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Property boom for Iskandar

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Soaring Iskandar property prices – Savills Rahim & Co

Property boom for Iskandar

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A confident property market in Iskandar is creating record prices for condominiums, as buyers prefer to buy now, rather than risk higher prices further down the track.

The latest market report from Savills Rahim & Co says property prices in the region have increased substantially within the past couple of years. Land prices are up 30-40% since Iskandar's inception six years ago, causing leading property developers, including SP Setia, Mah Sing, UEM Land and Dijaya Corp to make their presence known in the southern region.

The report says the completion of the highly anticipated Eastern Dispersal Link (EDL) is expected to fuel price growth in suburban areas, due to the improved access to neighbourhoods such as Pasir Gudang, Bandar Permas Jaya and Taman Mount Austin. The expressway is also integrated with the Singapore causeway, which makes the region more attractive not only to Singaporeans, but also to Malaysian nationals working in the republic.

Increasing demand in the condominium sector has fuelled the property boom as prices reach an all-time high of up to RM750 psf. Prices are still on the rise due to the high confidence levels and take-up rates have been maintained at encouraging levels.

Key projects creating interest include The Kempas Utama development by Wealthy Growth Sdn Bhd, which offers high-speed broadband, a TM Centrex Service and unique green features as selling points. Setia Sky 88, the tallest residential development in Johor Bahru, will be launched with an indicative price starting at RM600 psf. Iskandar Investment Berhad's subsidiary, Medini Iskandar Malaysia Sdn Bhd, and Qingdao Zhuoyan Investment Holding's Square Stone Holdings Sdn Bhd will jointly develop a high-end condominium, known as Medini International, with apartments priced from RM750 psf.

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This year is set to be the tipping point of Iskandar Malaysia with the completion of many major projects in the region, including Legoland and Educity.

For additional information on the market, contact Savills Rahim & Co, Level 17, Menara Uni Asia, 1008, Jalan Sultan Ismail, 50250, Kuala Lumpur, Malaysia. Tel: (+603) 2691 9922. Email: srcrea@savillsrahim-co.com. Or visit the website:www.rahim-co.com .

First published date: 11 October 2012

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