However, demand for new double-storey terrace houses which are not located in gated and guarded developments, in the secondary market is very weak.
“There is little price appreciation upon building completion. In most instances, we note a reduction in sub-sale transaction prices,” says Sivadas.
A recent PA International report also points out that there is little demand for old landed housing units around Johor Baru, with some units even priced at pre-1997 rates.
“We do not expect price escalations here due to these being older schemes, as well as due to the continuous offerings of new landed housing units in the market. However, older schemes in the city area such as Kim Teng Park, Serene Park and Taman Pelangi are an exception to this pricing.”
In the condominium sector, the report says that demand remains strong in Johor Baru, due to limited supply in the market.
Prices for high-end condominiums such as that of Petrie Condominium, Johor Baru and the Straits View in Bandar Baru Permas Jaya have exceeded RM350 per sq ft.
The Straits View condominiums which had transacted sales in the region of RM250 to RM300 per sq ft in 2008, are fetching between RM300 to RM350 per sq ft at present.
Service apartments like Ujana in Nusajaya are sold out, while D'Esplanade Residence @ KSL City in Century Gardens, Johor Baru is expected to “do well” as it nears completion, says the report.
However, the PA International report paints a depressing picture for low- and medium-priced apartments.
Apartments in the RM150,000 price range over the last few years, have dipped to below RM100,000 in the secondary market in most areas.
“The number of units put up for sale by public auction companies continues to be be high. This is happening in areas such as Masai, Pasir Gudang, Plentong and Kulai,” says the report.
Boom time
Sivadas says double- and 3-storey shop offices in newer housing estates such as in Taman Nusa Bestari in Nusajaya and in Taman Sutera Utama and Taman Molek in Johor Baru have appreciated in prices over the last two years.
“In most instances, units facing busy main roads and those in established commercial areas, have appreciated by 50%. New 3-storey units offered by developers are at substantially higher prices. All riding on the wave of this euphoria,” says Sivadas.
The PA International report notes that, 3-storey shop offices in Taman Molek that were launched at RM800,000 (intermediate unit) in mid 2000, have an asking price of RM1.3 million today.
In Taman Desa Tebrau, Johor Baru, a 3-storey shop office launched at RM768,000 three years ago, is hovering between RM900,000 and RM1mil today.
The report also notes that rentals for 3-storey shop offices are in the region RM5,000 to RM8,000 per month (intermediate unit), and RM15,000 to RM25,000 per month (corner unit).
Sivadas adds that gross yields for such properties are lower. They have dropped from 6% to 7% two years ago, to about 5% per annum for intermediate units as rental levels are generally unchanged.
Loo points out that some transactions did not seem to be sensible like the shoplots that were launched last year in Taman Sutera Utama, Johor Bahru at RM2.08mil (intermediate unit) and RM2.3 to RM2.6 million (corner unit).
“Currently, the monthly rental is about RM7,500 (intermediate unit) and could go up to RM13,000 (corner unit). So, the yield is between 4.3% and 6% per annum if rentals remain at the current levels when the new shoplots are completed. Perhaps buyers are expecting higher rental yields in the near future.”
He adds that the existing intermediate shoplots in Taman Sutera Utama, launched in mid 2000 were sold at between RM700,000 and RM750,000 per unit and were presently priced at between RM1.5mil and RM1.7mil per unit in the sub-sale market.
Sivadas says that generally, the office space market has fared poorly since the Asian financial crisis of 1997 and 1998.
“Rentals within office towers in and around the city centre continue to hover at RM1.50 to RM2.50 per sq ft per month, inclusive of service charges, thus making this sector a less attractive investment option.”
Also, the retail sector within the city centre have been stagnant over the past year in terms of pricing and rental levels.
Sivadas places part of the blame on the relocation of the Customs, Immigration and Quarantine (CIQ) to Bukit Cagar in December 2008, which he says has diverted traffic and pedestrians away from the city centre.
He also says that there are abandoned retail complexes in Johor Baru, such as Pacific Mall, Kemayan City in Tampoi, and Lot 1 Waterfront City.
There is also ample supply of commercial complexes, such as Aero Mall at Senai, Tesco at Bukit Indah and Giant at Nusa Bestari.
“With massive commercial projects being planned in Danga Bay and Nusajaya, we expect office rentals in the city centre to remain stagnant for the next year.”
Positive near-term outlook
Areas such as Tampoi, Kempas, Seelong, Senai and Nusajaya have seen a gradual increase in the values of industrial land.
The PA International report says converted industrial lands in Tampoi were sold at between RM30 and RM40 per sq ft within the last two years (compared with between RM20 and RM25 per sq ft in mid-2000).
Prices of converted industrial land in Seelong, Kulaijaya and along Jalan Kempas Lama have doubled or more than doubled within the last two years (compared with mid-2000 prices).
“Nusajaya is also a hotspot. Prices in the Nusa Cemerlang Industrial Park, developed by Crescendo Corp Bhd is up by 50% when compared with 2008,” says Wee.
Sivadas says that while the immediate outlook for Iskandar Malaysia is positive, with various projects in the region expected to have a multitude of effects resulting in more job opportunities and higher incomes, it remains to be seen whether the property boom for new developments can be sustained in the long term.
“The key factors now are sustaining demand, and ensuring that supply does not go out of hand,” says Sivadas.
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发表于 28-5-2011 01:04 AM
V. Sivadas ... ‘The residential sector around Johor Baru is split into two different worlds.’
。。。除了与大家分享之外，我尽可能把Iskandar所有的信息都集合在这个贴，以便大家更容易了解Iskandar和作为投资参考与分析，时间久了，这里的信息也可以成为Iskandar发展的见证，也可以用于判断Iskandar会不会成功。。。
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