Singapore buyers make up 74% of non-Malaysian Iskandar purchasers: UEM

Homes and clubhouse at East Ledang, one of the developments in Nusajaya in Iskandar Malaysia in the southern Johor state. Singaporean buyers make up 74 per cent of non-Malaysians who have purchased properties in Iskandar Malaysia developed by UE
Homes and clubhouse at East Ledang, one of the developments in Nusajaya in Iskandar Malaysia in the southern Johor state. Singaporean buyers make up 74 per cent of non-Malaysians who have purchased properties in Iskandar Malaysia developed by UEM Sunrise. -- ST FILE PHOTO: NURIA LING

Singaporean buyers make up 74 per cent of non-Malaysians who have purchased properties in Iskandar Malaysia developed by UEM Sunrise.

Most of these Singaporeans are people who go to Johor frequently for business and those seeking a weekend home, said UEM Sunrise chief executive Wan Abdullah Wan Ibrahim.

"They have been buying both landed homes and strata developments. The landed houses are in our East Ledang development and the strata units are at our high-rise developments in Horizon Hills, Puteri Harbour and East Ledang," he said at a briefing on Thursday.

The high numbers of investors flocking to Iskandar has pushed prices up considerably, Mr Wan said.

Prices of bungalows at UEM's East Ledang development have surged 44 per cent on average in the resale market since 2011.

Even so, prices in Iskandar are still much cheaper than in Singapore, he added.

The price of a 1,500 sq ft three-bedroom unit at the upcoming Marina One condominium is likely to be "in the region of 11 million ringgit", he said.

"For 11 million ringgit you can buy two swimming pool villas in East Ledang. These are villas of 5,500 sq ft, each with a swimming pool and sitting on a land of about 10,000 sq ft," he noted.

"You could buy two and still have some change left over for a penthouse at our Teega condominium in Puteri Harbour and still have enough change for a tour around the world with your family."

UEM Sunrise is partnering Mapletree Investments to manage Marina One, which is being developed by M+S, the joint venture vehicle between Khazanah Nasional and Temasek Holdings.

Register here to get free digital access to The Straits Times until Aug 9, 2015.
Comments