Danga Bay project over 50% sold

The RM18billion Country Garden@Danga Bay (CGDB) project in Johor Bahru earns strong response from buyers, selling over 5,000 units or more than have the total number of 9,000 units, ahead of its 2018 completion.

Most interest came from Malaysians, but Singaporeans, Chinese, Korean and Taiwanese buyers were also snapped up units aggressively, said Michael Ong, Sales Supervisor at Country Garden Properties.

The 57-acre development is expected to be completed in three phases, with 3,000 units each year from 2016 to 2018. It comprise 33 blocks of condominiums and 11 blocks of apartments comprising serviced apartments of one-, two and three-bedroom configurations.

According to Wee Soon Chit, Executive Director of Landserve (Johor), the simultaneous launch of 9,000 units was “astounding for Johor Bahru or the entire country for that matter.”

“The marketing campaign is also revolutionary whereby enormous amounts of money have been spent on various promotional activities to attract buyers...The pull factors for the project come from its integrated 5-star development concept, reputable developer, excellent location and 180-degree sea view as well as the possible link by light rail system,” added Wee.

Sr Michael Geh, National Committee member of FIABCI-Malaysia, noted: “Overall, I’m very happy and encouraged professionally to see that a large international development company like Country Garden, a top 10 developer from China has decided to invest in Iskandar.”

Geh also downplayed fears on a possible oversupply as Johor has a huge land area and “there are certain areas where locals traditionally stay.”

“I don’t think foreigners will flock to these areas to buy. They won’t go to the secondary market. Instead, they usually purchase directly from the developers. Therefore, I don’t think the presence of foreign developers will negatively impact local buyers so much. Local buyers have a lot to choose from and have their own buying patterns and preferences. I don’t think we should be unduly alarmed by developments by foreign developers.”