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Singapore’s move will reduce property overhang in Johor
Published on: Sunday, May 07, 2023
By: Bernama
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Potential buyers from Singapore would consider buying unsold properties in the state, especially those worth RM500,000 and above, adding that 80 per cent of such properties include service apartments around Johor Bahru and Iskandar Puteri. - Pix Wikipedia
KULAI: Singapore’s move to raise property taxes for non-residents in the republic will help reduce the number of unsold properties in Johor, Johor Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor said.

He pointed out that potential buyers from Singapore would consider buying unsold properties in the state, especially those worth RM500,000 and above, adding that 80 per cent of such properties include service apartments around Johor Bahru and Iskandar Puteri.

“When the Singapore government raises taxes from 30 per cent to 60 per cent for non-residents there, of course potential buyers will switch to Johor,” he commented to reporters on Singapore’s recent property tax hike when met at the Aidilfitri Open House here Saturday.

He also said that the state government would hold the Johor Housing Expo in July to reduce the number of unsold properties in the state, adding that 21,000 units, including those under the Johor Affordable Housing (RMMJ) programme, priced under RM150,000 and houses priced RM500,000 and RM1 million and above would be available there.

On whether yesterday’s overnight policy rate (OPR) hike would affect RMMJ’s potential buyers, he said it would have a slight impact but buyers are reminded not to be overly concerned as the state government will still provide subsidies.

Demand for RMMJ units still outstripped supply, he said, which showed that buyers were not making their decisions based on the OPR hike. 





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