Genting Highlands

WITH its spring-like weather, integrated resort development Genting Highlands (also known as Resorts World Genting) is both a popular getaway for city folks and a tourist hub. You can get to Genting Highlands by road or by the Genting Skyway cable car system from its satellite town Gohtong Jaya.

Since the announcement of the 10-year Genting Integrated Tourism Plan (GITP) on Dec 17, 2013, Genting Highlands and nearby Gohtong Jaya have seen a number of new developments, namely Ion D’elemen by NCT Group of Companies, Midhills at Genting by LBS Bina Group, Vista Residences by Fututech Bhd, Windmill Upon Hills by PJ Development Holdings Bhd, and geo38 Residence by Pesat Bumi Sdn Bhd. The ongoing developments are estimated to bring more than 3,000 residential units into the market.

GITP, which is aimed at enhancing Resorts World Genting as a major tourist hub, is expected to cost more than the budgeted RM5 billion. The masterplan will include the development of a RM1 billion Twentieth Century Fox World theme park and the RM200 million Genting Premium Outlets.

According to LaurelCap Sdn Bhd executive director Stanley Toh, the Twentieth Century Fox World is definitely a development to watch out for, and it will no doubt be the main draw for property developers and investors.

However, he said that the incoming supply will outweigh its demand and he does not foresee too many upcoming developments in the area. He also raised concerns that bank loans and loan margins are major drawbacks to the property sector, coupled with the lacklustre market sentiment.

Meanwhile, the transformation plan along with the increase in development activities have spurred property values in the area.

JS Valuers Research and Consultancy Sdn Bhd Chan Wai Seen said existing apartments in Gohtong Jaya such as Mawar Apartments and Bunga Raya Apartments have appreciated from RM320 to RM537 psf and from RM550 to RM704 psf respectively, since the announcement of GITP.

According to Toh: “Currently, the newer launches are in the RM700 to RM900 psf range. It also depends on their proximity to Genting Highlands Resort. The closer the development is to the resort, the higher the asking price.”

He said existing developments in Gohtong Jaya are currently fetching RM600 to RM700 psf while those nearer to the resort are commanding above RM800 psf.

In the long run, Toh remains optimistic that the market will swing back and demand for apartments in Genting Highlands will return, while Chan maintains a positive outlook on its property market and expects GITP to enhance tourism in the highlands.

Read more about Genting Highlands and its potential in the Sept 21, 2015 issue of property, the real estate section of the digitaledge WEEKLY. Subscribe here.

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