Property demand in Johor Baru improves in H2

03 December 2009 , By The Star

The property market here, like in other parts of the country, is regaining momentum after experiencing a slowdown almost a year ago following the global economic recession.

According to Dynasty View Sdn Bhd general manager Wong Kuen Kong, demand for residential property in Johor Baru has improved in the second half year and “with the signs of a global economic recovery, we can expect a better year ahead.”

Wong was speaking to StarBiz at the launch of 58 double-storey Deanna III terrace houses at Taman Seri Austin near here by the Johor Baru City Council corporate and public relations director Abd Rahman Abdullah.

The four-bedroom and three-bathroom houses with a built-up area of 196.39 sq m in a gated and guarded precinct are priced from RM286,800. He said July’s launch of 122 units of Deanna II double-storey terrace houses priced from RM300,048 was already 80% taken up.

Wong said demand for houses priced from RM250,000 and below RM300,000 in Johor Baru was relatively good and the company, a unit of United Malayan Land Bhd, planned to launch more of such houses next year.

He said the company would only launch high-end properties comprising bungalows and semi-detached houses in 2011 when the economy was expected to have fully recovered.

“The Johor Baru property market is now becoming more consumer-driven and apart from design and quality finished products, buyers are also looking at location,” said Wong.

He said Taman Seri Austin’s location in the Tebrau growth corridor, one of the current hotspots for property development in Johor Baru, augured well for the company.

The housing scheme on 202.34ha site was launched in 2005 and is now 25% developed with 1,300 units of residential and commercial properties, of which 90% has been sold.

Wong said upon completion within the next eight years, the project would have 5,700 properties and 30,000 residents and generate RM1.2bil in gross development value.