Horizon Hills a gated and guarded housing community in Nusajaya (part of Iskandar) that is very popular with expats – learn more about the Horizon Hills housing estate. The housing estate offers bungalows, link houses and condos. Horizon Hills has its own golf course.
Even with the rapid decline in the value of the Malaysian ringitt the rental prices are not rising, if anything they appear to be falling. Given the amount of vacant properties for rent this makes sense. Of course for those with income in dollars (Singaporean, USA or other) this means rental prices have gone down substantially given he 20% decline in the Ringitt to the USA $ (from $1 = 3 ringitt in May 2013 to now $1 = 3.6 ringitt).
As I have written previously the potential for Johor Bahru, Malaysia is great. The proximity to Singapore give JB the extra boost that moves the potential above that of dozens of similar locations throughout South East Asia. But potential has to be managed properly or it is wasted. The inability of Singapore and Malaysia to cope with the demand for cross border traffic has to be a huge concern for investors.
The backups have become progressively worse throughout the last year and especially bad the last few months. As I have also written previously the massive supply of luxury housing in JB without a visible source of equally high paying jobs in Johor that will allow people to afford those houses is a worrisome sign.
The failure to complete a 3rd link by last year and the huge delays experienced all this year create strong headwinds for realizing the potential of Iskandar. Obviously cross border transportation was going to be bad before the MRT was finally extended given the huge volume of luxury condos being build in JB. But things are tremendously bad already when only a few of the new luxury condos are completed.
The potential is still great but the huge problems with the borders already calls into question the ability to plan, execute and grow to meet that potential. More high paying jobs need to be created in Johor Bahru itself. I don’t see how the number of luxury condos being built will be workable in the next few years. 10 years from now all may be well, but from 2015 to 2018 (or whenever the border gets fixed so the median border delay is under 15 minutes, likely the extension of the MRT to JB will have to play a role in fixing the problem) I see big risks countering the big potential.
People are willing to envision themselves putting up with huge commutes. but as they live with them year after year and miss their children, spouses and lives sitting at a border waiting to move forward many will decide it isn’t worth it.
In my opinion the pool is the best part of the project. The units are ok but the pool is amazing. The location is actually pretty good too – there are quite a few shops surrounding the area (and with a Giant and Tesco right across the street).
Rents range from 2,300 MYR/month to 4,500 MYR/month (for 820 to 1,500 square feet). Purchase prices range from 800,000 to 900,000 MYR (for 1,516 square feet which is about 600 MYR per square foot).
Current listings offer rentals:
MYR 4,500/month – 3 + 1 bedrooms, 4 bathroom, 1,500 square feet, high floor, corner unit, looking South.
Sky Executive Suites @ Bukit Indah opened to tenants last year and there are still many units available. The location is quite nice, but it does seem to me the price of the units tends to a bit higher than the market (room to negotiate, especially with so many units available). See more details on our Setia Sky Executive Suites information page.
Orchid View Condominium is walking distance to CIQ (but it is very awkward to walk as the area was not designed with walking in mind), right next to downtown JB. It is pretty crazy to have designed the area to be so difficult to walk in given it is right downtown next to CIQ – this is exactly where designing a walkable city is most important. The situation at Orchid View shows that there is much more work needed to improve the urban design of downtown JB. See our overview of the Orchid View Condos.
The condo offers typical features of the 24 hour gated and guarded condos in Johor Bahru: covered parking, gymnasium, jogging track, playground and swimming pool.
2,800 MYR per month; 1,500 square feet; 3+1 bedrooms, 3 bathrooms, fully furnished, corner unit.
3,000 MYR per month; 1,500 square feet; 3+1 bedrooms, 3 bathrooms, fully furnished, corner unit.
3,000 MYR per month; 1,500 square feet; 3+1 bedrooms, 3 bathrooms, fully furnished, corner unit, facing South (to Singapore).
2,500 MYR per month; 1,500 square feet; 2? bedrooms (I think the listing has this wrong, but maybe it is right), fully furnished, corner unit.
I took these photos over 3 months ago but it looks pretty much the same today. They have seemed busy the whole time with people working and trucks going in and out. My guess is they are digging out to work on the foundation and that really doesn’t give you much to look at as a casual observer.
Twin Galaxy started construction in late 2012. As with all new condos in Johor Bahru recently the developers are aiming for the high end of the market. Twin Galaxy’s 2 towers will be 35 stories. The development includes integrated shops and restaurants along with recreation areas for residents (pools, game rooms, library, kid’s play room).
The location is nice, next to Hotel Selesa and across the street from, the also under construction, Setia Sky 88 condos and near the New York Hotel.
Condo options include: studio (560 square feet) – this has to be aimed at the Singapore market, 2-bedroom (936 square feet), 3-bedroom (1163 sf), 4-bedrrom (1701 sf) and Penthouse with private garden. They offer to attach a “studio” to the 2 or 3 bedroom which adds 560 square feet (they make that into the master bedroom).
The CIQ and causeway are 5-10 minutes (2 km) away assuming any sensible driving and traffic load. It is a bit worrisome what will happen to the traffic flows with all the high rises being build in a close area, but this is a worry for the whole area.
I can’t find any details on the delivery time frame on their website. I don’t understand how such basic information is left off.
The sales market for housing in Nusajaya, Johor is hot. Horizon Hills is one of the most popular housing estates in Nusajaya (part of Iskandar in Johor, Malaysia).
Given the positive feeling many have about the future of Nusajaya many investors continue to buy. The demand by investors exceeds the demand of renters so, renters can get some good deals. The biggest thing that will change this market dynamic is more high paying jobs being created in Johor increasing the demand from renters.
I would expect you can get discounts on the listed prices (if they won’t budge talk to others offering rentals – there is a surplus supply). Above asking price of RM 3,500 discounts are even more likely.
Currently there are numerous condos available at the Straits View condos in the Permas Jaya. The opening of the new highway makes commuting to Singapore much easier now (as well as just getting to the Johor Bahru central business district.
One thing you have to keep in mind when looking for a place to live in Johor Bahru is that many available units are not listed online. A few places, like Straits View and Molek Pine have a larger percentage listed online (given that that are targeting expats and also that they are more expensive, real agents representing them are more experienced and have more tools available, etc.).
iProperty is a good site to find available Straits View Condos, some current listings:
The market for housing in Nusajaya, Johor is hot. The progress of the Malaysian government Iskandar project are making investors very positive. And jobs are starting to be created as new projects are brought online. One of the premier housing estates in Nusajaya is Horizon Hills.
Given the positive feeling many have about the future of Nusajaya many look to buy (either instead of renting, or as an investment). Because so many investors are buying that leaves a demand for renters. And renters can get some good deals if they look.
Cluster house, RM 3,000/month, Built Up 2400 square feet, 4+1 Bedrooms, 4 Bathrooms, Partly Furnished. 5 minutes to Jusco Bukit Indah, 15 minutes to second link highway Tuas custom, 7 minutes to Tesco and Giant. 7 minutes to Columbia Hospital.