The future of Iskandar’s property market remains promising despite current challenges, such as the possible supply glut, a dip in prices and the government’s cooling measures, one of which is the higher minimum price threshold for foreign buyers, according to Quay Chew Keong, Project Director – Asia for Australian developer Walker Corporation.
“I believe that the outlook for Johor Bahru is still strong, especially with the rise of new industrial areas and growth of job opportunities for both locals and foreigners, which will match housing supply in the coming years. Iskandar is still very much an up-and-coming region, and we are confident that the outlook for 2015 and beyond is still good,” said Quay.
He is especially bullish about Senibong Cove, a 208-acre master-planned waterfront project developed by Walker Corp’s Malaysian subsidiary, Front Concept Sdn Bhd.
“Since the establishment of Senibong Cove in 2008, we have been seeing strong demand for our waterfront properties. Our units at Isola Villas are completely sold out while the Waterfront Villas in Isola Grandeur are 50 percent sold. More recently, The WaterEdge Apartments have seen a 70 percent take-up rate.”
In addition, resale prices of the waterfront terraces and semi-detached homes at WaterEdge Residences have shot up by over 100 percent since its soft launch in mid-2010.
Likewise, the prices of link villas, waterfront villas and semi-Ds at Isola Villas have appreciated by 25 to 30 percent since being released.
As for the high-rise condos at WaterEdge Apartments and Isola Grandeur’s seaside villas which are sited on an exclusive island, the former is expected to be completed by end-2015, while the latter is scheduled to be ready by early-2017.
Senibong Cove is modelled after some of the developer’s most successful Australian waterfront projects – Hope Island, Rhodes Waterside and King Street Wharf. The development also houses a marina, 20,000 sqm boutique mall, and five specially designed parks and waterways.
Visit Senibong Cove at PropertyGuru’s Malaysia Property Show on 6-7 December, at MBS Convention Centre, Melati Ballroom, booth A6, for the latest on units available at Senibong Cove.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
