As Johor Bahru continues to evolve, its property market exhibits a positive growth trajectory bolstered by new project announcements and government initiatives. The recent launch of the Johor-Singapore Special Economic Zone (JS-SEZ) has been pivotal, aiming to attract 100 projects over the next decade, thereby fostering economic diversification. This initiative focuses on sectors such as aerospace, electronics, and pharmaceuticals, promising significant infrastructure development and enticing foreign investment.
In 2024, residential property prices have risen, with landed properties experiencing increases ranging from RM20,000 to RM100,000 (3% to 11%). Double-storey semi-detached homes have dominated transactions, reflecting a robust demand. Notable sales include a 3,400 sq ft home priced at RM1.3 million and a larger unit at RM1.5 million. Serviced apartments have also seen price hikes between 3% and 6%, indicating a vibrant rental market.
The fourth quarter of 2024 witnessed seven property launches, comprising five landed properties and two serviced apartments. The Iconia Garden Residence successfully sold all 111 double-storey terraced houses, while Pine 3 at Setia Eco Gardens has seen approximately 80% of its 131 units taken up. The Peak in Pulai, with 85 units priced from RM1.366 million to RM3.95 million, reflects the continuing upward trend.
The Asteriaz serviced apartments launched with 848 units, achieving full sales, while other developments like Gen Rise reported 90% sales from its 732 units.
Moreover, infrastructure and public transport initiatives, such as proposed LRT or ART networks, are in discussions to alleviate traffic congestion, enhancing the connectivity of Johor Bahru. The high daily usage of the Johor-Singapore Causeway has returned to pre-pandemic levels, emphasizing the area's strategic importance. Furthermore, the ongoing infrastructure developments are expected to significantly enhance property values in the region.
Conclusion
The Johor Bahru property market is experiencing an impressive transformation, driven by strategic initiatives and robust demand. With residential property prices soaring, particularly in landed homes appreciating by RM20,000 to RM100,000, the region is clearly on the rise. This growth is underscored by the rapid sell-out of new developments, showcasing investor confidence. As Johor Bahru continues to evolve as a focal point for economic activity, it stands poised to capture even greater interest from both local and international buyers.