Johor mulls property speculation curbs over upcoming Johor-Singapore Special Economic Zone

Johor mulls property speculation curbs over upcoming Johor-Singapore Special Economic Zone

The Johor-Singapore Special Economic Zone ( SEZ ) will be a result of the Johor-Singapore government’s policy review.

Onn Hafiz Ghazi, the state’s main secretary, pointed out that the program was born out of concerns raised by various stakeholders about speculation surrounding rising property prices as a result of continuous SEZ development plans, including residents and external investors.

He noted that government oversight and investigation have been required because property speculation has caused significant raises in land and home prices in a number of areas.

During a state assembly meeting on Sunday ( May 12 ), Mr. Onn Hafiz stated,” Johor requires new policies to stop the escalating property speculation.”

He was responding to a problem regarding the Johor government’s claims regarding the safety of local fishermen at lake and the expected rise in house prices in Iskandar Puteri following the SEZ’s execution.

Mr. Onn Hafiz emphasized the state government’s commitment to preventing Johor people from overpaying for home in the state, making it difficult for them to purchase real estate in the state.

” There may be certain prices that can be introduced. He added that the Local Government and Housing Ministry will work with the Johor authorities to explain the SEZ’s potential for more affordable housing.

In January, Singapore and Malaysia signed a Memorandum of Understanding ( MoU) for the Johor-Singapore SEZ, which aims to improve cross-border economic connectivity. &nbsp,

Both parties will work together to improve the cross-border flow of goods and people and create a model that will enable a full-fledged arrangement on the zone under the MOU.

In the interim, both nations are looking into other initiatives, including a border-free certification program on both sides of the border. &nbsp,

Anwar Ibrahim, the prime minister of Malaysia, has stated that projects like the Forest City special economic zone and the Johor-Singapore SEZ could boost Johor’s economy beyond that of another Malay states in the near future.