WELCOME TO MALAYSIA whereDEATH IS CHEAP,and the CONDOS even CHEAPER!
Country Garden Danga Bay, a condominium development in Johor Baru, has sold over 5,000 of the 7,000 units on offer, with 30 per cent of them snapped up by Singaporeans.
SINGAPORE: After an elaborate campaign to woo buyers featuring fun-fair rides, fireworks displays and free yacht trips at the showflat site, Country Garden Danga Bay, a condominium development in Johor Baru, has sold over 5,000 of the 7,000 units on offer, with 30 per cent of them snapped up by Singaporeans.
The project by Chinese developer Country Garden is located in Iskandar Malaysia, some five minutes from the Malaysian immigration checkpoint.
It features 9,000 units on the waterfront ranging from about 400 sq ft to 1,400 sq ft. There will also be a shopping mall, a man-made beach and six yacht berths.
The project is reportedly slated for completion by 2017.
A representative for Country Garden said on Sunday that 40 per cent of buyers so far are Malaysian, 25 per cent are Chinese nationals and the remaining 5 per cent were of other nationalities.
Buses were deployed at five pick-up points in Singapore to ferry buyers to the showflat site.
Visitors to the development's open house, which started on Aug 11, were attracted to the relatively affordable prices. The average selling price is reportedly about RM720 (S$279) per sq ft.
Said Mr Vincent Lau, a Singaporean in his early 50s, who visited with his wife: "I am impressed with the project and it is one of the lowest-priced sea-front properties. However, since all sea-facing units have been sold, I will explore other investment options in Johor. My only concern is whether I will be able to find tenants."
Ms Serene Wong, 42, a Singapore permanent resident, said the development was ambitious compared to others in Johor Baru, but stated that she would still prefer to invest in a property in Singapore. "The infrastructure is dependable and I don't have to worry about lack of tenants," she said. She added that prices in Johor Baru were on the rise.
Mrs Theresa Sim, in her late 50s, said she had been keen on a unit as her son had already purchased one and prices are "reasonable". "But our experience so far has not been pleasant. The shuttle buses run late and there seems to be a lack of sales reps on hand when you need to talk to one. But we will reconsider," she said.
p.s. And this was even before the Malaysian police had launched Ops Cantas, where 200 crooks have been detained and at least five suspected triad members shot dead in the last 24 hours. Read Unsafe for the Undesirables