Property developers are excited about the Johor real estate market, which is being fueled by rapid infrastructure development, such as the JB-Singapore Rapid Transit System (RTS) Link.
Tan Wee Tiam, head of research at KGV International Property Consultants, predicts that commercial and mixed-use development landbanking will grow in JB.
"Due to the RTS project, among other developments, the market is trending towards commercial landbanking within JB city.
Because of the anticipated demand in JB from all of the ongoing infrastructure projects, developers are looking to build serviced apartments or mixed developments," he told NST Property.
The 4.2-kilometre RTS link is expected to be completed by the end of 2026.
It is a cross-border rail service with a large capacity of up to 10,000 passengers per hour per direction and a journey time of about five minutes between JB's Bukit Chagar station and Singapore's Woodlands station.
The seamless connection between JB and Singapore will help boost economic activity, attract more investors, and create more job opportunities.
Mass Rapid Transit Corp Sdn Bhd and Hong Kong-based MTR Corp Ltd's recently proposed mixed development along the RTS link will most likely be JB's first and most comprehensive transport-oriented development (TOD).
The mixed development will have a gross development value (GDV) of at least RM3 billion and will be built on a six-acre plot of land with three million square feet of gross floor area.
MRT Corp chief executive officer Datuk Mohd Zarif Hashim said in July that the planned mixed development will transform the Bukit Chagar station area into an appealing destination for both local and international investors by leveraging Hong Kong's "rail plus property" model.
The project will take at least five years to complete, with the masterplan expected to be unveiled by the end of this year.
Lands along the RTS link are expected to benefit from such integrated developments, as the population in JB is expected to grow gradually over the medium term due to increased activities.
Tan said that more transactions and developments are expected in the Johor market as a result of the convergence of other factors, which bodes well for the overall real estate market.
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