The Real Estate, Housing and Development’s Association (REHDA) Johor once again organised Malaysia Property Exhibition (MAPEX) 2017 at Aeon Tebrau City witnessing over 30 developers offering wide range of properties to the public.
Noting the fluctuation of the economy in the country that may contribute hesitation among buyers to make decisions on property purchasing, REHDA Johor Branch Chairman, Dato’ Ir. Steve Chong Yoon said that now is a good time to invest in the sector especially for genuine house buyers.
“There is still a market for residential units particularly in landed houses that are sold within an affordable price starting from RM300,000 and RM3 billion worth of properties are ready for purchase. Over 20,000 units are to be delivered between 2017 and 2018 with almost 40% to 50% from that being high rise properties,” said Steve to the media.
He also raised concerns that banks are too stringent in approving bank loans. He said banks should take into consideration of purchasers’ unrecorded supplementary incomes and consider giving out loans thereafter.
In another story, apart from the difficulties of bank loan approvals, purchasers were seen in a dilemma to buy a house due to unsuitable locations for affordable homes which were mostly located at the outer skirts of town, while price of properties in the city cannot be cut-rate as the land value costs is higher.
As Johor is developing rapidly after Kuala Lumpur, we are foreseeing more impact especially in the Iskandar Malaysia region with the upcoming megaprojects such as High Speed Rail, Rapid Transit System (RTS) and Pengerang Integrated Petroleum Complex (PIPC) in creating over 702,000 job opportunities, while 15% of the total will be offered skilled and professional career positions.
Also present at MAPEX was Secretary of Johor Bahru City Council (MBJB), Sidek Paiman, who claimed that Johor Bahru was recently recognised as the 3rd South East Asia Livable City proceeding upon good quality of living especially in the district itself.
“With the acknowledgment achieved, developers should have confidence in accommodating more commercial and residential lots. We strongly believe that better times will come soon and developers should improve their management quality and build more excellent properties so that the public are confident,” said Sidek.
At MAPEX 2017, around 5000 units of both residential and commercial units were offered during the three-day promo with a special discount of RM10,000 for selected properties alongside talk shows on investment, ownership and acreage from industry experts.