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Johor developers wooing landowners | JOHOR Baru-based property developers are wooing landowners in the district who are holding land al-ready approved for residential use.
According to international affiliated property marketing company KGV-Lambert Smith Hampton (Jo-hor) Sdn Bhd executive director Samuel Tan, demand for land is good despite a slowdown in the property market.
“Now is the best time for developers to increase their landbank for future projects as the land price has gone down between 20% and 70% since the mid-1997 economic slowdown. The country’s home ownership is less than 50%, thus housing projects hold good prospects for developers many years down the road,” he said.
Tan told Star Business that developers were acquiring land to further replenish their landbank and to position themselves for the next boom in property.
“This is a window of opportunity for them to buy land as they are actually paying less,” he said.
Tan said that most of the buyers were looking at land in the northern part of the city, in particular the Tebrau-Plentong development area, and at the north-eastern sector in the Danga-Perling area.
He noted that the latter had been earmarked for the new state administrative centre, Johor Perdana, within Bandar Nusajaya, and for the proposed Hollywood Universal Studio Theme Park.
“At present, there are not less than 15 matured housing estates, as well as relatively new and on-going residential projects within in the Danga-Perling area,” Tan said.
He said that several on-going mixed development property projects by KLSE-listed as well as private developers in the locality had received good response from locals and Singaporeans.
Tan said the development of Port of Tanjung Pelepas within the area, turning Johor into an integrated transportation hub in the southern region, would further boost development there.
Source : The Star 17/12/2002 |
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