The Big Read: Johor property market remains hot, but Singapore buyers have their work cut out in making the right investment
He makes the 2.5-hour journey across Tuas Second Link by public transport twice or thrice a month and stays there for three days each time.
When TODAY met the 76-year-old at his Johor abode on May 18, a Saturday, he seemed very much at home. He said he enjoys the peace and tranquillity, as well as the unblocked view of Johor’s greenery from his balcony.
For a place where supposedly 9,000 residents are staying, this reporter found it unusually quiet for a weekend. On Mr Tan’s floor, where there are eight units, he said only his was occupied.
As we traversed the vast expanse of Forest City via an hourly shuttle bus, only one other passenger boarded it.
There were some signs of life at Forest City’s transport hub, though, where one can find a good mix of restaurants, shops and a convenience mart open for business. Still, some shop lots were either closed or boarded up, awaiting prospective tenants.
Notwithstanding the controversies and rather muted environment, Mr Tan said he is happy with his decision to buy a Forest City unit as he believes in the project’s potential. He also found himself drawn to the “modern city design”.
Forest City also appeals to Malaysian workers who work in Singapore, as rental prices are reasonable. Among its residents is Mr Afiq Alwi, a 40-year-old truck driver who is currently renting a 600 sq ft unit with two bedrooms for RM1,000.
He said that the rate at Forest City was cheaper compared with units for rent in nearby towns in Iskandar Puteri, such as Gelang Patah: “For the same unit, I’d be paying RM1,600 there.”
“I like working in Singapore, but it’s expensive to live there because one room can cost minimally S$700 to S$800. For less than that price in ringgit, I can comfortably rent an entire unit all to myself here.”
Six property agents TODAY spoke to said that while a significant number of Singaporeans are looking to buy Johor homes for investment, there are also those looking to live there or have a second home.
Operations director Victor Lee, 53, and his wife Crystal Wang, 38, are among the latter. When TODAY met the couple on May 15, they had just collected the keys to their two-bedroom unit at R&F Princess Cove, a condominium project said to be popular among Singaporean buyers.
Mr Lee said they paid for the RM800,000, 834 sq ft unit in full, using cash.
Thanks to a flexi-work arrangement – he can spend one or two days working from home each week – Mr Lee, who is in the energy sector, said he is happy with the purchase.
“R&F is near my workplace in Admiralty West. You can see it from my balcony. So geographically, I’m at an advantage,” he said.
Asked if he would brave the notorious congestion on the Causeway several times a week, Mr Lee said there have been promising improvements, with both governments constantly making efforts to smoothen the travel process, such as the recent implementation of electronic gates.
“There are pros and cons. If you live in Singapore, the major expressways are always jammed, and there’s ERP (Electronic Road Pricing) to consider. It’s a trade-off I can live with.”
Before buying this Johor house, the couple had been renting a studio unit in Singapore for S$2,000 monthly. Mr Lee also owns an HDB flat where his parents live.
“We decided to look to JB and thought, instead of renting, why don’t we put our money into a place we can call our own?” he said.
