In light of the many housing projects built in Iskandar Malaysia, Johor Crown Prince Tunku Ismail Sultan Ibrahim clarified that the southern Johor development region is not facing a supply glut, reported The Straits Times.
Notably, oversupply concerns in Iskandar Malaysia arouse after property developers offered many housing projects in the region to lure foreign buyers.
Bloomberg recently reported that Country Garden’s Forest City project can house 700,000 people when completed.
“I have been following the development of Iskandar Malaysia and we are now halfway into the 20-year plan since November 2006,” he said.
“If you do your research, there are only 410,000 houses and units now, so there is no such thing as an oversupply.”
In fact, Iskandar Malaysia’s 1.7 population is expected to double in 2027, with 660,000 homes needed, said Tunku Ismail.
He was launching the Fastrackcity motorsport circuit project in Iskandar Puteri, formerly Nusajaya, with Prime Minister Najib Razak attending the event.
He noted that the main goals in Iskandar Malaysia can be achieved by focusing on three areas – connectivity, security and work creation.
“We need to not only beef up security, but also the perception of a safe city,” said Tunku Ismail, who also serves as chairman of Fastrackcity.
“Connectivity between Singapore and Malaysia, whether it is by air, sea or rail. We also need to enhance skills in healthcare and training skills.”
Image sourced from New Cities Foundation
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
