Cheyenne Hollis | Nov 26, 2012 | Comments 0
The condo market in Johor Bahru has grown in recent times as demand from buyers has increased.
The rapid development of condominiums and apartments in Johor Bahru is based upon the increase in land prices and changing trends of buyers in the region, the Malaysia Chronicle reported.
Chairman of Real Estate and Housing Developers? Association (Rehda) Johor Branch, Koh Moo Hing said the young generation is now more interested to live in condominiums and apartments due to trend and security factors.
?Property buyers, particularly amongst the young generation now choose the gated and guarded concept such as condominiums and apartments as they place more importance on the security factor,? Koh said.
He added property development companies in Johor Bahru were not really interested to build condominiums and apartments in the past and use to focus on terraced houses and bungalows.
The scenario has changed over the last few years with developers racing to build condominiums and apartments in this city following high demand from buyers, Koh said.
SP Setia Bhd launched a 55-storey high-end condominium, the tallest in Iskandar Malaysia, known as Sky 88, which is expected for completion within four years, the newspaper reported.
Other developers following suit include Kumpulan JoLand?s ne development the Paragon Residences@Straits View comprising 32-storey and Dijaya?s Tropez Residences at Danga Bay.
Both Paragon Residences and Tropez Residences are fronting the Johor Straits, which is very popular amongst the foreign buyers. Locations considered as hot spots include Danga Bay, Nusajaya and Medini.
According to the Johor Bahru City Council and Johor Bahru Tengah Municipal Council, there are more than 25,000 condominium and apartment units in the city that are under construction or in the process of getting building approvals.
Filed Under: Country News ? Malaysia ? News
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