More business needed around Malaysia-Singapore rapid transit line
More business needed around Malaysia-Singapore rapid transit line
Job creation will reinvigorate property scene
While Singapore and Malaysia are set to be closer than ever through the construction of the Rapid Transit System (RTS), the areas around the line still lack enough economic activity to foster a fast-growing real estate market.
“The RTS is very close to Bukit Chagar. Just within a kilometre of it we have got some malls, we have got some low density residential,” Ku Swee Yong, CEO of International Property Advisor, told Channel News Asia. “We haven’t heard of many business investments announcements, such as let’s say, manufacturers within 30 kilometres who are hiring many staff.”
The new line will stretch from Bukit Chagar in Johor Bahru, Malaysia to the Woodlands North station on the Thomson-East Coast Line in Singapore. The RTS will cross the Straits of Johor via a bridge elevated 25 metres high above water level, the prime ministers of Singapore and Malaysia revealed in a joint news conference last week.
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“We’ve settled on a high-bridge,” said Singapore Prime Minister Lee Hsien Loong. “This was a major point — how are we going to cross the Straits of Johor — high bridge, low bridge (or) tunnel.”
The two leaders hoped to sign a bilateral agreement on the RTS toward the end of 2017.
Despite widespread excitement over the project, analysts have exhorted investors to buy Johor properties with added forethought. “They need to do a lot of due diligence checks,” Chris Koh, director of estate agency Chris International, told Channel News Asia.
“We’re talking about ensuring that they’re buying a property there — whether the developer is a sound developer, one with a reputation to complete their projects. One has to be also familiar with Malaysia law – the property laws behind buying a property there,” he said.
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Source: Property Report