Most foreign buyers of UEM's Iskandar homes are S'poreans

Iskandar region encompasses an area of 2,217 square kilometers covering the city of Johor Bahru and the adjoining towns of Pontian, Senai, Pasir Gudang and the construction of a new administrative capital in Nusajaya.
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singaporeproperty
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Most foreign buyers of UEM's Iskandar homes are S'poreans

Post by singaporeproperty » Fri Sep 20, 2013 5:36 pm

Most foreign buyers of UEM's Iskandar homes are S'poreans

Some go to Johor often for business and some want a weekend home

Published on Sep 20, 2013


Bungalows under construction at UEM Sunrise's East Ledang project. Singaporeans have accounted for 74 per cent of purchases made by non-Malaysians at the various developments. -- ST FILE PHOTO: NURIA LING

By Yasmine Yahya

SINGAPOREANS are streets ahead of any other group of foreigners snapping up property developed by UEM Sunrise at Iskandar Malaysia.

They accounted for 74 per cent of purchases made at the various developments by non-Malaysians.

Most Singaporean buyers are people who go to Johor frequently for business and those wanting a weekend home, said UEM Sunrise chief executive Wan Abdullah Wan Ibrahim yesterday.

"They buy more of the upmarket products, as foreigners can only buy units that are above RM500,000 (S$195,000), and they have been buying both landed homes and strata developments," he added at a progress update of the Iskandar projects.

UEM Sunrise is the master developer of Iskandar's Nusajaya area. Its developments include East Ledang, a 111ha project with bungalows and villas and several condominiums at Puteri Harbour, Iskandar's answer to Singapore's Keppel Harbour.

UEM data shows that Singaporean buyers usually outnumber all other foreigners combined. At the Imperia project, Singaporeans made up 39.1 per cent of buyers, eclipsing even Malaysians at 24.3 per cent. Foreigners of other nationalities made up 36.6 per cent.

At neighbouring condo Teega @ Puteri Harbour, 36.5 per cent were Singaporeans, 51.8 per cent were Malaysians and 11.7 per cent were of other nationalities.

A substantial proportion of non-Singaporeans who bought units in Iskandar have strong links to Singapore, Mr Wan Abdullah noted. Many are Malaysians who live and work in Singapore, while others are expatriates or foreigners who visit often.

"These are people who travel to Singapore regularly for various reasons, like health care, education for their children, business and commerce or for lifestyle."

The high number of investors flocking to Iskandar has pushed prices up considerably, he added.

Prices of bungalows at UEM's East Ledang development have surged 44 per cent on average in the resale market since 2011.

Even so, prices in Iskandar are still much cheaper than in Singapore, Mr Wan Abdullah noted.

A 1,500 sq ft three-bedroom unit at the upcoming Marina One condominium in Singapore is likely to be "in the region of RM11 million", he said. "For RM11 million you can buy two swimming pool villas in East Ledang. These are villas of 5,500 sq ft... sitting on land of about 10,000 sq ft.

"You could buy two and still have some change left over for a penthouse at our Teega condominium in Puteri Harbour and still have enough change for a tour around the world with your family."

UEM Sunrise is partnering Mapletree Investments to manage Marina One, which is being developed by M+S, the joint-venture vehicle between Khazanah Nasional and Temasek Holdings.

yasminey@sph.com.sg

http://www.straitstimes.com/premium/mon ... s-20130920

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