“Discover how the Malaysia-Singapore Rapid Transit System is reshaping Johor’s property landscape. The report highlights a 20% reduction in unsold property units in Johor.”
KUALA LUMPUR, 27th Mar 2024 – Under the development of the Malaysia-Singapore Rapid Transit System, iProperty Malaysia observes optimistic prospects in Johor’s property market. Expected to be completed by the end of 2026, the Malaysia-Singapore Rapid Transit System is seen as an economic driver for southern Johor, enhancing connectivity with Singapore and revitalizing the property market, particularly in the Johor Bahru area.
Over the past few years, Johor’s real estate market has faced significant oversupply issues, exacerbated by the COVID-19 pandemic. However, with market recovery post-pandemic and the development of transportation infrastructure, Johor is poised for a turnaround.
Following the announcement of the COVID-19 pandemic entering a localized phase in April 2022, iProperty found a 29% surge in property demand index in Johor Bahru. Similarly, as the Malaysia-Singapore Rapid Transit System reached 50% completion in 2023, Johor Bahru’s property demand index rose by 17%. These demand trends align with the National Property Information Centre’s (NAPIC) 2023 Property Market Report.
The report highlights a 20% reduction in unsold property units in Johor, decreasing from 5,258 units in 2022 to 4,228 units in the first half of 2023.
Sheldon Fernandez, Regional Manager of PropertyGuru, noted, “Johor is undergoing a significant transition from being the state with the most properties to a more favorable position. This improvement is attributed to various measures taken by the government, including the development of the Malaysia-Singapore Rapid Transit System, designating Forest City as a special financial zone, and the potential restart of the Kuala Lumpur-Singapore High-Speed Rail (HSR). These measures not only stimulate property demand but also enhance property values.
