Visible progress of upcoming RTS Link draws S'porean, Malaysian buyers to JB properties - The Straits Times

JOHOR BAHRU – When Chinese developer R&F launched its second phase of sales for the Princess Cove condominium in Johor Bahru in 2018, it sold an estimated 30 per cent of its nearly 3,800 apartments by the end of the year.

The company expected sales momentum to continue for the project, which is less than 10 minutes away from the JB checkpoint on foot.

But the Covid-19 pandemic struck, forcing the closure of international borders, including the land crossings between Johor and Singapore.

“During the pandemic, there was some despair, especially when the borders were closed. (Property) prices also fell to lower points,” said R&F deputy general manager Xu Jie.

But in 2023, sales for the project picked up significantly, especially during the April to September period, which saw five times more transactions than in the same period in 2022, Mr Xu said.

He added that the heightened interest is largely due to the Rapid Transit System (RTS) Link, with its rail viaduct and trestle bridge now taking shape across the Strait of Johor.

“Just taking a glance at the sea, the RTS’ construction is clearly visible,” said Mr Xu, adding that the obvious progress is a point of assurance for buyers.

The RTS Link is a 4km rail shuttle service set to be operational by end-2026, with a capacity to carry 10,000 passengers every hour in each direction between Woodlands North MRT station in Singapore and Bukit Chagar in JB.

Construction of the rail link, which began in November 2020, crossed at least the 50 per cent mark on both sides by November 2023.

It is expected to ease congestion plaguing the Causeway, which is used by hundreds of thousands daily.

That optimism appears to be widely shared among buyers of properties around the RTS station, which is being built next to the current immigration complex in JB.

Mr Xu said around 40 per cent of Princess Cove buyers are Singaporeans, many of whom were keen to invest in JB properties after Singapore hiked the additional buyer’s stamp duty again in April, making it pricier to own two or more properties in the Republic.

The next biggest groups of buyers are from Malaysia, China and Taiwan, he added.

“We are in a window of opportunity,” said Mr Xu.

“Property prices will only get higher the closer it gets to the completion of the RTS.”

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