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Singapore buyers keen on Nusajaya projects
Jun 12, 2012
by Cheryl Tay Singaporean buyers have shown keen interest in Nusajaya (pictured) projects in Johor, which is good news for developer UEM Land Holdings Bhd. Datuk Wan Abdullah Wan Ibrahim, Managing Director and Chief Executive of UEM Land, said that the recent move to tighten housing regulations in Singapore has impacted purchasing power in the country. "Generally, our Singaporean neighbours are in favour of higherend developments, especially projects with strong security system, lush green environment and are lifestyle-driven." In April, the government announced new, tighter rules to ensure that developers would provide accurate sizes and layout of apartments, in a bid to protect buyers less familiar with the property market. As a result, more Singaporeans are expected to buy in Malaysia due to the tightening regulations in Singapore, according to Steve Melhuish, CEO and Founder of PropertyGuru Group. He added that property prices have reached an all-time high and slight price declines are pushing Singaporean buyers to invest elsewhere. Wan Abdulah said, "Approximately 50 percent of our total purchasers in Nusajaya are foreigners while the remainder are Malaysians." UEM Land's Nusajaya is one of five flagship zones in Iskandar Malaysia — the first economic growth corridor in Johor. The developer has four ongoing projects in the area, namely East Ledang, Nusa Idaman, Puteri Harbour, Nusa Bayu and Horizon Hills, a joint venture (JV) with Gamuda Land Bhd. "Our luxury garden residences, East Ledang and highend condominium, Imperia at Puteri Harbour received overwhelming response from the Singapore buyers," he added.