Greater JB agenda bolstering growth

Rehda says govt policies to open up opportunities

JOHOR-BASED developers are seeing positive impacts and good growth prospects in the property market under the Greater Johor Baru (Greater JB) agenda.

Real Estate Housing Developers Association (Rehda) Johor branch chairman Wong Boon Lang said developers were benefitting from the agenda.

“The immense potential of Greater JB beckons us with promise and possibility,” he said when met after the opening ceremony of the Johor Malaysia Property Expo (Mapex2024).

It was launched by Johor Baru mayor Datuk Noorazam Osman at Johor Baru City Square on Jalan Wong Ah Fook in the city.

Thirty-two developers and three banks occupied 78 booths from May 3 to May 5.

Some 9,287 units of properties worth RM19.34bil, comprising mainly new launches, were for sale.

Wong said Greater JB, positioned as the country’s second metropolitan hub, was a vibrant region holding the key to unlocking Johor’s full economic potential.

He said the state’s strategic location and supportive government policies positioned it as an ideal place brimming with untapped potential, to attract investors seeking new frontiers of opportunity.

“Johor Rehda members should not miss the business opportunities brought about by Greater JB in years to come,” added Wong.

Thirty-two developers and three banks participated in the Johor Mapex2024 event from May 3 to 5.

Four local authorities – Johor Baru City Council, Iskandar Puteri City Council, Pasir Gudang City Council and Kulai Municipal Council – had been tasked with making the vision a reality.

Among the initiatives and strategies involved include boosting the quality of life and attracting investments while positioning Johor Baru as a key economic area.

“The presence of domestic and foreign investors into the region will create new job opportunities for locals and boost demand for industrial buildings,” said Wong.

He said this would improve the living standards of the people, which in turn would also create demand for residential properties in the Greater Iskandar Region.

He noted that the strong Singapore dollar was a boon too for Malaysians working across the Causeway but living in Johor.

They would have greater financial capacity to buy higher value housing units, Wong said.

“As they are from the working class, we estimate that double-storey houses priced between RM500,000 and RM700,000 should be affordable to them.

“The monthly housing loan payment ranges between RM2,500 to RM3,500.”

He said service apartments in the Johor Baru Central Business District, which were priced in the same range, were also a good choice for Malaysians working in Singapore.

“This is ideal for those planning to commute daily from Johor Baru to the island republic when the Johor Baru-Singapore Rapid Transit System (RTS Link) service starts operating at the end of 2026,” said Wong.

The RTS Link is designed to move 10,000 passengers per hour in each direction between Bukit Chagar in Johor Baru and Singapore’s Woodlands North.