Johor-Singapore SEZ spurs interest in Johor properties
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Developers have noted upward trend in property interest since the Special Economic Zone was announced in 2023.
PHOTO: THE BUSINESS TIMES
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JOHOR BAHRU - The demand for properties in Johor is anticipated to rise significantly once the Johor-Singapore Special Economic Zone (JS-SEZ) agreement is finalised.
Real Estate and Housing Developers’ Association (Rehda) Johor chairperson Lindy Tan said developers had already observed an upward trend in property interest since the SEZ was announced in 2023.
“The demand for properties in Johor has not only recovered but is, in fact, higher compared to pre-pandemic times.
“We have been seeing positive growth with a high take-up rate since last year, especially after JS-SEZ was announced.
“Malaysia and Singapore are expected to sign the JS-SEZ agreement this year
Ms Tan was asked if Rehda Johor had seen a significant rise in demand for properties following the development of JS-SEZ.
“For now, a majority of buyers are Malaysians, including those working in Singapore.
“We have yet to see a notable rise in demand from foreigners,” she said.
Discussions to finalise the JS-SEZ are set to take place at the 11th Singapore-Malaysia Leaders’ Retreat that is likely to be held in December, The Straits Times earlier reported.
Earlier in her speech, Ms Tan said Johor was going through a significant era with the development of JS-SEZ with Singapore, as well as the Special Financial Zone in Forest City.
“These initiatives are set to propel our state into a new phase of economic prosperity, fostering unprecedented investment opportunities and job creation,” she said.
She added that Rehda Johor also looked forward to bridging the gap between developers, the government and other key stakeholders. THE STAR/ASIA NEWS NETWORK
