It may not be politically correct to say this, but the cooling of the Singapore Real Estate Market, the increased stamp duty for SPR (Singapore Permanent Residents) and for even Singaporeans buying Private Property, be it their 2nd or 3rd, the ABSD (Additional Buyer Stamp Duty) is a huge turn off, causing many to flock to the nearby JB, mainly in the Iskandar Malaysia area to buy Johor Bahru Property.
Just like foreigners causing property prices in Singapore to go up, here we are going to our neighbouring country to cause JB Property Prices to hike. To us RM10,000 state permission levy is nothing, its less than S$5K.
Given the latest regulation impacting foreigners who wish to rent HDB Flats, only allowing them to rent for only 18 months at a go, and a possible limit on the quota of HDB Flats for rental in one block could mean limiting the number of units for rent. The impact of this new regulation is not clear yet since it was only in place from the 8th of March 2013, but observers wonder if this will push foreigners to live in Condos in Iskandar Malaysia but work in Singapore. Already a small group of Singaporeans are doing that. Living in gated homes in Nusajaya, or properties in Bukit Indah, Senibong Cove, yet willing to bear the commute. Given that the highspeed railway and possible LRT and MRT systems for Iskandar will push this trend further, making investment property in Johor Bahru very viable.
A member of my power team – Khoo Gim Si of Knight Frank (KF Property Network Pte Ltd) is marketing Raffles Suites, Blue Infiniti and many other condo and gated homes in Iskandar
Other Projects in Malaysia available for consideration: