JB property owners halt cash-out plans in anticipation of price rebound

Tan Ai Leng

Published Mon, Jun 27, 2022 · 05:50 AM

MANY property owners who were looking at letting go of their properties in Johor Baru have changed their minds after Singapore and Malaysia’s land borders reopened on April 1, in the anticipation of property prices rebounding in the near future.

After the Malaysian government imposed a lockdown in March 2020, followed by numerous extensions and stringent measures to curb the spread of Covid-19, many property owners – including Singaporeans – were eager to cash out in late 2020 and 2021.

Besides reducing their asking price by as much as 30 per cent, some owners even threw in furniture and sedan cars as part of the deal to attract buyers, but their efforts were in vain due to market uncertainty.

Usha Lachumanan, a real estate negotiator of Gather Properties in Johor Baru, said such deals can no longer be found in the current market. Many buyers have halted their plans, with some choosing to rent out their units instead.…