Senibong Cove (pictured), the latest mega waterfront development in Johor Bahru is set to target Singaporeans who cannot afford to buy high-end waterfront properties in the city-state, reported The Business Times.
While there are some similarities between Senibong Cove and Singapore’s Sentosa Cove, there is no direct competition between the two, said Lang Walker, owner of Australian property developer Walker Corporation, which is developing the site.
“The Sentosa product is really chasing the top end of the market but there are a lot more people at the lower end of the financial pyramid and to serve them, a development in Johor Bahru was a much better proposition than Singapore which is more expensive.”
According to Walker Corp, Senibong Cove will comprise apartments priced from RM511,000 (S$205,000) each, while semi-detached homes will start from RM1.5 million (S$599,940), a fraction of the price for waterfront properties in Singapore.
To deal with the security concerns that Singaporeans might have, Walker Corp will install the latest security features at Senibong Cove, such as power fencing, photobeam sensors, a guardhouse with stringent access control and panic buttons connected to a central monitoring system.
Located on an 84-ha freehold site in Sungai Lunchoo, Senibong Cove was previously marshland and is modelled after Hope Island Resort in Queensland, Australia. It is at the eastern corridor of Iskandar Malaysia and lies across from Sembawang in Singapore.
This proximity is one of the factors that led to the development of Senibong Cove. Walker explained that “Singapore no doubt will always grow, and that is part of the strategy for being here”.
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