subsequent homes, as well as Singaporeans buying their third and subsequent homes are also affected, with an additional three percent tax.
At the same time, Malaysia’s Genting Group has officially launched Southeast Asia’s first Premium Outlets in Kulai Jaya, Johor.
A joint venture (JV) between Premium Outlets and Genting Plantations Bhd, Johor Premium Outlets (JPO) has already attracted a large number of shoppers, including Singaporeans.
With strong response shown since its opening, the JV companies are looking at a second phase of 60 additional stores, as well as a water theme park in three to four years’ time.
Although the development is not within the special economic zone, JPO is set to benefit Iskandar Malaysia, as well as attract more locals, Singaporeans and other foreigners to Johor.
Related Stories:
Non-UK buyers driving up London’s property prices
Malaysia, Indonesia highlighted for 2012
China property cooling measures will stay