Local and international developers have been launching mega integrated iskandar project one by another recently in the Iskandar Malaysia. Property market watchers are worries about the slowdown of the Iskandar property due to over supply of housing. In light of this issue, State Housing and Local Government Committee chairman Datuk Abd Latif Bandi said that Iskandar Malaysia property market is indeed slowing down, but the situation is expected to be just temporary and believe that the demand will be rebound early next year.
“Compare to Selangor and Penang, Johor Bahru especially Iskandar Malaysia which is adjacent to Singapore are more suitable for property investment. Many developers hope that Johor state government can release the restrictions of foreigners property ownership for Iskandar property in Iskandar Malaysia,” Abd Latif said.
“Johor state government still in the progress of case study to setup “international zone”, it is expected the study report will be completed next year.”
According to Abd Latif, international zone means that foreigners and local house buyers will pay the different tax rates in international zone. Local house buyers who buy the property in the international zone can sell the property to foreigners without any restrictions.
Abd Latif said that housing type in international zone are mainly strata property like condo, and local buyers will have priority in landed property. It wouldn’t affects the quantity of property units owned by local Malaysians.
“Total Johor land size of international zone is yet for release, but its location are set to be Tebrau coastal area and Danga Bay area. Iskandar property price in international zone are set to be 1 million and above,” said Abd Latif.
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