Singaporeans fuel Quayside JBCC sell-out amid Johor's RTS boom
'The response from Singaporean investors has been overwhelming, making up the majority of our foreign buyers,' said JYSigma Business Consultancy (JCB) founder and director Jack Yang, adding: 'The strong cross-border demand ahead of the RTS Link completion shows investors are positioning themselves for the connectivity benefits.'
Last month, the project with a gross development value of RM600 million (S$181.3 million), secured a 100 per cent take-up rate with over 80 per cent of buyers being foreign investors, according to Yang.
Situated in the Ibrahim International Business District (IIBD) and within the Johor-Singapore Special Economic Zone, the units at Quayside JBCC are sold through a private equity (PE) fund structure. The PE structure is marketed through a partnership between JBC and venture capital firm Asia Vision Capital (AVC), which is regulated by the Securities Commission Malaysia. Both conventional and syariah-compliant fund options are available.
Ian Khor, chief investment officer at AVC, said: 'The fund targets average annual dividends of above 8 per cent, with commitment rates of 3 per cent for 2027 and 7 per cent from 2028 onwards.'
For some context, Malaysia's recently listed Paradigm Reit, backed by three shopping malls – including one in Johor Bahru – valued at RM2.4 billion, is targeting a yield of over 7 per cent.
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Potential connectivity sweetener
The development is scheduled to begin operations by 2027/2028, with a potential Reit listing planned by 2032.
Developed by Kuala Lumpur-based Bangsar Heights Pavilion, the project – the developer's debut in Johor Bahru – features Malaysia's first transparent cantilevered sky pool with panoramic views of Malaysia's southern tip and Singapore.
The 195-metre tower is located in IIBD and includes 482 serviced suites, 24 commercial retail units and 200 hotel suites.
Quayside's hotel component will be jointly managed by Oakwood and Hyatt Place, with income diversification across hospitality and retail streams.
Quayside JBCC features Malaysia's first transparent cantilevered sky pool with panoramic views of Johor and Singapore. ILLUSTRATION: JBC
The upcoming RTS Link, targeted for completion in 2026, has spurred rising demand in Johor's urban core. Quayside JBCC will be a 10-minute walk to the RTS Link Bukit Chagar station.
Singaporean arrivals to Johor reached about 13.5 million in 2023, rising further to over 17 million trips in 2024, according to Tourism Malaysia and Immigration Department data. This reflects strong cross-border momentum, with Johor targeting 20 million foreign visitors by 2026.
Tan Kin Lian, two-time presidential candidate and former chief executive of NTUC Income, who purchased a unit for RM680,000, shared on a social media post that he viewed the project as offering 'reasonably good return to the investor'.
Jack Yang, founder and director of JYSigma Business Consultancy, says: 'The strong cross-border demand ahead of the RTS Link completion shows investors are positioning themselves for the connectivity benefits.' PHOTO: JBC
Price gap – biggest lure
The price differential remains a key attraction. According to Singapore government data, the median resale price for a Housing and Development Board flat in 2024 stood at S$612,497, or about S$600 to S$700 per square foot (psf).
JBC said that the Quayside's serviced apartments are priced at around S$300 to S$400 psf.
'Many Singaporeans find they can't afford the same lifestyle in Singapore anymore,' Yang explained. 'The price gap allows them to get luxury amenities here that would be out of reach back home.'
According to EdgeProp, Wee Soon Chit, executive director of Landserve (Johor), said land transactions near the RTS Link have reached RM1,000 psf, with areas such as Jalan Trus and Jalan Wong Ah Fook seeing shophouse transactions hitting RM2,000 psf and beyond.
While established property groups such as WCT Holdings (Paradigm Reit) and YTL Corporation increasingly convert their real estate portfolios into Reits in Malaysia, Quayside JBCC's retail investor model – selling individual units through a PE fund structure with promises of future Reit listing – appears to be a novel approach in the Malaysian market.
Property consultants note that converting mixed-use developments into Reits has its fair share of operational and structural complexities.
Samuel Tan, founder and chief executive officer of Olive Tree Property Consultants, said: 'Mixed-use developments are eligible for Reit inclusion, but investor sentiment generally favours single-sector Reits, which offer clearer investment theses.'
His partner at the property consultancy Tan Wee Tiam added that while solid yields are achievable for conventional properties, the same may not hold true for hotels or high-rise serviced apartments in the Malaysian context where they often function more like condominiums built on commercial-titled land, and returns remain relatively untested.
Stewart Labrooy, founder of Malaysia's first Reit and executive chairman of Area Group, cautioned that funds such as Quayside JBCC 'must first prove resilience to avoid being just another 'concept Reit''.
He added: 'Mixed-use models complicate valuations and listing requires stabilised income streams.'
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