Archive for category: Misc

Johor is the state in Malaysia with the highest overhang of unsold residential and commercial units. In the 1st half of 2023, unsold residential units in Johor amounted to 4,717 with an associated value of RM4 billion ($1.1 billion). This represents 17.9% and 21.8% of the unsold residential inventory nationally in terms of units and value respectively. However, there has been a reduction in unsold residential units in Johor with the figure decreasing 10.3% year-on-year (y-o-y) in 1H2023 to 5,258 units, per Zerin Properties’ 1H2023 report. The same could be said for the serviced apartment/Soho segment, with overhang contracting 8.55% y-o-y to 14,463 units.

Previn Singhe, founder and group CEO of Zerin Properties, attests to the drop in residential overhang being due to fewer launches and developers offering attractive rebates to move units. Singaporeans returning to Johor post-COVID-19 has also given the market an additional boost, with 6,363 residential units (excluding serviced apartments) launched in 1H2023, of which 3,727 or 58.5% were in Johor Bahru district. Supply in the district stands at 19,474 units (excluding serviced apartments) and a majority of the incoming and planned supply are terraced houses.

Zion Road Condo The outlook for the Johor Bahru residential sector continues to remain positive due to various measures like the Johor-Singapore Special Economic Zone, incentives such as favourable tax breaks, and improved transportation connectivity with the impending Johor Bahru-Singapore Rapid Transit System Link. Many Singapore residents seek refuge from high living costs and property prices in other regions, creating potential for further investment.

However, concerns remain for the 1370-ha mega project, Forest City, owing to the financial troubles faced by its developer, Country Garden Holdings. Zion Road Condo Country Garden is the developer of the completed 8,500-unit Country Garden Danga Bay, and the 53.7-acre Central Park integrated project in Johor Bahru. With the uncertainty around Country Garden, market sentiment has become more cautious, impacting on demand and property values.

With entertainment and recreational facilities for the entire family, Zion Road Condo is the perfect residence for those who seek comfort and convenience.

At Zion Road Condo, the design philosophy combines urban sophistication with natural tranquility. Every tower is crafted with sleek lines and expansive glass surfaces, offering mesmerizing views of the Singapore River and Great World City. To top it off, Zion Residence smart utilization of space creates an open and airy feel for every unit. With modern furnishings and top-tier amenities, Zion Road Condo ensures a luxurious living experience. Residents can take advantage of the entertainment and recreational facilities offered here, making it a perfect residence for utmost comfort and convenience.

Nevertheless, there is still hope for the project with Chinese regulators recently announcing that they would support the financing activities of property developers. Country Garden has also been included on a Chinese government draft list of 50 developers eligible for a range of financial support. These measures should inject positivity into the property market of Johor and help to reduce the overhang.