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S'pore buyers flock to Johor's Medini project

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The township of Medini in Johor's Iskandar Malaysia is fast becoming a property hot spot as thousands of Singaporeans rush to sign up for launches there.

Located in the Nusajaya administrative zone, the 9.2 sq km flagship development is a 10-minute drive from the Tuas Second Link.

Iskandar's master planners envisage Medini as a vibrant commercial and business district, complete with malls, offices, high-end homes and a hospital.

Last month, Pulau Indah Ventres, a 50-50 joint venture between Temasek Holdings and Khazanah Nasional, launched the Afiniti Residences condominium in Medini to heavy fanfare.

The 88 units on sale were snapped up in under six hours.

Upcoming projects in the area include The Meridin @ Medini by Malaysian developer Mah Sing.

The Meridin was selling well even before Afiniti came onto the scene - 75 per cent of the 495 units released in May had been taken up.

About half of the buyers were Singaporean, said Mah Sing chief executive Leong Hoy Kum.

Demand for the third block of units, which is being launched for sale today, is expected to go even higher.

Only 161 units are up for grabs but about 5,000 people have registered, of whom more than 3,000 are Singaporean.
The Meridin's location - it sits next to Legoland and across the road from Afiniti Residences - is probably a major draw for Singaporeans, said Mr Leong.

The project's price is probably another big factor, he added.

He said the units being launched this week are priced at RM730 (S$287) per sq ft (psf) on average. He noted that this level offers a lower entry point than Singapore property does and even beats the RM1,000 psf seen at some Iskandar properties.

"This is something we normally practise, to leave some room for capital appreciation for the units in future," he said.

Another developer that has seen strong interest in its Medini project is Zhuoyuan Iskandar - a joint venture between China-based ZhuoDa Real Estate Group and Malaysia's Iskandar Investment, the master planner for Nusajaya.

The company is building Paradiso Nuova, a 382-unit condominium that it expects to launch in mid-September.

More than 600 people have already registered their interest, about 40 per cent of whom are Singaporean, said sales and marketing director Liang Thow Ming.

"We expect a diverse group of buyers - investors who want to capitalise on Medini's story, as well as people who are keen to stay there, whether they are Malaysians who work in Singapore or Singaporeans who are seeking a lower cost of living," he said.

"EduCity, Iskandar's education hub, also provides good rental potential because there is a shortage of hostel space and the universities are enjoying exponential growth in student numbers."

Credit from The Straits Times - 20 July 2013
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