PROPERTY developer IJM Land Bhd (5215), a 62 per cent-owned unit of IJM Corp Bhd, is optimistic of properties in Johor rising in value in view of the nation's warming ties with Singapore.
Last month, Prime Minister Datuk Seri Najib Razak and his Singapore counterpart, Lee Hsien Loong, agreed that both governments would put greater faith in a new "iconic" business project in Iskandar Malaysia.
Among the items at the discussion table was a proposal for a rapid transit link between Tanjung Puteri in Johor Baru and Singapore, which would integrate public transport services like buses.
The rapid transit system is targeted to be operational by 2018.Property developers in Johor welcome the warming ties between the two countries.
"We definitely welcome the plans to extend Singapore's MRT (mass rapid transport) to Iskandar. It is bound to bring about property value appreciation there," IJM Land managing director Datuk Soam Heng Choon said.
"Incidentally, Nusa Duta - a residential cluster of 1,200 terraced and semi-detached houses - stands to gain from this connectivity. With better public transportation, we see more people staying in Johor and working in Singapore," Soam told Business Times in an interview in Petaling Jaya, Selangor.
As the country's economic recovery gains pace, property developers like IJM Land are stepping up efforts to woo prospective buyers and property investors.
IJM Land's three-month "More Package" campaign, which runs until August, offers to waive the stamp duty and legal fee on housing loans as well as a cash rebate of up to 10 per cent.
Buyers can also enjoy zero-interest payments over the course of the construction period until they obtain vacant possession of the units.
However, the campaign applies only to select properties.
Soam was optimistic of good response, citing its "My Space Plan" campaign last year, which achieved the targeted RM250 million sales.
As consumer sentiment improves, he expects better sales for both residential and commercial units in the Klang Valley, Penang and Johor.
"We target RM300 million sales from this year's campaign."
IJM Land plans to launch 20 projects worth some RM600 million this year.
From Business Times, June 15 2010
http://www.btimes.com.my/Current_News/BTIMES/articles/02ijm/Article
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