The Johor state government is considering implementing policies to curb property price speculation over the upcoming Johor-Singapore Special Economic Zone (SEZ). Chief Minister Onn Hafiz Ghazi highlighted concerns expressed by stakeholders about escalating property prices amid ongoing development plans for the SEZ, which have led to significant increases in land and residential prices. The government aims to prevent overburdening residents and ensure affordable property prices by introducing new policies and discussing the construction of more affordable homes in the SEZ areas with the Local Government and Housing Ministry.
During a state assembly sitting, Mr Onn Hafiz assured that the state government is committed to preventing property price hikes that would make it difficult for Johor residents to afford property within the Malaysian state. He emphasized that any proposals regarding the SEZ would prioritize locals and suggested the introduction of certain premiums to control speculation. The government is considering implementing measures to curb speculation and ensure that the welfare of residents, particularly local fishermen’s safety at sea, is protected as development in the SEZ area progresses.
Singapore and Malaysia signed a Memorandum of Understanding in January on the Johor-Singapore SEZ, aiming to boost cross-border economic connectivity. Both countries will work towards enhancing the cross-border flow of goods and people and developing a framework leading to a full-fledged agreement on the zone. Initiatives such as a passport-free clearance system on both sides of the border are also being explored in the leadup to the full implementation of the SEZ. Malaysian Prime Minister Anwar Ibrahim has highlighted the potential benefits of projects like the Johor-Singapore SEZ, stating they could help Johor’s economy outpace other Malaysian states in the coming years.
Overall, the Johor state government is focused on addressing concerns related to property price speculation in the Johor-Singapore SEZ. By considering new policies and discussing the construction of more affordable homes, the government aims to protect residents and prevent property price hikes that could strain local residents. With the signing of the MOU between Singapore and Malaysia and the advancement of initiatives like the passport-free clearance system, efforts are being made to boost economic connectivity and development in the SEZ. The potential benefits of projects like the SEZ point towards a positive economic outlook for Johor in the coming years.
