KGV International’s Samuel Tan has no doubt RTS Link will stimulate the Johor Bahru property market in the future.
He expects properties within a radius of 5km from the station to gain a lot of attention from investors.
How will Johor Bahru-Singapore RTS impact the property market?
RTS Link: Short-term stays will expand
“Residential units including serviced apartments have actually seen better pick-up around the proposed station site since the last two years. Those that have enjoyed such effects include Tri Towers, Twin Towers, Suasana and SKS Pavillion.
He also expects housing developments in JB, especially those in the city centre, to attract various groups, such as Malaysians working in Singapore, Singaporeans capitalising on the relatively lower cost of living in JB and investors.
There is also a possibility that housing properties and lands nearby such as Kim Teng Park and Serene Park would be acquired and rezoned for commercial use.
Samuel expects the better connectivity to boost demand for retail and office properties too.
“Some Singapore companies might set up business in JB to capitalise on its lower cost base once the nightmarish jam on the causeway is resolved. Nevertheless, other factors such as government policies and socio-econ-political dynamics will come into play in attracting these businesses,” he notes.
Shopping centres near Bukit Chagar station such as JB City Square, JBCC Komtar, R&F Mall and Galleria Kotaraya will see increased footfalls as many passengers alighting from the trains are expected to shop there, according to Samuel.
At the same time, demand for purpose-built offices located near the station could rise.
“This is because the Covid-19 pandemic has caused many to see the need to decentralise their activities within a particular locality. With improved connectivity, certain office operations could be relocated from a more costly Singapore to a cheaper city like JB. Buildings that will gain from this phenomenon include JB City Square, JBCC Kotaraya, Menara Landmarks and offices to be completed within Coronation Square,” he concludes.
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