In an astonishing feat, all 156 units of Sunway Maple Residence Phase 1 in Sunway City Iskandar Puteri (SCIP), Johor, were snapped up in just two hours during their launch last weekend! This swift sell-out highlights crucial factors like affordability and prime location, which appeal to both local and international buyers.

Sunway Maple Residence marks the first freehold landed homes project by Sunway Property in SCIP, spanning an impressive 15.18 acres with a gross development value of RM206 million (approximately S$62 million). The homes, featuring double-storey designs, range in size from 30ft by 60ft to 30ft by 90ft, with prices starting at RM1.22 million each (S$366,351).

Gerard Soosay, CEO of SCIP, emphasized that the rapid sales were attributed to the project’s overall quality and its sought-after location. “By offering a good product in a good location and being recognized as a trusted brand, we have earned the confidence of buyers,” he stated. The project stands out, not just for its homes but for its comprehensive living environment, which incorporates residential, commercial, educational, entertainment, and hospitality elements.

Interestingly, a significant portion of the buyers were Singaporeans and Malaysians living in Singapore, showcasing the project's appeal across borders. With Phase 2 already in the works, scheduled for launch with 70 more double-storey units by year’s end, the momentum seems to continue.

In stark contrast, Forest City—a colossal $100 billion project by Country Garden—continues to face daunting challenges with its “ghostly” image. Originally designed to accommodate 700,000 residents in high-rise apartments and villas, the development has struggled with sluggish sales and low occupancy rates.

A report by Channel News Asia in 2018 revealed that exorbitant prices were a significant obstacle for many Malaysians, with officials admitting that targeting Chinese buyers contributed to rising tensions within the local market. Concerns were raised that such a focus could result in displacing local residents. One salesman lamented, “The people working in the area probably can’t afford to live here,” reflecting apprehension about the potential for Forest City to become an “empty city.”

Despite attempts to revitalize interest through tourism by hosting events like golf tournaments and triathlons, feedback from visitors has not been encouraging. Tourists from Singapore and Kuala Lumpur remarked that Forest City felt unusually quiet and underwhelming, with many areas still lacking visibility and vibrancy.

However, a glimmer of hope emerged for Forest City as it recently announced a commercial sale featuring 40 ready shop lots on Island 1. The response was encouraging, with an impressive 80% of leases taken up within an hour of launch, predominantly by locals and Singaporeans. Fang Fang from Country Garden Malaysia-Singapore noted an overwhelming demand, highlighting that applications for commercial units were triple the number available.

With reforms like a new Johor-Singapore special economic zone and the island’s duty-free status in play, interest is slowly amassing, suggesting that the development could still rise from its current challenges.

The contrasting trajectories of Sunway City Iskandar Puteri and Forest City serve as captivating case studies in real estate, encapsulating the vital elements of market focus, pricing strategy, and local engagement. Keep an eye on how these dynamics continue to evolve in the coming months!