The influx of tourists will likely bolster the retail property market in Johor, but its impact on residential buying interest and investment is still uncertain.
According to UEM Land, the theme park is expected to enhance the value of its nearby developments such as the Residences @ Medini North.
Gavin Tee, Founder and President of SwhengTee International Real Estate Investors Club, said: “Developments like Setia 88 and IGB’s Southkey Megamall in ‘older’ areas of Johor such as Tebrau do stand to benefit from the establishment of Legoland.”
But experts feel that Legoland is not a stand-alone catalyst that will single-handedly boost Johor’s property market. The region needs the holistic effort of all the projects in Nusajaya and Medini such as Edu City and the Wellness Centre.
“Indeed, Legoland is definitely a crowd puller, but such as in the case of the Johor Premium Outlets (JPO), the branded theme park cannot be solely depended on to boost the real estate and economic industries in the area,” said Tee.
Adrian Un, Director of Mortgage Broker added: “Legoland is definitely an iconic landmark. However, I don’t see property investors using Legoland as the only reason for their future purchase of properties in Iskandar and I certainly don’t see a mad rush to buy properties just because of Legoland.”
Indeed its a combination of factors – Pinewood studio, Educity with 10 universities, Ascendas Tech Park, SiLC, Puteri Harbour Indoor Theme Park, Gleneagle Medini, Horizon Hills, Bukit Indah vibrant new town – all 10 minutes away from 2nd link to Singapore, are contributory factors to note.
- Iskandar Malaysia to surpass RM100bn investment mark (investjohor.wordpress.com)