JOHOR BARU: Johor state government wants to resolve the issue of unsold properties, particularly involving high-rise residential units, within the next three years.
State Housing and Local Government Committee chairman Datuk Mohd Jafni Md Shukor said this goal was achievable based on the upward trend in property purchases, especially in state capital.
"The increasing property acquisitions, notably in Johor Baru City, suggest that various factors contribute to trend, including the construction of the Rapid Transit System (RTS) connecting Johor Baru and Singapore, the Johor-Singapore Special Economic Zone (SEZ), and the Forest City Special Financial Zone (SFZ)," he said.
"In Johor, the real estate sector is currently experiencing rapid growth, evident from a 17 percent increase in property sales in the first quarter of this year compared to the same period in 2022," he said.
Last year, Deputy Finance Minister Datuk Mohd Shahar Abdullah, was reported saying that over 34,000 completed but unsold residential units valued at RM21.7 billion existed nationwide, with Johor being the main contributor.
Mohd Jafni said statistic revealed that the number of unsold or property "overhang" had decreased, and attributes it to buyers from outside the state, namely from Kuala Lumpur, Penang, and even Singaporeans, who have started investing in properties here.
"If we take, for instance, the properties in R&F, nearly all 2,000 units have been sold, while properties in Danga Bay and Country Garden have each shown sales of up to 70 percent, and these figures continue to rise," he said.
Johor currently records the highest number of 'overhang' residential properties in the country, amounting to over 6,000 units valued at RM4.7 billion, while Penang follows closely behind with over 5,000 units valued at RM3.64 billion.
