KULAI, Feb 2 – The Johor-Singapore Special Economic Zone (JS-SEZ) has contributed significantly to reducing property overhang in Johor, according to Datuk Mohd Jafni Md Shukor.
The Johor Housing and Local Government Committee Chairman highlighted that demand for serviced apartments is increasing and is expected to grow further.
“Between 2022 and 2024, Johor experienced more than 15 per cent growth in overall property sales, including those affected by property overhang.
“This includes serviced apartments priced at RM500,000 and above,” he was reported saying by The Star.
He said there are currently 27,688 serviced apartments under construction, with an additional 24,592 units awaiting planning approval.
As of December 2024, Johor has 102,438 serviced apartment units, of which only 11,810 remain unsold, he said.
Mohd Jafni clarified that 90 per cent of the overhang properties in Johor are serviced apartments priced at RM500,000 and above, while the remaining consist of single-storey and double-storey landed properties.
Last month, Malaysia and Singapore signed an agreement for the JS-SEZ, with a focus on attracting international investments and driving regional growth.