indepth

PROPERTY SNAPSHOT 2: What’s affordable in Johor Bahru?

Johor Bahru

•     Fueled by Iskandar Malaysia, Johor Bahru has changed dramatically. The landscape reads like a kaleidoscope of booming townships and business parks, representing most of the major developers in the industry.

•     Based on TheEdgeProperty.com’s analysis of transactions in the 12 months to 1Q2015, the average transacted price per square foot (psf) was RM234 psf in 1Q2015, while the average transacted price per unit stood at about RM233,000.

•     While new developments are increasingly more upmarket, the secondary market in Johor Bahru is still concentrated in the mass-market segment. About a quarter of transactions (25.5%) fell within the RM100,001 – RM200,000 range while another quarter (25.1%) fell within the RM200,001 – RM300,000 range. Altogether, sales under RM500,000 accounted for up to 94.8% of transactions.

•     Much has been said about the slowing high-end condominium segment in Johor Bahru. As a result, numerous upper-end projects have been left out of the analysis due to insufficient transaction data.

•     By average unit price, the most expensive project was Indah Samudra Condominium (RM757,000). This leasehold upmarket condominium is strategically located near the heart of the city, sitting just off Jalan Sungai Chat, next to the Thistle Hotel. 

•     Next is Molek Pine Condominium (RM684,000), which comprises both towers 1 and 2. While unit prices are higher at the newer neighbour Molek Pine 3, there were insufficient sales recorded. This high-end condominium is located close to the trendy restaurant and café hub of Taman Molek.

•     In the review period, the most expensive unit transacted was for a 4-bedroom unit at Horizon Residence in Bukit Indah, Nusajaya. The 1,841 sq ft unit was sold for RM1,250,000 in September 2014.

•     Fueled by Iskandar Malaysia, Johor Bahru has changed dramatically. The landscape reads like a kaleidoscope of booming townships and business parks, representing most of the major developers in the industry.

•     Based on TheEdgeProperty.com’s analysis of transactions in the 12 months to 1Q2015, the average transacted price per square foot (psf) was RM234 psf in 1Q2015, while the average transacted price per unit stood at about RM233,000.

•     While new developments are increasingly more upmarket, the secondary market in Johor Bahru is still concentrated in the mass-market segment. About a quarter of transactions (25.5%) fell within the RM100,001 – RM200,000 range while another quarter (25.1%) fell within the RM200,001 – RM300,000 range. Altogether, sales under RM500,000 accounted for up to 94.8% of transactions.

•     Much has been said about the slowing high-end condominium segment in Johor Bahru. As a result, numerous upper-end projects have been left out of the analysis due to insufficient transaction data.

•     By average unit price, the most expensive project was Indah Samudra Condominium (RM757,000). This leasehold upmarket condominium is strategically located near the heart of the city, sitting just off Jalan Sungai Chat, next to the Thistle Hotel. 

•     Next is Molek Pine Condominium (RM684,000), which comprises both towers 1 and 2. While unit prices are higher at the newer neighbour Molek Pine 3, there were insufficient sales recorded. This high-end condominium is located close to the trendy restaurant and café hub of Taman Molek.

•     In the review period, the most expensive unit transacted was for a 4-bedroom unit at Horizon Residence in Bukit Indah, Nusajaya. The 1,841 sq ft unit was sold for RM1,250,000 in September 2014.

Tap here for an indication of price trends in Johor Bahru

The Analytics are based on the data available at the date of publication and may be subject to  revision as and when more data becomes available.

SHARE
RELATED POSTS
  1. Damansara Realty launches RM150m commercial development in Tampoi
  2. Alibaba launches Taobao store in MyTOWN
  3. Johor Sultan launches Menara JLand