2013 will mark the beginning of a property super cycle for Johor Bahru with prices hitting its highest ever level in Johor’s history, predicts Gavin Tee, an international property consultant and speaker. “Prices there will go all the way to the top, in fact to its highest ever level in history making JB the hottest property market in Malaysia,” said the consultant. He continued, “JB will then be the whole nation’s focus and its property will remain prime property for years after that.”
Citing the recently completed catalytic projects such as LEGOLAND and Educity, and the expected completion of Pinewood Studios etc next year, Tee was confident that these would draw more and more people to Iskandar Malaysia in Johor. “As the capital city of Johor, Johor Bahru would reap the most benefit from the boom in Iskandar, and this is enhanced by its multibillion ringgit city transformation plans.”
“JB and by extension, Iskandar will then emerge as the hottest place in Malaysia to invest in from 2013,” the property man told NST RED in an exclusive interview recently.
Singaporeans have acknowledged this and are in fact shifting their investments into Iskandar, according to reports which also revealed that prices of property bought by these early investors have quadrupled since these projects were launched four years ago.
Singapore forms the largest single foreign investor in Iskandar with many investors proposing big investments in the region, among them billionaire Peter Lim with a planned real estate investment (motorsports hub) of RM3 billion, according to reports.
Successful SEZ models
Tee, who is also the Founder and President of SwhengTee Real Estate Investment Club further said that Iskandar, in addition to Cyberjaya and Greater KL are clearly successful models of Special Economic Zones (SEZ) which he predicted would be the leading property hotspots from 2013 as governments around the world seize upon the model to attract foreign investments. “The people who would benefit most are property investors who realise this and put in their money before anyone else does,” he said.
After JB (Iskandar), the next hotspot is Greater KL which includes Mont’ Kiara followed by Cyberjaya and tourist hotspots such as Penang, Melaka and Kota Kinabalu. Small towns like Kuching, Kuantan and Ipoh will also see some activities, shared Tee.
However, he continued, “Greater KL will not be that hot next year, but would be warming up as KL will once again be the focus three years later when most of the government mega projects such as the Mass Rapid Transit (MRT) would be in different stages of completion.”
“KL will definitely be the top hotspot in Malaysia before 2020 with many international investors eyeing it,” he predicted, adding that globalised properties in Bukit Bintang, KLCC, Mont’ Kiara and Petaling Jaya will once again hog the limelight by then.”
Tee added that as the market undergoes changes, the highest and the lowest perceived values may not be the correct values as property value is affected by many factors. Describing this as “The changing face of the real estate world”, Tee said that property investment will definitely undergo a game-changing shift across the world in 2013.
Read more: NST
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