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.