Iskandar Malaysia: Developers face tougher times with global uncertainties and price hikes
JOHOR BARU: Property developers in Johor must be ready to face tougher times within the next six to 12 months in view of the uncertainties in the global economic growth.
Johor Real Estate and Housing Developers Association (Rehda) branch chairman Koh Moo Hing said they should be optimistically cautious as the outlook was not expected to be rosy.
“Hopefully, our members are well prepared to brace the hard times and avoid from being overly ambitious,” he told StarBiz.
Koh said property price in Johor, especially in Iskandar Malaysia, would also be increased by at least 5% in months to come as the hike was unavoidable.
He said with the prices of building materials, especially cement, likely to go up and shortage of workers, developers would have not much choice but to pass the cost to consumers.
Koh advised developers to carefully plan when launching a project this year and next and go for products that could still sell in an unfavourable property market.
“Although there will be a hike in prices of properties in Iskandar Malaysia, it is still not as high as those in the Klang Valley and Penang,” he said, adding that developers could expect demand for properties in Iskandar Malaysia to remain “positive” especially from time house buyers and upgraders.
He said they would not want to delay their purchase as many of them had anticipated that prices of residential properties would continue to increase.
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