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Kuala Lumpur’s Real Estate Under Stress From Scrapping Of Infra Project
Johor’s real estate players are left in the lurch following the cancellation of the high-speed rail (HSR) project between Kuala Lumpur and Singapore. Plans and investments for new property developments aimed at the Singapore market are now derailed, and those in the
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Realty Plus
Published - Saturday, 09 Jan, 2021
Johor’s real estate players are left in the lurch following the cancellation of the high-speed rail (HSR) project between Kuala Lumpur and Singapore. Plans and investments for new property developments aimed at the Singapore market are now derailed, and those in the industry feel that Malaysia has missed out on a big chance to boost southern Johor’s economy.
Businesses that bought land in anticipation of starting new ventures — and even took loans — are now among the biggest losers with the cancellation of the HSR, those in Johor’s chambers of commerce groups said.Johor Real Estate and Housing Developers’ Association (Rehda) chairman Wong Boon Lang said the sector had hoped that with the HSR, Singaporeans would buy more properties and invest in the state.
The railway project would have brought a higher volume of people and allow Singaporeans to explore investment opportunities in Johor, including purchasing homes here as travel time will be shorter between Johor and the republic. According to the original plan, Johor would have had three stations along the HSR line — Muar and Batu Pahat in the north and Iskandar Puteri in the south.
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