Sara Scott | Dec 14, 2012 | Comments 1
According to Channel NewsAsia, Singapore?s property investors are shifting their investments across the border into Iskandar. The push into the region has pushed up property prices almost four fold since some of the projects were launched.
According to Channel NewsAsia, bungalows in Horizon Hills which cost around RM1 million four years ago now command around five times the amount, in the region of RM5 million. UEM Land said land plots for bungalow developments in Ledang Heights are selling for around RM80 per square foot, reported Channel NewsAsia.
Land plots are on the rise too with bungalow developments selling for around RM90 ? RM100 per square foot, up from RM20 per square foot just five years ago.
There are now five flagship zones, a 1,300 acre industrial park, marina, theme parks and international schools in Malaysia?s Iskandar region.
Channel NewsAsia reported that UEM Land said that the large majority of investors are either Singaporean or permament residents of Singapore with 70 percent of residential properties being sold to foreigners.
Singapore is the largest single foreign investor in Iskandar with many investors planning investments in the region. The news channel reported that billionaire Peter Lim is among them with a planned real estate investment of RM3 billion.
According to Iskandar Regional Development Authority, total foreign investment in Iskandar rose to RM37 billion in September 2012, from RM22 billion in 2008.
Filed Under: Malaysia ? News
Source: http://www.property-report.com/property-price-climb-in-iskandar-26426
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