“In Johor alone, there are around 336,000 new private residential units in the pipeline – more than the total number of private homes in Singapore.” That is what a report in the Insider has highlighted.
This has led to the Singapore government warning buyers about the risks of buying property in Johor.
“Official Malaysian data suggest the Johor housing market is already slowing down … Singaporean buyers, too, are becoming wary,” said a Singapore minister.
Well, we could see the glut in Johor coming a year ago or even earlier.
But the building frenzy is carrying on in Penang as if there is no tomorrow. And with more massive land reclamation in store, much of the new property supply in the pipeline is aimed at the high-end of the market, which could be hit the hardest.