{"id":42551,"date":"2017-02-01T17:56:39","date_gmt":"2017-02-01T10:56:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-johor-be-worried-about-ghost-towns\/"},"modified":"2017-02-01T18:52:03","modified_gmt":"2017-02-01T11:52:03","slug":"should-johor-be-worried-about-ghost-towns","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-johor-be-worried-about-ghost-towns\/","title":{"rendered":"Should Johor be worried about ghost towns?"},"content":{"rendered":"


\nResidential developments in Iskandar Malaysia might be wanting of occupants, analysts fear
\nWorkers on the way to Singapore from Johor Bahru. nashriq mohd\/Shutterstock
\nThe massive developments in Johor could become ghost towns when they are completed, reported Free Malaysia Today.
\nChartered surveyor Ernest Cheong is worried that there would not be enough residents and tenants to fill up the thousands of homes and commercial buildings being built in the state.
\n\u201cJust Forest City alone is estimated to be able to house some 700,000 people,\u201d he said. \u201cWho will take up these houses? Johoreans? That is unlikely. There are fewer than two million locals in Johor Bahru, and that\u2019s a generous estimate. Many of them already own houses.\u201d
\nAs for the Chinese nationals and Singaporeans who are expected to relocate there, Cheong is skeptical that a sufficient number would do so.
\n\u201cSingaporeans who are rich wouldn\u2019t want to move to Iskandar as they can live anywhere else around the world. Those who aren\u2019t wealthy may not find it feasible to move to Iskandar and commute across the island every day, as it\u2019s costly and time consuming.\u201d
\n\u201cPeople usually want to migrate to places where they believe the grass is greener. Why would Singaporeans, who enjoy a higher standard of living there, want to come here? It doesn\u2019t make sense,\u201d he explained.
\nMore: Both good and bad news for Iskandar Malaysia
\nAs for Chinese nationals, they will likely use the homes they bought in Iskandar as investments instead of occupying it, adding to their properties in other places across the globe.
\n\u201cSo, even if all the units being developed by Chinese companies are sold, who will stay there? There is a demand for affordable housing from locals, but the Chinese developers aren\u2019t building this type of housing.\u201d
\nFurthermore, Cheong fears that these ghost towns may negatively impact the prices of nearby properties as nobody one wants to reside in an empty neighbourhood.
\n\u201cSadly, developers think they can just build on a plot of land and people will come in. They don\u2019t understand that demand is not just about people wanting homes. It\u2019s about them wanting homes they can afford,\u201d he added.
\nBased on statistics from the National Property Information Centre, home builders intend to construct over 350,000 private residences in Johor, with some already under construction.
\nThis article originally appeared on PropertyGuru.com.my on 25 January 2017
\nRead next: Why Malaysia\u2019s market woes may soon be over
\n
\nSource : property-report.com
\nRead more…Should Johor be worried about ghost towns?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Residential developments in Iskandar Malaysia might be wanting of occupants, analysts fear Workers on the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42551","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b4j","jetpack-related-posts":[{"id":36220,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-usd100-billion-city-near-singapore-scares-the-hell-out-of-everybody\/","url_meta":{"origin":42551,"position":0},"title":"This USD100 billion city near Singapore \u201cscares the hell out of everybody\u201d","date":"November 28, 2016","format":false,"excerpt":"\r Chinese developers are swamping the market Johor Bahru, Malaysia. 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