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.
| Please help to support this blog if you can. Read the commenting guidlelines for this blog. |
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… Read more »
China developers are kept busy in Iskandar Johor.
Else they will come to Penang. Thank goodness.
R&F Princess Cove (progress as 22-07-2017), transforming the skyline and landscape of JB’s side of causeway:
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 with the value of our ringgit!
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.
https://www.themalaysianinsight.com/s/13286/
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.
PRAY FOR TEXAS.
Photos: Hurricane Harvey slams Texas
http://edition.cnn.com/2017/08/26/us/gallery/hurricane-harvey/index.html
Now is not the time to talk or negotiate or ‘cham siong’ anything personal with President Trump.
But see this:
https://www.fastcodesign.com/90138324/harvey-is-catastrophic-and-houstons-urban-planning-made-it-worse
Exactly what is happening over here as compared to Houston urban-planning. But does the local authorities really care?
Make more money while the sun shines + the storms are still months away, or better still blame on acts of God for calamities.
One mistake of gentrification of George Town:
Cover up all the monsoon drains which are unsightly & danger to jay walkers. But did they smart alecs consider where the running rain water will quickly flow to during a storm to reduce the rate of flooding?
Mumbai paralyzed as Monsoon/Flood in India kills more than 1,000
https://www.google.com/amp/s/www.cbsnews.com/amp/news/flood-in-india-mumbai-area-affected-south-asia-from-monsoon-rains-over-1000-dead/
Overdevelopment or poor planning in urban Mumbai?
See this:
https://qz.com/1064364/hurricane-harvey-houstons-flooding-made-worse-by-unchecked-urban-development-and-wetland-destruction/
pray that your epf money is not used to bail out national debt before you can cash out.
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 ??
This video will inspire new Indian leaders in Malaysia:
arul if he think he is superstar should go segamat to challenge subramaniam mic seat.
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?
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.
Event indicating GE14 sooner than you can think?
https://m.malaysiakini.com/news/393330
Next Zahid to visit Wanita MIC?
Engineer to be active again???
GE 14 on 2017-11-11 saturday ?
1111 to bring luck to MO1?
Requires Immediate Attention: Perhaps MACC should first apologise for Teoh’s death https://www.malaysiakini.com/news/393323 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… Read more »
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… Read more »
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.
Readers for political update missing lately from AnilNetto.com can read this article on PKR Selangor now like headless chicken seeking power survival
http://www.freemalaysiatoday.com/category/opinion/2017/08/26/the-scandal-of-pkr-selangor/
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.
PKR will lose out to Bersatu.
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.
anwar suddenly realise his pkr (mostly lazy YBs) could lose to parti bunga.
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… Read more »
Simple, Penang will be a dead duck as so obviously manifested by our PM Najib !
so you are ready for najib? just because of br1m dedak?
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.
Off topic but very essential for today’s politics of serving the public.
Johor Sultan grants audience to KJ a day after polo dare
https://www.malaysiakini.com/news/393230
Politicians should be more subservient to the Rakyat as seen here at the Istana.
Subservient – bend low to the Rakyat’s aspiration & needs.
Wayang for cheap publicity.
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… Read more »
Retirement Village in JB of Singapore old folks a good bet if they could use their CPF medisave to pay for medical services at JB hospitals.
Many prefer working in S’pore for higher wages
http://www.thestar.com.my/news/nation/2017/08/31/its-all-about-the-money-for-msians-many-prefer-working-in-spore-for-higher-wages/#BGoO8oXszotr3olH.99
3x your pay with Singapore Dollar.
House buyers body tells developers: You are to blame, too http://www.freemalaysiatoday.com/category/nation/2017/08/25/house-buyers-body-tells-developers-you-are-to-blame-too/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+FreeMalaysiaToday+%28FMT+News%29 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… Read more »
Property market bubble set to burst, says think tank http://www.freemalaysiatoday.com/category/nation/2017/08/20/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.… Read more »
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 http://www.freemalaysiatoday.com/category/nation/2017/06/10/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… Read more »
Recession in Malaysia in 2018, predicts expert
http://www.freemalaysiatoday.com/category/nation/2016/05/06/recession-in-malaysia-in-2018-predicts-expert/
Prime Minister Najib said overall, the nation’s economic performance for the first quarter of 2017 remained stable and strong, expanding by 5.6 per cent, with foreign direct investment (FDI) rising to RM17 billion.
Malaysia had received many international recognitions which proved that the policies the government had implemented to continue to strengthen the economy were the right move and bore results, he said in his latest blog posting.
http://www.themalaymailonline.com/malaysia/article/najib-malaysias-economy-remains-strong-stable#RgAD8TAWgUx13FQK.99
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: https://www.google.com/amp/s/investjohor.wordpress.com/2012/08/05/billionaire-investor-peter-lim-johor-royalty-to-build-jb-medical-hub/amp/ 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… Read more »
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.
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?
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.
Learn from the superstitious Thais: อาคารผี (Xākhār p̄hī) – ghost buildings
Bangkok’s abandoned ‘ghost’ towers still stand 20 years after crash
http://edition.cnn.com/style/article/bangkok-abandoned-ghost-towers/index.html
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.
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.
9,500 units of ‘five-star’ Country Garden Danga Bay condominium to be completed by September 2017 in Iskandar, Johor.
https://www.google.com/amp/s/kopiandproperty.com/2017/05/29/oversupply-iskandar-country-gdn/amp/
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.”
Country Garden has built a modern Chinatown for JB at Danga Bay.
Any protests from Perkasa at
Johor?
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!
Country Garden Danga Bay JB – Progress as 22.07.2017
‘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.
ANIL can interview Gavin Tee next he is in Penang to understand his property logical mind?
http://www.swhengtee.com.my/About-Swhengtee/Dato-Sri-Gavin-Tee.html
Be reminded that he will never touch on property bubbles.
Having promotes group purchase of properties, driving up prices after soft launch. Developers like people like him, but genuine home buyers suffer because of his action.
gavin tee talks opposite of ernest cheong. who do you believe? million dollar question.