M'sian developer sees housing demand shifting to Iskandar

By Romesh Navaratnarajah:

Malaysian developer Mah Sing Group expects demand for its properties in Kuala Lumpur and Penang to shift to Iskandar Malaysia, reported The Business Times.

Lim Kiu Hock, Executive Director for operations at Mah Sing, said demand has shifted since the launch of Iskandar Malaysia in 2006.

"The value of properties in Iskandar Malaysia will see an increase in the next three to five years," Lim said at a press conference in Johor Bahru last Saturday following the preview of The Meridin@ Medini.

The preview was attended by some 1,500 guests with several from Singapore, Japan, China, Indonesia, Taiwan and South Korea.

The 400-unit Tower A and 195-unit Tower C were opened for pre-selection of units, while the 161-unit Tower B will open for registration following its launch next month. Units will be priced between RM387,000 (S$160,167) and RM975,000 (S$403,530).

The 3ha integrated development with RM1.1 billion (S$455 million) gross development value (GDV), also features the Meridin Exchange corporate towers, Meridin Walk lifestyle retail podium and Meridin Linx Small Office Versatile Offices.

Lim is confident that the serviced apartments will see good response due to its strategic location.

"Besides our company's track record, another big draw is that investors in this special economic zone will get a lease extension of 30 years, making the total lease period 129 years."

He noted that Mah Sing has RM2.22 billion (S$910 million) in remaining GDV and RM145 million (S$60 million) unbilled sales from its Johor landbank of 164ha, adding that the company expects The Meridin@Medini to generate 20 percent of sales.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg

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