CHUAH BEE KIM New Straits Times 14 Aug 15;
JOHOR BARU: The Johor Strait Development Corridor Master Plan is a good policy, but the timing could be wrong, said a property consultant.
KGV International Property Consultants executive director Samuel Tan, who has viewed the master plan, which is up for public viewing at six venues until Aug 19, said he understood the need for the state government to protect the interest of Malaysian property owners and to ensure sustainability of the environment.
However, he said the implementation of the master plan now could possibly deter investors from coming to Iskandar Malaysia.
Tan said the 99-year lease imposed on foreign property owners, which is one aspect of the master plan, could drive investors to areas which have no such restrictions.
“This would drive the investors to go to Medini, a premium waterfront urban development that has no restrictions on foreign ownership, no minimum price threshold for foreign property buyers, and where investors are exempted from real property gains tax until December 31, 2025.
“The price threshold of RM2 million for landed properties and RM1 million for strata-title on foreign property owners could spur developers to push up prices of properties built for Malaysians in Iskandar Malaysia,” said Tan, adding that foreigners would pay three times more for quit rent and assessment as compared with Malaysians in the growth region.
Tan was commenting on the Johor Strait Development Corridor Master Plan, which was unveiled last week and covered housing, green technology, sustainability, reclamation and setting up of international zones for foreign property owners.
The corridor for development stretches 98km from the Tanjung Piai in the west to Sungai Johor in the east, and covers areas that are expected to have a population of 1.5 million people by 2025.
State Housing and Local Government Committee chairman Datuk Abdul Latif Bandi said the state government would uphold environmental concerns including preserving the Ramsar wetlands sites in areas of the master plan.
He said that local authorities would not grant approval for the development of new coastal projects situated on environmentally sensitive areas, without a Detailed Environmental Impact Assessment report.
The viewing period for the Johor Strait Development Corridor Master Plan is until Aug 19 at six venues — Johor Baru City Council, Johor Baru Central Municipal Council, Pasir Gudang Municipal Council, Pontian District Council, Iskandar Regional Development Authority office and Dato Abdul Rahman Andak building in Nusajaya. Viewing is from 9am to 4pm.
