Strong demand from Singapore buyers for Nusajaya projects
By Romesh Navaratnarajah: Singaporean buyers have shown keen interest for Nusajaya projects in Iskandar Malaysia, which is good news especially for developer UEM Land Holdings Bhd.
Datuk Wan Abdullah Wan Ibrahim (pictured), Managing Director and Chief Executive of UEM Land, said that the recent move to tighten housing regulations in Singapore has impacted purchasing power in the country.
"Generally, our Singaporean neighbours are in favour of higher-end developments, especially projects with strong security system, lush green environment and are lifestyle-driven."
In April, the Singapore government announced tighter rules to ensure that developers provide the accurate sizes and layouts of apartments, in a bid to protect buyers less familiar with the property market.
As a result, more Singaporeans are expected to buy in Malaysia due to the tougher regulations in Singapore, said Steve Melhuish, CEO of PropertyGuru Group.
He added that property prices have reached an all-time high and slight price declines are pushing Singaporean buyers to invest elsewhere.
At the same time, Datuk Wan Abdullah said: "Approximately 50 percent of our total purchasers in Nusajaya are foreigners while the remainder are Malaysians." UEM Land's Nusajaya is one of five flagship zones in Iskandar Malaysia — the first economic growth corridor in Johor.
The developer has four ongoing projects in the area, namely East Ledang, Nusa Idaman, Puteri Harbour, Nusa Bayu and Horizon Hills, which is a joint venture (JV) with Gamuda Land Bhd.
"Our luxury garden residences, East Ledang and high-end condominium, Imperia at Puteri Harbour received overwhelming response from the Singapore buyers," he added.
Related Stories: Caution reigns for Bangkok buyers
HK developer plans on selling more homes
More UK properties for sale
More from PropertyGuru:
Caution reigns for Bangkok buyers
HK developer plans on selling more homes
More UK properties for sale
Abramovich's mansion on the market
