Monetary Authority of Singapore board member Lawrence Wong has warned that Johor is facing a high-end property glut as there are 336,000 private residential units in the pipeline in the Iskandar development zone – more than the total number of private homes in Singapore.
Another Singaporean property commentator Aaron Loy also said demand for properties in Johor seems to be cooling fast for Singaporeans ever since the minimum price threshold was raised to RM1 million so as to ensure locals are not priced out of the residential market. “The limit effectively eliminates all foreigners as potential buyers for your property. So, how can you sell.. when there are no buyers?” Loy asked.