This Week In Property (Ending August 16th, 2013)

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Iskandar continues to rock it with a 9,000 condominium project getting launched at Danga Bay (not to be mistaken with Phang Nga Bay) valued at a whopping RM18 billion – to be completed in 2018 by a Chinese developer. Billed as the “watershed moment” for Iskandar, there’s no stopping this train for now; read NST’s rather enthusiastic coverage here. Lee Kuan Yew has been pouring cold water over Iskandar in his memoir, saying that it could be “taken over by the stroke of a pen” according to The Star. There are also some developers who are not too keen on Iskandar, like UOA which reportedly “shunned Iskandar” as reported back in May, preferring to focus on Klang Valley. Time will tell. We have been eyeing the Menara YNH project with much interest for some time now – it’s on one of the most strategic tracts of land in the heart of Kuala Lumpur (on Jalan Sultan Ismail, opposite Concorde) – which means that the stakes are too high for the developers to screw it all up! It is reportedly now being turned into a mixed development, having increased the GDV from RM2 billion to RM3 billion. The project has been left idle for some time now since its launch in 2006. Shame.

Views & Opinions. BFM posted a 22-minute podcast on whether the local property market in a bubble. Dali says, “Yes, there is a bubble!” We agree. Is social housing (read: HDB flats) is solution to the alarming hike in property prices? Listen to the podcast to find out. The House Buyers Association is now sounding the alarm bells on the same issue, asking for taxes and stamp duties to be increased to curb the rising prices. We are never too fond of government interventions to fight against market forces, but we shall see. NST reports that there are more launches coming right up despite the looming curbing measures by the BNM; we do expect some sort of slowdown in the rest of the year. Earlier in the week we gazed into the crystal ball and made some five predictions on Penang real estate for the rest of 2013 and beyond – tell us if you agree.

Events. iProperty is having another round of its property expos at MidValley this weekend, featuring the usual suspects (SP Setia, Mah Sing, OSK Property, etc etc). The last show at KLCC was rather humdrum; perhaps a sign of a slowing market? There’s also a generically named “Property Development & Management Conference” going on next week Tuesday and Wednesday (August 27th-28th) at Swiss Gardens, Pudu, covering issues like strata and building management. It’s not free. Call  03-41083777 for more details.

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About Khai Yin

When I am not writing for GoodPlace.my and helping my readers find properties though the DealMatcher service, I spend time doting on my three kids: Wenyi, Qinyi and Eian. My personal stuff, some published essays and contact details can be found at khaiyin.com

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