Real Estate Insights: Biguiyuan, Iskandar, and Property Investment
This article summarizes a discussion about real estate in Malaysia, focusing on the Biguiyuan development, the Iskandar region, and key considerations for property investment.
Biguiyuan and Jinghai Bay
The discussion starts with Biguiyuan and Jinghai Bay, noting its high population density and popularity among Chinese buyers. It is located next to Podi. The speaker points out that high density doesn't necessarily negatively impact rental rates, especially when the location is desirable. The high entry rate suggests strong demand.
Iskandar Region: An Overview
Iskandar is described as the economic special zone of the new mountain area and a newly developed region. A key question addressed is the investment potential of Iskandar properties.
Iskandar: Limited New Projects and Pricing
The speaker notes a scarcity of new real estate projects in the Iskandar area. This information came from local real estate specialists. Therefore, most activity revolves around existing properties.
For those interested in buying property in Iskandar, especially as a second home with a smaller budget, options are limited. New houses start at approximately RM 1.1 to 1.2 million, with higher-end properties reaching RM 10 million. Smaller budgets of RM 500,000 to RM 600,000 won't secure a new apartment in the Iskandar city area.
Iskandar: Available Options
Those wanting to buy property with a smaller budget in Iskandar have two main options:
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Buy resale properties in the Iskandar city area, which offers a lively environment with dining and entertainment options.
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Consider Forest City (Biguiyuan), a half-hour drive southwest of Iskandar, where apartments are available for around RM 600,000 to RM 700,000.
It is important to note that current Iskandar policy favors new projects, meaning secondhand projects are not allowed.
Tenure and Property Types in Iskandar
Iskandar properties can have different tenure types. Approximately 60% of apartments have a 99-year lease, while the rest are more durable. Second-hand, one-room apartments might cost around RM 350,000 to RM 400,000, with two-room apartments costing approximately RM 400,000. These prices reflect local, ordinary apartments.
Foreigner Restrictions and Opportunities in Iskandar
While there were fewer restrictions in the past, Iskandar now has some limitations on foreign property purchases. However, some condominiums remain open to foreign investment, with prices above RM 100,000. Studio apartments in these areas may rent for around RM 1,500, often to parents of international school students or local workers.
Iskandar: Economic Focus and Location
While promoted as an economic zone, the speaker notes a limited presence of high-end retail beyond dining options in East Canada. Iskandar encompasses a large area with different centers like Modini and Yong Wa. The location also hosts movie shooting locations.
Eating options in Iskandar are typically limited to Burkina Faso, Horizon, or Kuala Lumpur, requiring short drives of 10-20 minutes.
International Schools and Living Location Considerations
For international school parents, living in Iskandar might be preferable. Commuting from the "slope" (another area discussed) can involve a significant drive, which can be prone to traffic congestion. The Reference American School is located a half hour away.
Local Perspective on Iskandar
Local Chinese residents generally prefer properties to the north of Iskandar. The first option of purchasing property in that area, because of its proximity and connection. Properties near international schools attract high entry rates due to the demand for accommodation.
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