Introduction
Good day everyone! Welcome to episode 64 of my YouTube video series. Today, we'll be doing a detailed project review of Causeway Square, also known as XIMC CIQ. This popular project is developed by XIM, and we'll cover everything from its location and features to the pros and cons.
Before we begin, let me introduce myself. I'm Ryan K, a Malaysian and Singapore PR. I've been in Singapore since 2009 and work as a property agent in both Malaysia and Singapore. I'm well-known for discussing retirement topics and property investment in Johor. I've written articles for various property platforms and have shared the stage with many property experts. I'm also a property investor myself, owning properties in Singapore, Johor, and Kuala Lumpur.
Project Overview
Causeway Square is a four-tower development with two floors of retail. The project has been generating a lot of buzz recently, with pre-sales already underway. Tower B has seen a strong sales response, and now Tower D and Tower A are also opening up.
Location
The location of Causeway Square is one of its major selling points. It's situated in Johor Bahru city center, near the CIQ building, JB Central, and the future RTS station. If you're familiar with JB, you know that this area is easily accessible by bus. The RTS station is currently under construction and will be connected to the immigration building by a bridge. There are also existing bridges in the area to make walking more convenient.
To give you a better idea of the location, RNF Mall is one of the more visible landmarks in the area. Causeway Square is located just behind some older condos, and there's currently a link bridge that connects JB Central to RNF Mall. The project will also have its own bridge that will connect to the main bridge.
Site and Development Details
The site of Causeway Square is 7.75 acres, which is relatively large compared to other condos in the area. The development will consist of 4,500 units over four towers. The density is similar to that of HDB estates in Singapore.
There are two floors of retail, which will be managed by the developer and not sold. The developer has committed to having at least a supermarket, which will be convenient for residents. The construction is expected to take 5 years, with completion scheduled for 2030.
Developer Background
XIM is a well-known developer in Kuala Lumpur. They started off in the timber business and have been in the property industry for the past 10 - 15 years. XIM has a strong reputation for build quality and workmanship, and many of their previous projects have received positive feedback from buyers.
One of the things that sets XIM apart is their commitment to delivering what they promise. They often show the artist's impression of their projects alongside the actual product to demonstrate the similarity. This is something that property investors and buyers appreciate.
Project Features
Facilities
Causeway Square will have a range of facilities for residents to enjoy. The podium floor (level 12) will feature a rainforest water design, with a 100m long pool and a lot of greenery. There's also a water play area for kids.
The rooftop facilities include gardens and a barbecue pit. The building is quite tall, with over 60 stories, making it one of the tallest in JB. This provides residents with great views of the city and the sea.
Airbnb Tower
Tower A is the Airbnb tower, also known as Axis. There are some differences between the Airbnb tower and the residential towers. If you buy a unit in the Airbnb tower, you have the option to have it managed by Mana Mana Hospitality, which is owned by XIM.
The units in the Airbnb tower are fully furnished, while the residential towers are only partially furnished. The pricing is also different, with the Airbnb tower being more expensive due to the full furnishing and management.
In terms of views, the north-facing units in the Axis tower generally have unblocked views of the city. The facilities in the Airbnb tower are separate from those in the residential towers to ensure that Airbnb guests and residents don't mix.
Residential Units
The residential units in Causeway Square come in various layouts, including one-bedroom, two-bedroom, and three-bedroom units. The units are relatively small, with the largest being 850 square feet.
The partial furnishing in the residential units includes kitchen cabinets, a hob and hood, a refrigerator, a microwave, a two-in-one washer dryer, a digital lock set, a shoe cabinet, air conditioning, and wardrobes in all bedrooms. The bathrooms are fully completed.
All units in Causeway Square come with at least one car park, with three-bedroom units having two car parks.
Pricing and Financing
The pricing of Causeway Square varies depending on the type of unit and the tower. The one-bedroom units start from around 500,000 ringgit, the two-bedroom units from around 800,000 ringgit, and the three-bedroom units from around 1.1 million ringgit. The average price per square foot is around 1,300 ringgit.
The booking fee is 1,000 ringgit. Malaysians can get up to 90% loan, while Singaporeans and other foreigners can expect to get around 70% loan. The developer covers the SBA and loan legal fees for foreign buyers, but they have to pay the foreign levy.
The foreign levy for Causeway Square is 50,000 ringgit if you buy a unit below 1 million ringgit. This is an additional cost that foreign buyers need to consider.
Pros and Cons
Pros
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Location: Causeway Square is located near the RTS station and the CIQ building, making it easily accessible.
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Developer Reputation: XIM has a strong track record and is known for its build quality and workmanship.
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Retail Component: The project has a decent size retail component, which will provide convenience for residents.
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Airbnb Option: The Airbnb tower offers a hassle-free investment option with good rental yield and the option to stay for free in JB.
Cons
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Unit Sizes: The unit sizes in Causeway Square are relatively small.
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Views: Majority of the units do not have unblocked views.
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Foreign Levy: The foreign levy is relatively high for this project.
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Pricing: Some people may find the price per square foot to be expensive.
Conclusion
In conclusion, Causeway Square is a promising project with its convenient location, strong developer reputation, and range of features. However, it also has some drawbacks, such as the small unit sizes and the high foreign levy.
If you're interested in learning more about this project or other properties in Johor Bahru, feel free to contact me. I'm happy to answer any questions you may have and arrange a visit to the sales gallery.
Thank you for watching this project review. If you have any comments or suggestions, please leave them below. Don't forget to like, share, and subscribe to my YouTube channel for more content on property investment and retirement in Malaysia.
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