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Discussion in 'A Singaporean's guide to Living In JB' started by FHBH12, Feb 18, 2014.
Do you agree with this property hunter?
I still find if you belong to those who are looking for quick bucks in flipping property in Malaysia, you will be in for a rude shock. The political scene, the street security and country culture are still far from Singapore. Having said that, for those who are like me, love the slower pace, friendly neighborhood, food and vast land to explore on weekend, buying 1 house you can call home here is a sweet deal. Currently my only concern is renovation as I heard too many scary stories.
Look out for the fire sales, which should be happening anytime now!
As reported by Bank Negara Malaysia, there are 130,690 unsold units in the market with 27% coming from Johor, which is almost 40,000 units.
And these are just the unsold units from developers, not including perhaps twice as much the number of units in the secondary resale market.
So we are looking at around 100,000 units available for one to pick and choose and bargain for the best deal.
Now, the State government has to look for ways to solve this mega problem they created.
"After sultan's call, Johor gov't looks to solve unsold luxury homes glut"
Read more at https://www.malaysiakini.com/news/403322#cKoIUriqJUzFAxlb.99
Seems like the State government is getting into panic mode on this issue.
Not sure what new rules or regulations etc. they will introduce or implement, but trying to dispose so many unsold units, which are not affordable by the locals, within a short period of time is not going to be easy.
For those who are still holding on their units hoping the market will improve may not see that day coming soon.
If they ever got a reasonable offer which don't lose much money, better sell it off unless they have deep pockets and good holding power.
See article below: If this is becoming a problem in Australia, could this become a problem in Iskandar too if there is a significant number of foreign Asian buyers?
“... It’s a big problem all across Australia at the moment of having foreign buyers, usually from Asia, who buy an apartment and then never live in it, and no one knows where they are. They might owe hundreds of thousands of dollars in unpaid levies or there might be maintenance issues in their apartment that affects the others around and below them. But often these people are impossible to track down, so no one can serve the legal papers on them that are necessary for any proceedings to get access to their property, or to sell the unit from under them. ...”
The capital control enforcement by the Chinese government a year ago is taking its toll particularly on the JB property market
The last BMN report that there are still 40,000 unsold units in JB alone is the result.
Big groups of Chinese buyers are not coming in any more.
Developers are not honest enough to report on their actual unsold units and instead always giving the "almost sold-out" impression to attract more kiasu buyers.
40,000 units is not a small amount but coming from which development?
So, its is not just mere pockets of unsold units scattered all over, it will not add up to 40,000 units but rather a high percentage of unsold units in several larger projects!
The massive Country Garden's 8,000 units even with 20% unsold is only about 1,600.
One possibility is many Chinese buyers, who are unable to remit money to service the loans, are cancelling their purchases and the same property is put back into the market.
How the developers are going to move their unsold stock in 2018 is going to be an uphill task.
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