While it is evident that all these years to outside investors that Kuala Lumpur (and to some extent, Penang) has been getting all the attention when it comes to the travel and investment sectors, only a handful might know how Johor, one of Malaysia’s states, is beginning to put itself on Malaysia’s map as an emerging prime real estate location.
Southern Johor is slowly climbing up the property investment ladder. It all started seven years ago, specifically in Iskandar, when a plan was formulated to make the location an investment spot. Temasek Holdings, together with Khazanah Nasional, spearheaded the plan that made property developers choose Iskandar as the site for future developments, both commercial and residential. In order to attract more investors from all over the world, part of the plan was to let these foreigners purchase property in Medini, an area in Iskandar, for less than RM500,000. The plan worked, as Medini became one of most prominent locations to invest in on the entire region. We at PropertyReviews.my is pretty bullish about the Iskandar region – continue reading to see why.
One of the developers who invested in Medini is D’Pristine Medini Sdn Bhd – part of the MCT Consortium (OneCity at USJ, Kingsley Hills @Putra Heights, Skypark @Cyberjaya). Its project is a mixed-development property called D’Pristine @ Medini. Set to be completed by 2017, this leasehold property is going to consist of flexible office (SoFo) units, a four-star hotel with 300 rooms, two blocks of small offices that house 36 and 37 storeys respectively, and a 33-storey Grade A office tower. There is also a plan to build a shopping mall that is measured at a lettable 200,000 square feet, which will consist of retail shops, dining areas, and restaurants, totaling 163 units. The mixed development is slated to be nearby Iskandar’s top destinations, including Legoland, Hello Kitty World, Mall of Medini, Urban Wellness, and the Gleneagles Hospital.
D’Pristine @ Medini’s flexible office (SoFo) units were put up for sale last July. The mixed development will have a total of 600 SoFo units. Typical layouts include one, two, and three bedroom units. In total, 1,187 SoFo units will be housed in two blocks. Built-up areas for these units start at 644 square feet to 1,416 square feet. Price range for SoFo units start from an estimated RM440,000 to about RM1.2 mil. To check if these are fair prices to pay, click on this link to download a free price valuation guide courtesy of GoodPlace.my.
The developers would want to attract foreign investors – specifically Indonesians and Singaporeans—to invest on the D’Pristine @Medini. Either as investment or a residential choice, it’s always a major point for foreigners to invest in Iskandar in order to push the area’s steady rise to development and adapt to a modern lifestyle.
For its facilities and amenities, the D’Pristine @ Medini boasts of a swimming pool, a VIP Lounge, a gymnasium, a bistro, a ballroom, and a group lounge. Furthermore, a business centre will be built to accommodate the residents’ daily needs, such as photocopying, posting, and photostating services.
As of this writing, the developers are in the process of negotiating with a local four-star hotel operator to manage D’Pristine @ Medini’s 300-unit four-star hotel. The developers are also planning to hire just one party to manage both the residential and branding mix of the mixed development’s shopping mall, including facilities and amenities. In addition, the topmost floors of the SoFo towers will be leased out as serviced apartments for about one to three months. D’Pristine @ Medini’s grade A offices is still in the stages of planning, however, we will be updating you as soon as we receive any updates about this development with a high potential.
The developers are confident that D’Pristine @ Medini will catch the attention of a lot of expatriates and young professionals, especially when Iskandar becomes even more developed as time progresses. There are a lot of developments in Iskandar that are currently under construction, including EduCity, Puteri Harbour, and Pinewood Iskandar Malaysia. These properties, when completed, will only attract more and more investors, both local and foreign, to invest in an area with a bright future.
Lee Kuan Yew seems to think that investments in Iskandar are shaky for foreigners (see this news piece) but we don’t see the Malaysian government shooting itself in the foot with extraneous regulations and taxes – although there’s a recent tax hike by the Johor government on foreign property ownership. We here at PropertyReviews are a little more concerned about the rising prices in lieu of the PSF rates which are reaching up to RM1,000 PSF – comparable to the best of the upmarket condominiums in the KLCC enclave or on the Embassy Row.
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Iskandar still remains largely “unproven” at this point; with the glut of developments in the pipeline it remains to be seen if demand catches up with the supply (especially with the launch of the Danga Bay mega development in Johor Bahru). To valuate a property’s price properly, it’s important to use a robust analysis method and not just depend on asking or launch prices. To do this, use this price valuation guide which we will email you the digital version of the guide for free.