Iskandar Malaysia brings property boom to JB

28 Aug 2012 | 407 views

The Iskandar Malaysia development in the south of Johor is bringing a property boom to the property market not only in new developments in the Nusajaya area, but also around JB and its suburbs.

The people of JB are also buoyed by the prospects of job opportunities as businesses sprout out in the five zones that make up the Iskandar Malaysia area.

We speak to four Johoreans to seek their views on Iskandar Malaysia. They are:

Mr Samuel Tan of KGV International Property Consutants
Mr Loh Liam Hiang of the Johor Bahru Chinese Chamber of Commerce & Industry
Mr Jimmy Leong Wie Kong of the Malaysian Tourist Guides Council and
Mr A Wahab Hj Hashim of the Persatuan Kebajikan Tuan-Tuan Punya Teksi Kereta Sewa Johor Bahru Ke Singapura

One major criticism is the prices of residential properties. For new gated community properties, prices go upwards from RM500,000. The accusation is that this is to get Singaporean purchasers, thus making it difficult for Malaysians.

One solution is to increase the threshold to RM1 million for foreign purchasers by property consultant Samual Tan of KGV International property consultants says this isn't a good idea. Developers will simply put up the prices of the properties to match that.

He suggests other means such as: restructuring of the capital gains tax to make it higher for foreigners when they re-sell the property and this has the added advantage of dampening speculative purchasers by them. Another is to increase the stamp duty for foreign purchasers.

Host: Shanice See
Online Editor: Azudin Heidzir
Special Thanks to Steven Chen,
chapter head CJMY Southern Chapter