JOHOR BARU: The property sector in Johor is showing signs of recovery and will continue to grow, says Mentri Besar Datuk Onn Hafiz Ghazi (pic).
He said there were more than 16,000 overhang properties – mostly apartment units – in the state as of February last year.
“However, the number has now dropped to 13,683 unsold units. We have met with developers (to resolve this) as we no longer want housing projects to become white elephants.
“It is important to have a win-win for the government, developers and especially the people,” he said in his speech when launching Johor Property Expo 2023 at a mall here on Thursday (July 27).
Overhang property refers to completed residential unit, which remain unsold for over nine months.
Onn Hafiz, who is also Machap assemblyman, also highlighted several factors that contributed to the recovery and strengthening of the property market.
He added that Johor's strong economic performance, including attracting RM70.6bil in foreign direct investments last year, would bring in more than 12,000 high-paying jobs for locals.
“The announcement of the Johor-Singapore special economic zone within Iskandar Malaysia and having a financial hub would bring more economic growth into the state,” he said.
Onn Hafiz also said upgrading works such as widening the North-South Expressway and the Senai-Desaru Expressway would make connectivity easier.
“Projects such as the Gemas-Johor Baru Electrified Double Tracking project together with Bus Rapid Transit are expected to be completed by 2025, while the Johor Baru-Singapore Rapid Transit System project will be ready by the end of 2026.
“There are now fewer issues at both the Customs, Immigration and Quarantine checkpoints, making it easier for those who commute between Johor and Singapore daily.
“All this will bring economic spillover to the state, including increased demand for property," he said, adding that the state government planned to build 30,000 affordable homes by 2026.
