Buying Iskandar, Sunway, Citrine, RM800psf

Sunway’s latest project is a 728hs township in Iskandar and its first phase will be launched soon. Pricing is estimated to be around RM800 per sq ft. They named it Citrine. Should you be buying since this is the first launch out of a huge integrated development? Are you seriously thinking about Iskandar? Well, Ms Sarena Cheah, the joint managing director of property developer Sunway Berhad’s property development gave some reasons as below.
Catalysts such as healthcare, education and oil & gas industries in Iskandar. When these comes to fruition, residential portion has to move up too to support them. Do note that if all these come to fruition, residential part better be ready, or else if shortage, then price will climb high very fast, not healthy.
Support from Singapore. Singapore is now investing in Iskandar too. Even Singaporean PM said, for SMEs to prosper, they may want to think more seriously about Iskandar.Cost advantages in Iskandar will help Singaporean manufacturing entities to prolong their cost advantages
Out of over RM130 Billion commitments, half of them have been invested. In other words, it’s not just rumours or simply reported numbers. 
Singapore was recently ranked top as the most expensive city in the world, beating the likes of even Tokyo and New York. Iskandar is right next and ranked nowhere near even the top 30 in the world today. Think objectively.
Favourable exchange rate helps too since the prices in Singapore is becoming too expensive and Iskandar is at least 2.5 times cheaper in comparison.
Medini Zone is exempted from any cooling measures implemented thus far which meant that it’s not affected by the ruling. Even the RPGT of 30% is exempted.
What more do you want? Now for the only issue which has been playing in investors’ minds. There are close to 300,000 homes in the planning or being built in Iskandar as at Q4 2013. This includes Country Garden’s 9,000 units and another huge one by Iskandar Waterfront with more than 4,000 homes.
I do not have actual stats on how many units of residential units are needed once all these catalytic projects are completed but I hope they can cover whatever is being planned or is being built today or else, these new units will really be a huge issue. One reader og kopiandproperty.my said Iskandar will be a ‘ghost city’. I do not agree to his assessment even if there’s an oversupply situation.
written on 5 June 2014
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