Malaysian properties continue to appeal to Singaporean buyers, on the back of higher prices as well as cooling measures in the city-state’s property market.
At the recent PropertyGuru Malaysia Property Show (MPS) in Singapore held on 13 to 14 July, over 2,155 Singaporean buyers flocked to hunt for properties. At the end of the event, over 30 units worth RM30.1 million were sold.
Just two weeks after, 20 units worth RM18.3 million were also sold at the MPS in Johor Bahru held on 27 to 28 July.
PropertyGuru Malaysia Country Manager Gerard Kho, said: “A total of RM48.4 million in sales was transacted in just two weekends as a result of our Malaysia Property Shows in Singapore and Johor. This is a telling sign that Malaysia properties are still highly sought after.”
“Reception for the first Malaysia Property Showcase in Johor was especially positive as it was the first time visitors were able to visit the actual showroom gallery or the site of the property before purchasing. Shuttle buses were provided from the event venue and pick up was also available from Singapore to Johor,” he added.
The overwhelming response was attributed to a number of factors such as higher property prices in Singapore, the government’s cooling measures as well as the introduction of a new Total Debt Servicing Ratio (TDSR).
Steve Melhuish, Co-Founder and Chief Executive Officer of PropertyGuru Group, said: “The momentum for Malaysian properties among Singaporeans remains strong. What’s interesting is that we notice a growing interest in Iskandar Malaysia…This shows that Singaporeans are well aware of the developments occurring in Johor and believe in the future prospects of the area. It appears that KL and Penang are now competing with Iskandar Malaysia for the overseas property investor dollar.”
There was equal sales activity for both high-rise and landed homes, said PropertyGuru.
“With space being a premium in Singapore, it makes perfect sense for Singaporeans to choose Iskandar Malaysia when looking for more spacious condos or even landed properties. However, we need to look beyond just transaction numbers,” said Melhuish.
“There are key insights and buying trends happening that are indicative of the bigger property landscape and how Malaysia and Singapore are connected via the Iskandar region.”