Western zones of Iskandar Malaysia to see price surge in next 10 years
Western zones of Iskandar Malaysia to see price surge in next 10 years
Go west, per insiders
PropertyGuru.com.my reports that Iskandar Malaysia is expected to become the newest investment haven in the country, especially its real estate sector, according to many experts featured on New Straits Times.
Iskandar is predicted to join the ranks of the world’s most prosperous regions in the next 10 years after it was left behind by property booms in Penang, Kuala Lumpur Hong Kong and China in recent years.
Ishmael Ho, chief executive of Ho Chin Soon Research, said investors who skipped this area might regret their decision in the next decade because prices of residential and commercial properties in Iskandar’s Flagship A and B zones – situated on the west side of the region, along with the C zone – are expected to rise significantly over the said period.
Moreover, property prices could surpass those in Greater Kuala Lumpur by two-fold during the second half of Iskandar’s 20-year master plan, shared Ahyat Ishak, author of the book ‘The Strategic Property Investor’. Ishak attributed this potentially significant price hike to the upcoming Kuala Lumpur-Singapore high-speed rail (HSR) and Johor Baru-Singapore Rapid Transit System (RTS).
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He added that new property hotspots in Iskandar could also emerge. “We believe the next growth area is Pasir Gudang, which used to be the eastern-most fringed.”
According to Eco World Development’s CEO and president Chang Khim Wah, Iskandar’s eastern side is strategically located near several ports like Johor Port in Pasir Gudang and Port of Tanjung Pelepas.
“With continuous enhancements on connectivity and accessibility like the completion of the Eastern Coastal Highway, Senai Desaru Expressway and the ongoing upgrading works on the Pasir Gudang Highway, the east side remains appealing to many businesses,” he added.
Meanwhile, Iskandar Regional Development Authority’s (IRDA) CEO Ismail Ibrahim revealed that Iskandar has received MYR202.45 billion (USD49.8 billion) in total investments from 2006 to March 2016. Of this, 51 percent or MYR103.5 billion (USD25.48 billion) has been utilised.
Local investors accounted for 60 percent or MYR121.44 billion (USD25.21 billion) while overseas investors contributed MYR81.01 billion (USD19.94 billion) or 40 percent of the overall figure.
This article was originally published on PropertyGuru.com.my on 9 May 2016.
Source: Property Report