RTS Project Raise Johor Bahru Property Prices, Rents, Six States Railway Land Has High Development Potential
As a result of the building of the Johor Bahru–Singapore Rapid Transit System (RTS), tembusu grand price, and tembusu grand floor plan rents in Johor Bahru went up, especially in the Tembusu Grand around the station.
Anthony Loke, Malaysia’s Transport Minister, said that the government, through the Railway Assets Corporation (RAC), has chosen 10 pieces of railway land in six states for possible growth projects.
RTS project raises Johor Bahru property prices, rentals
The installation of the Johor Bahru–Singapore Rapid Transit System (RTS) raised property values and rental rates, especially around the station.
RHB Research said that Knight Frank reported high-rise deals at RM900 to RM1,100 per sq ft, closely matching Klang Valley rates.
The Star said that Johor Baru city center high-rise demand is “Singapore dollar-driven”.
Given the lack of development space around the RTS station, certain parties have offered to buy historic districts for renovation.
“There are many developments and many parties are planning projects. RHB Research also highlighted a new light rail transportation project.
The research company highlighted that Singapore’s high rental prices drove Johor Bahru city center rental demand.
Six states have rail property with strong development potential
Transport Minister Anthony Loke said the Railway Assets Corporation (RAC) has chosen 10 railway property parcels in six Malaysian states for development.
The New Strait Times reported 369.45 acres (149.51ha) of sites in Penang, Selangor, Johor, Perlis, Kuala Lumpur, and Kelantan.
Five properties have rail access and might be developed as TOD.
“These RAC land needs to be developed with value-added so the corporation can enjoy maximum returns, which can be used for national railway sector development,” stated the minister.
He then advised large developers to seize this opportunity as the government uses transit to boost the economy.
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