Sales at Johor project soar to more than 50%
The Country Garden @ Danga Bay project in Johor Bahru has attracted strong interest from buyers with over 5,000 units sold, or more than half the total of 9,000 units ahead of its completion in 2018. Demand for the RM18 billion (S$7 billion) development came mainly from Malaysians, but Singaporeans, mainland Chinese, Korean and Taiwanese buyers also snapped up units aggressively, said Michael Ong, Sales Supervisor at Country Garden Properties.The 57-acre coastal city is expected to be completed in three phases, with 3,000 units to be ready each year from 2016 to 2018. It will comprise 33 condominium blocks and 11 apartment towers featuring serviced apartments of one, two and three-bedrooms.According to Wee Soon Chit, Executive Director of property agency Landserve (Johor), the simultaneous launch of 9,000 units was "astounding for Johor Bahru or the entire country for that matter". "The marketing campaign is also revolutionary whereby enormous amounts of money have been spent on various promotional activities to attract buyers...The pull factors for the project come from its integrated 5-star development concept, reputable developer, excellent location and 180-degree sea view as well as the possible link by light rail system," added Wee.Responding, Michael Geh, national committee member of FIABCI-Malaysia, said: "Overall, I'm very happy and encouraged professionally to see that a large international development company like Country Garden, a top 10 developer from China has decided to invest in Iskandar."Geh also downplayed fears of a possibly oversupply as Johor state has a large land area and "there are certain areas where locals traditionally stay"."I don't think foreigners will flock to these areas to buy. They won't go to the secondary market. Instead, they usually purchase directly from the developers. Therefore, I don't think the presence of foreign developers will negatively impact local buyers so much. Local buyers have a lot to choose from and have their own buying patterns and preferences. I don't think we should be unduly alarmed by developments by foreign developers."Image: Country Garden @ Danga Bay (Artist's impression)Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sgRelated Stories:3 new China properties for AscottPerth top for overseas buyersChinese developer unveils coastal city in Iskandar
More from PropertyGuru:
Student property shows halted in HK
First Forbes Tower set for Manila
Huge Olympic boost for 2020 city
Sell-out for Sydney's Barangaroo
More S'poreans snapping up Philippine property
