JOHOR: Armed with satellite imagery, property developer air rescue crews today began flights over miles of unsold properties searching for buyers.
“I saw a man walk into a show unit on my morning patrol,” said Iskandar buyer search member Abdul Aziz, “but he just went in there to grab a free 100plus. I hope he comes back with his checkbook, or maybe he’s a kitchen contractor like my last sighting.”
However mainland China property developer Far King Hau Sdn Bhd believed investors shouldn’t worry about temporary property sale setbacks even though 336,000 more residential units and 1,400ha of reclaimed land is in the pipeline.
“When Johor property sales plunged 30% in fourth quarter 2014, we saw an opportunity to ramp up construction and attract investors!” explained CEO Wai So Wong, “It’s basic business 101. First you oversupply the market. Then, when you have a serious enough supply glut, buyers stop waiting for prices to fall and buy buy buy! They should all be here any day now!”
“I hope this Iskandar bubble doesn’t burst,” said a foreign owner, “If prices become too affordable, I might end up living next door to a Malaysian!”