Over 5,500 unsold housing units in Iskandar Puteri

A total of 5,648 housing units of various types in Johor have remained unsold.

State Housing and Local Government Committee chairman Ayub Jamil said the unsold properties include low cost flats and luxury condominiums.

“Throughout Johor, there are 5,648 ‘overhang’ properties with the largest number in Johor Bahru involving 4,765 units.

“It also involves 290 property units in Batu Pahat, 270 (Kluang), 147 (Kulai) and 86 (Pontian),” he said in response to a supplementary question from Dzulkefly Ahmad (PH-Kota Iskandar) at the State Legislative Assembly in Kota Iskandar here, recently.

Dzulkefly had asked about property overhang in Johor and the state government’s plans to ensure that unsold Bumiputera units were not released to other buyers.

Ayub said the state government was finalising a ‘rent to own’ scheme to facilitate the property purchase process in Johor.

He said the scheme involved properties priced between RM300,000 and RM1.25 million.

“This is being done because the main problem in buying such properties is the difficulty in getting financing from the bank.

“It is different from the regular scheme. Buyers only need to provide RM3,000 compared to at least RM30,000 for upfront (advance payment); so this will help buyers because they do not have to set aside a large initial commitment,” he added. – Bernama

Source: NST