Home Society Housing Startling figures for Johor property sales to foreigners, unsold homes

Startling figures for Johor property sales to foreigners, unsold homes


Ong Kian Ming of Penang Institute has revealed eyebrow-raising figures for Johor property sales to foreigners and unsold homes in projects undertaken by developers from China.

Check out the tables here to see for yourselves.

According to the figures he cited, more than three quarters of the homes sold by China developers in Johor have gone to foreigners and more than three quarters remain unsold in these projects.

This seems to be in line with what most people have suspected. (I had blogged about this here.) Ong asks the question how maintenance fees will be collected if there are a large number of unsold condos.

What about high-end property sales in Penang? In particular, who exactly is going to buy all the homes that will be built on the three islands to be reclaimed in the south of Penang Island, given that only about 20 per cent of the homes will be “affordable”? And what about the island in the north?

And what about all the other waterfront projects planned along the west coast of the peninsula (eg Melaka Gateway) and in Kuantan?

Who are they building for?

Meanwhile, check out Bangkok’s ghost towers from two decades ago.

READ MORE:  'Hundreds of millions in compensation'?
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  1. Johor Baru has seen a huge influx of mainly workers from other states in the recent years, thanks to its proximity to Singapore, where jobs made attractive by the strong dollar are aplenty, and the massive development in Bandar Iskandar.

    Statistics Department’s figures show some 55,000 people from Kuala Lumpur moved to Johor Baru between 2015 and 2016, making KLites the biggest migrant group for the period.

    In second and third places were Perakians, who numbered 50,000, and Sarawakians, with 28,000, Oriental Daily News reported.

    This means some 130,000 Malaysians from these three areas have migrated to Johor Baru between 2015 and 2016, or an increase of 32.4% from the numbers recorded between 2014 and 2015.


    Malaysians are beginning to depend on PAP government for better paying jobs?

    Will they end up buying JB properties to set up home?

  2. R&F Princess Cove (progress as 22-07-2017), transforming the skyline and landscape of JB’s side of causeway:

  3. There is no longer such a thing as an affordable home if “affordable” means it costs less than RM50,000, according to property expert Ernest Cheong.

    He told FMT the cheapest apartment or house today would probably cost about RM100,000, as the average construction cost is about RM100 per square foot.

    “So, if you’re building a house or apartment of 1,000 square feet, it will cost RM100,000. And the units can’t be smaller than 800 square feet or they will be too small to live in.

      • Get real-real with Rakyat’s purchasing power & salaries!
        Don’t expect them to chiah-sua just to pay housing loans that leave no more money.
        Get real-real with law of Demand & Supply.

      • Meanwhile squatters who have been moved out of illegal settlements, find it difficult to live in People’s Housing Projects (PPR) in the cities.

        Though the housing infrastructure is an improvement compared with zinc-roof and cement-floor structures, there are still things that residents miss from their old villages.


    • squatters must be thankful getting compensation when evicted.
      can go to rural area, make new homes in jungle like felda peneroka, 10 years later can get compensation somemore.

  4. PSM’s Arul & Ambiga to hold minister posts if they join the winning PH in GE14 ?

    Arul as Minister of Social Welfare while Ambiga as Minister of Law & Order ??

  5. Chinese have deep pockets these days just as Japanese had in the 1980s and carved a worldwide real estate empire that collapsed within a decade so let’s hope this does not happen with the onslaught of Chinese money in South East Asia.

    • President Xi realised this and decided suddenly to curb excessive foreign investment frenzy by China firms, just when Najib was desperately courting Wanda to sell Bandar Malaysia. Najib is now visiting Trump as a way to pressure China?

  6. Pm Najib Razak’s remark in Balik Pulau that Putrajaya may not approve the state’s proposed Penang south reclamation project is shocking, said Penang Chief Minister Lim Guan Eng.

    Lim asked why Najib chose to target Penang when the federal government had approved reclamation projects in other states such as Johor, Malacca and most recently, Kedah.

    “Kedah even went ahead with the reclamation exercise without the approval of the Department of Environment (DOE), but no action has been taken,” Lim told reporters in Penang.

  7. Requires Immediate Attention:
    Perhaps MACC should first apologise for Teoh’s death
    FellowMalaysian: Did MACC ever apologise for the death of DAP political aide Teoh Beng Hock that happened at its office grounds?
    There was no contrite nor remorse shown by them. Yet, the head of department was later promoted.
    Now they asked Guan Eng to apologise over his words in describing MACC’s action as illegal. There’s just no fairness in them where the opposition is involved.

    Observation: If one wants others to apologise, one should ask God is there anything in the past deeds that one should apologise without fear (of revelation of sins).

    • MACC never say sorry over TBH case.

      Also MACC catch big fish only to release them free later as though they are protected species.

      Why charge Phee when clearly Anuar Musa’s dubious MARA property purchase in Australia is (allegedly) similar to Isa Samad’s hotel purchase? Ikut perintah?

    • MACC, former Umno vice-president Isa Samad was not handcuffed, but Phee was handcuffed(?) Why the double standards?

      • Mainstream press has highlighted Phee’s (alleged) RM2 million in his bank accounts while Isa (allegedly) has only RM100k cash (no mention of his bank reserves) at his home. Meant for rakyat to see the hugh contrast?

    • Rights of the Dead By Tricia Yeoh (English version)

      In July 2009, the mysterious death of political aide Teoh Beng Hock rocked the nation. His body was found outside the premises of the Malaysian Anti-Corruption Commission (MACC), where he was being held overnight for interrogation. The filmmaker was herself was a colleague of the deceased working in the Selangor State government. She tries to make sense of the inquest and royal commission of inquiry into his death and takes a critical look at the Malaysian system of government and politics that is ultimately responsible for ensuring justice for its citizens including those who died in custody or while in detention. The film also shares the perspective from Teoh Beng Hock’s family.

  8. Big projects delay? No problem, many cases minister can approve the delays and developers no need to pay fine for the delay. Macc will not see even if developers request and approved but houses buyers no protection even if sand throw into their rice bowls.

    • Azmin Ali is trying hard to find alliance with PAS for fear of losing his MB position after GE. PKR is pathetic indeed. They should focus on how to win with the current Harappa partners, but somehow are worried about internal competition.

      • If Amanah or Bersatu can win more seats than PKR in the event that Harapan retains Selangor, then Azmin will have to forgo the MB post. So we shall witness the in-fighting among these 3 parties during seat allocations in Selangor? Umno-PAS alliance will capitalise on this.

      • Azmin is steering PKR away from DSAI legacy to carve a name for himself, and he is desperate to keep his MB post, as Bersatu is gaining strength. Azmin is a prime candidate to leap as Katak Dedak for that matter. Harapan beware.

  9. This worry about large property projects by Chinese developer is largely too late and now talking while the problem is being dealt with already..The worry now is Chinese projects that fits into the ambitions of govt such as ECRL or, if it goes China way, Bandar Malaysia and HSR.

    If China property buyers get short-changed, what is the big deal to us? Abandoned projects that local players can always take over cheaper and restructured? Local buyers of also high end property also lose money? The worry should be whether these projects ever get completed now that it already begun and partially sold. So long as the market forces is allowed to do its work, there should not be an issue.

    On the other the large projects financed by China state and GLCs, if unprofitable, will not only be burden our children has to pay, there will be local asset collapse, that will rob us of our future quality of life from insufficient pension, underfunded healthcare. All because a bunch of mediocre racketeers run this country without merit enabled by hallucinating religious and racial fervour.

    Enabling dysfunctionality is not “moderation” and “compromise” neither is unrealistic left-wing demand and never having to deal with the extreme right unlike those who are trying to fix it. Its just IRRESPONSIBLE AND APATHY.

    These projects will be sorted out even if there is a macro collapse. But IF the foreign state-sponsored projects go ahead and a collapse happen after they start, then there is no real fix for the bleak future we will have.

      • I’m felt so very elated when PM Najib openly declared that the southern reclamation is a no go ! It’s all because I sit on some strategic plots of land in Penang island, so what say you now, Drooling ?

    • The Johor royalty is now heavily partnering PRC firms in many high profile building and construction projects in Johor. Check up the Ibrahim Business Centre at downtown JB former Kota Raya terminal site.

  10. Off topic but very essential for today’s politics of serving the public.
    Johor Sultan grants audience to KJ a day after polo dare

    Politicians should be more subservient to the Rakyat as seen here at the Istana.
    Subservient – bend low to the Rakyat’s aspiration & needs.

  11. Singapore billionaire Peter Lim will develop a healthcare city beside the upcoming Thomson Iskandar medical hub.
    Rowsley, a Singapore-listed real estate company, announced on Sep 22, 2015 that it has received “favourable response” from the Johor Head of State to reconceptualise Vantage Bay from a mixed-used lifestyle township to a healthcare city comprising a medical hub, a healthcare educational hub and a wellness hub.
    “This rezoning is in line with the State Government’s vision to transform Johor into an international medical destination,” Rowsley said in a statement.
    The Vantage Bay site is located near the Johor end of the Causeway that links Singapore to Malaysia. The site is next to the Thomson Medical Hub in Johor Bahru that is being developed by another firm linked to Mr Lim.
    Rowsley said its decision to covert Vantage Bay from a township to a healthcare city was partly due to the large number of residential apartments being built in Iskandar.
    The strong growth prospects for the health and wellness sector, as well as the increasing demand for more affordable and sophisticated healthcare facilities and services in Malaysia, Singapore and Indonesia, were also factors behind its decision.


    Peter Lim has connection with Singapore government to allow Singaporeans to utilise their Medishield account of their CPF accounts for medical fees in JB? Possibly so as Singapore would rather have their aged population living and retiring in JB, to free up space for imported professional migrants that could contribute to its economy.

  12. House buyers body tells developers: You are to blame, too
    PETALING JAYA: Housing developers shouldn’t blame the authorities for houses being expensive as they, too, contribute to the inflated housing prices, the National House Buyers Association (HBA) said.
    Speaking to FMT, HBA honorary secretary general Chang Kim Loong agreed with the statement of the Real Estate and Housing Developers Association (Rehda) that government intervention was needed to bring down the prices of properties.
    Earlier, in a Malay Mail Online report, Rehda president Fateh Iskandar said that prices of homes were unlikely to drop without the intervention of the authorities as developers had to bear the costs of building utilities such as drainage, sewerage and roads.
    He also cited regulatory costs such as the new levy imposed on steel and land conversion costs by state governments.
    Chang said, to a certain extent, he agreed with Rehda, pointing out that HBA had in the past called for urgent government intervention to help bring down construction costs.
    He said this included calls to reduce land premiums and passing the cost to lay the last mile of utilities back to the respective utility companies such as TNB, Syabas, and Telekom Malaysia.
    “If the developers have to do this, then the increased costs they take on will ultimately be passed on to the house buyers with such costs factored into the sales price,” he said while thanking Rehda for also raising the issue.
    But, Chang said developers must also shoulder a large part of the blame for the problem of expensive properties.
    “As property prices started to increase in the urban areas and buyers started to move further away from the city to various sub-urban locations such as Puchong, Semenyih, Kajang and Kota Damansara, housing developers took advantage of this opportunity and began to increase the prices in such sub-urban locations way in excess of the increase in prices of raw materials and labour.”
    He said according to Khazanah Research Institute, the prices of homes increased three times more per year between 2009 and 2014 than they did annually from 2000 to 2009.
    “It is the sudden spike during these short five years which led to the current problem, where the median property price in Malaysia is now beyond the reach of most Malaysians.”
    Chang added that housing developers continued to price new properties in excess of RM500,000 even though they knew that the price that the average Malaysian could afford was RM300,000.
    “Even if these projects were sitting on land banks that the housing developers acquired many years ago when land prices were much cheaper, they will continue to sell new properties at current inflated market prices.
    “It obviously has to do with maximising profits.”
    Chang said if housing developers continued to market overpriced properties and if these properties remained unsold, it would spell disaster for them, too.
    Last year, economist Hoo Ke Ping predicted that Malaysia would be hit by a recession in 2018, resulting in, among other things, the prices of medium and high-end properties dropping.
    Previously, property expert Ernest Cheong, warned that the glut in unsold luxury properties could result in a financial crisis.
    “HBA calls for housing developers not to just give excuses that land prices are expensive or that the cost to lay the last mile of utilities is very high.
    “They must also take measures to see how they can build more truly affordable properties to cater to the needs of the majority of population of buyers.”

    • Property market bubble set to burst, says think tank
      PETALING JAYA: The property bubble in Malaysia is set to burst, but the government must resist the temptation to intervene and allow market forces to coordinate supply and demand, says a think tank.
      In an interview with FMT, the Institute for Democracy and Economic Affairs’ (IDEAS) senior fellow, Carmelo Ferlito explained the two “economic dynamics” which have resulted in the current property situation in the country, where the prices of homes are beyond the reach of most and the oversupply of such homes, has led to many being left unsold.
      Figures from the National Property Information Centre (Napic) have indicated that as of the first quarter of 2017, some RM10.08 billion worth of residential units are unsold in Malaysia. This figure does not include serviced apartments, which have since 2015, been classified as commercial properties.
      For some time now, the discourse over unsold properties in the market has focused on two key contributing factors – the prices of homes that are too high and the difficulty buyers have in obtaining bank loans.
      What hasn’t really been explained, says Ferlito, was why the prices of property in the country are as high as they are.
      “Malaysia is undoubtedly experiencing a housing bubble and the unsold properties are a natural consequence of this bubble.
      “This bubble is due to two specific economic dynamics. The first is the natural business cycle, and the second is the intervention by the authorities,” Ferlito said.
      Expanding on what he meant by the natural business cycle, Ferlito said it began when the property market was expected to boom after the end of the 2008 global financial crisis.
      “When an industry is expected to boom it attracts investors, such as developers and usually, it is the first wave of investors who really benefit from the boom.
      “This in turn attracts new investors, which in this case, are the speculators who are looking to make a quick profit. They further contribute to the property market boom.”
      He added that the property market boom had a positive impact on related industries, such as the construction sector and businesses involved in the supply of raw materials.
      “A direct result of this demand has seen property prices rising, and the ensuing growth in the need for more resources has seen prices on the production side of the equation, such as labour and materials, also increasing.”
      He said this inflationary expansion was reflected in the selling prices, and that the second wave of investments only made the situation “hotter”.
      “So when there is a boom, there is this very positive feeling in the market and it moves consumers towards ‘desiring’ new properties which furthers the inflation.”
      A case of intervention amplifying inflation
      On the intervention by authorities, Ferlito said that while the natural business cycle was unavoidable, the resulting inflation was made worse by external intervention, particularly the low interest rates set by Bank Negara Malaysia (BNM).
      “Essentially, all central banks fix base lending rates (BLR) on the assumption of knowing what the appropriate level is.
      “However, when central banks set the interest rates, it is sending ‘wrong signals’ to the market.
      “If banks were free to set the interest rates based on what free market proponents are pushing for, you would see interest rates that better reflect the relationship between supply and demand.”
      Ferlito said problems arise when the BLR is lower than an interest rate that would have been derived from the relationship between supply and demand.
      “This means that the BLR may be artificially lower than what it should be. This makes it easier to borrow money and so people may invest in properties because it is ‘cheaper’ rather than because they want to purchase a property”.
      Ferlito explained that this could lead to higher inflation and wouldn’t be sustainable simply because there is a mismatch between supply and demand.
      “So the prices keep going up even though they aren’t reflective of the relationship between supply and demand. At a certain point, to stop the inflation, central banks will raise the BLR.”
      Avoid intervention when market crashes
      When the banks raise the BLR, the property bubble is bound to burst and this will affect developers, who are in the midst of developing new properties, and speculators.
      “If the BLR increases, then developers who took loans to build new projects may not be able to repay those loans and their projects could be abandoned.
      “As for the speculators, with the increase in interest rates and a lack of demand to meet their supply, they will have little choice but to either slash their rent or selling prices for their units.”
      Ferlito said the number of unsold properties was a sign that the property bubble may have reached its final stage and that the property market was close to crashing.
      “But the property market crashing can be seen positively if we’re looking at the goal of reducing housing prices.
      “In a situation where there is over-supply and high prices, we should let supply and demand do its job and let the market affect prices to the levels they should be.”
      Ferlito said it would be crucial for Bank Negara to refrain from supporting the property industry by then lowering interests rates or the government bailing out developers.
      “Intervention will only result in a longer and more painful crisis with prices kept artificially high by the central bank when the market is demanding for lower prices.”
      Last year, economist Hoo Ke Ping predicted that Malaysia would be hit by a recession in 2018, resulting in among others, the prices of medium and high-end properties dropping.
      Previously, property expert Ernest Cheong, warned that the glut of unsold luxury properties could result in a financial crisis.

      • No need to post full message, keep it short with main points. Readers can always check up the link for full message if they are interested. Otherwise this blog will be clogged with long winded writings.

    • Luxury homes glut can wreck the economy
      PETALING JAYA: A property expert has called for the introduction of measures to encourage foreigners to buy up luxury houses in the secondary market, that is, houses that have been completed.
      In an interview with FMT, Ernest Cheong said such measures were necessary for the prevention of a collapse in the property market, which could in turn ruin banks and trigger a financial crisis.
      “There are many homes costing above RM1 million which have been completed, whether owned by speculators or unsold, and which the vast majority of locals can’t afford,” he said.
      “If they are not sold, the banks can’t recover loans given to property buyers and developers. If that happens, the banks will lose a lot of money, which may lead to a collapse of the economy.”
      Early this year, a news report said data from the National Property Information Centre showed an increase in unsold residential homes in Kuala Lumpur valued at above RM1 million in the first quarter of 2015 compared to a year before. These surplus units were worth about RM158 million.
      Cheong said more developers, especially in the Klang Valley, Penang and Johor Bahru, were continuing to build houses costing more than RM1 million, adding to the surplus.
      “The authorities need to stop giving approval for the development of high-end residential properties and approve only houses costing below RM250,000,” he said.
      He said RM250,000 should be the maximum price for an affordable home to ensure people weren’t burdened with big housing loans.
      EPF figures indicate 89% of Malaysians earn less than RM5,000.
      “The repayment for even a RM250,000 housing loan would be around RM1,000 a month, a sizeable chunk for someone earning RM5,000,” Cheong said, adding that most potential house buyers would also have to factor in the cost of living and study and car loans.
      He noted that a Rehda (Real Estate and Housing Developers’ Association Malaysia) survey covering the second half of 2016 showed 52% of unsold units launched during the period were in the RM250,000 to RM1 million price range.
      He urged the authorities to ramp up their affordable housing initiatives in the interest of Malaysians.
      Returning to the subject of luxury properties, Cheong said their prices would eventually drop if they remained unsold.
      “If they drop by 20% or 30%, that is still okay, but the moment they drop down to RM200,000 or RM300,000, then Malaysia will have a problem,” he said.
      “Sure, some will hope this happens so they can buy the properties on the cheap, but it comes at a cost to the nation because when the speculators or developers can’t settle their loans, it will affect the banks and there will be a domino effect on the economy if the government bails out the banks.”
      He said such a scenario was possible because Beijing’s capital controls had made it difficult for Chinese nationals to buy million-ringgit homes. Many of these houses are targeted at Chinese buyers.
      “We have to fill this vacuum left by the Chinese, and only non-Chinese foreigners can do this because locals can’t afford homes above RM1 million.”
      It has been reported that China’s capital controls may cause difficulties for the Forest City project in Johor. Its China-based developer, Country Garden Holdings, closed all sales centres in mainland China when the controls were enforced.
      Houses in the project, accounting for a gross development value of RM400 billion, are to be built on four man-made islands covering 1,385.6 hectares.
      Alan Ho, a former sales agent at Country Garden’s Malaysian operations, has said that about 90% of Forest City buyers are from China.
      Cheong said the authorities would have to relax some regulations governing the sale of property to foreigners.
      “As an example, if the foreign buyers are willing to pay cash for a home above RM1 million, then perhaps the authorities can remove levies, place fewer restrictions on minimum prices of properties or be more liberal with the conversion of Bumiputera lot units.”
      State levies
      Penang and Selangor have imposed on foreigners a higher minimum purchase price – RM2 million – for landed properties or properties with individual titles. They also impose a state levy of 3% on properties while Melaka and Johor charge a 2% state levy.
      Cheong said the relaxation of regulations should apply only to foreigners buying homes with cash and seeking properties in the secondary market. “We would thus avoid a repeat of the issues Forest City is facing while ensuring the foreign buyers are helping to resolve the glut of properties rather than adding to the problem.”
      He said the authorities, while encouraging foreigners to buy unsold luxury properties, must protect the interest of low-income Malaysians.
      Anthony Adam Cho, a former chairman of the Malacca chapter of Rehda, said the crux of the problem wasn’t the price of houses but the inability of people to get loans.
      He told FMT the prices of properties were driven by market forces and if home owners or developers with properties priced above RM1 million couldn’t sell the units, they would naturally reduce the prices.
      He said this was already happening in many urban centres, but the main stumbling block was the banking industry’s stringent lending rules. These rules didn’t take into account income that wasn’t declared, he added.
      Last April, a news report quoted a property consultant as saying property owners in the Klang Valley, Penang and Johor were lowering the prices of their properties by up to 30%.
      “There are many young people whose parents help them out with their bills,” Cho said. “Their children can’t earn enough to qualify for a loan and their parents may be too old to apply for one. In this case, the banks should allow two-generation home loans.”
      He also said there were hawkers and those working commission-based jobs who could afford homes but who did not qualify for loans because they didn’t have documents to show a consistent income.
      He added that the property development industry contributed to 144 downstream industries and was therefore a strong contributor to the nation’s gross domestic product.
      “Aside from people like architects and contractors, there are other people who benefit from property development. Even nasi lemak sellers benefit by selling food to construction workers and this in turn benefits food suppliers.
      “So, if we want to help the economy move, we must make it easier for people to own homes because if we can’t sell homes, then we can’t build more homes.”
      Cho said Malaysia’s growth rate meant that the country would require more than 250,000 new houses a year.
      “Without continuous building of homes, the prices of houses will continue to escalate due to higher demand and lesser output,” he added.

  13. Aging and retiring Singaporeans, rich but less productivity, will be encouraged to move and live in relatively cheaper Johor to continue enjoy the perks with strong S$, and give rooms in little red dot island for young talented foreigners.

    Retiring Sporeans rent out their homes to new permanent residence from abroad, and the high yield rentals enable them to settle down in Forest City with Msia affordable healthcare using their CPF.

    They can hire Malaysian servants and cook and even part time companions until they pass out.

    • This was reported 5 years ago:

      Singapore Billionaire investor Peter Lim is teaming up with the Johor royal family to build a S$2 billion (US$1.55 billion) complex that will include a hospital, hotels, flats and entertainment outlets in Johor Baru.

      The 10ha complex will be erected on a waterfront site just a few hundred metres from Johor’s new customs, immigration and quarantine facility (along Lido Beach?), making it highly convenient for Singaporeans.

      A 200-bed general hospital with specialist services in areas such as diabetes and ophthalmology will be built in the first stage.

      The second phase involves building the supporting facilities for the medical hub, such as serviced apartments, entertainment facilities and a shopping mall.

      Singaporeans and Malaysians with CPF can use Medisave at proposed JB hospital.

      Peter and the Sultan are old friends, and they wanted to do something meaningful, so they decided to build a hospital to provide quality health care, where the main beneficiaries will be from Singapore and Johor.

      The medical hub will be managed by Thomson International Health Services, the consultancy and management division of Singapore’s Thomson Medical Centre.

  14. Once the islands are reclaimed, the engineers allowed the earth to consolidate and has to wait for few years. It is good timing. Once one section is completed which takes about 5 years, the other section can start. Look at singland. The reclaimed land at Clifford pier build the expressway to marine parade from tg Pagar. Buildings come much latter.

  15. Peel Avenue bungalows past residents e.g. Lord Peel may be convening with Mdm Pykett this 7th month to discuss future of moving into 30+ storeys Island Hospital cum hotel?

  16. Reclamation at the southern tip of Penang island ? Don’t worry, all infrastructure developments in Penang will be scrapped maybe, until after GE14 ! Penang won’t get any approval if DAP is still in Penang.

    • In a number of towns, there are such buildings 10-30 storeys high abandoned 10-40 years ago. Unlike ordinary people who have to pay quit rent, upkeep the property, etc., the owners seem to be exempt. This excludes shophouses built in the middle of nowhere – largely completed but without the right (ahem) connections.

  17. When the Mad Hatter proposed to create islands along the coast of Kedah, everyone found it so ridiculous that he dropped the idea. Only the coastal reclamation in Malacca materialised. Now, 20-25 years later, artificial islands and coastal reclamation seems routine.

  18. 9,500 units of ‘five-star’ Country Garden Danga Bay condominium to be completed by September 2017 in Iskandar, Johor.


    According to KGV International Property Consultants (Johor) Sdn Bhd executive director Samuel Tan in The Edge article.“Landed properties still hold up quite well. As for high-rise residential units, if they are priced rightly at RM400 to RM500 psf, there are still buyers.”

      • Any protests from Perkasa at
        Or Red Shirt Mat Rempits angry-bird revving crying for RCI?
        Danga Bay Chinatown possibly with Chinese street names?

        The lesson of money:
        You want others to pump in hard-earned money, better make no noises!

  19. ‘Renowned’ Malaysia real estate consultant Dato’ Sri Gavin Tee was reported on China Press last week as saying confidently that those unsold properties in JB would be fully bought within 5 years.


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