Sumary of IN FOCUS: How Johor’s residential property market has been hit hard by COVID-19:
- When Singapore business owner Jonathan Gan purchased a 4-room condominium at Lovell Country Garden in 2018, he thought he had clinched his dream retirement home..
- The freehold apartment located near Johor Bahru city centre was twice the size of his 3-room HDB flat in Singapore, but the cost was only half of the latter when he bought it directly from the developers..
- Just three years after he purchased it, Gan who bought the unit at around RM1 million (US$242,000) is having a hard time trying to sell it, even though the asking price is a fraction of what he paid for it..
- Since the COVID-19 pandemic hit last year, border closures between Singapore and Malaysia meant that he and his family could not visit his weekend home..
- Furthermore, Gan business in Singapore has been affected by the pandemic, and he now needs to sell the apartment to gain some liquidity..
- Gan is among property owners in Johor Bahru who are having issues trying to sell their properties, as the market is in the doldrums due to the prolonged effects of COVID-19….