The Johor-Singapore Special Economic Zone and a surge in data centre developments are set to be major drivers in Johor’s real estate sector in the second half of 2024 . News Straits Times reported that Maybank Investment Bank expects the JSSEZ to boost the demand for residential, commercial, and industrial properties as the population continues to grow and will need more housing.
The agreement for the JSSEZ is expected to be signed in September, with investment and tax incentives to be announced in Budget 2025. According to Maybank IB, unlisted government-owned developers and listed plantation groups like Johor Land Berhad and Iskandar Investment Bhd are the biggest beneficiaries of the JSSEZ.JLand, the property division of Johor Corporation, is part of Johor state’s principal development institution.
Historically, both IIB and Johor Corporation have focused on land sales. However, with the positive outlook due to the JSSEZ, the Johor-Singapore Rapid Transit System , and the Autonomous Rapid Transit system, “ SDG recently showed interest in developing green industrial parks, potentially with joint venture partners, but is also open to selling parts of its landbank at the right price.