Magnate allays fears of Iskandar building glut

[SINGAPORE] The rosy narrative on Malaysia's hot spot Iskandar development region is wilting on a looming supply glut. No thanks to overzealous building by mainland Chinese developers.

Adding to the flux is that Iskandar's property boom - partly led by buyers across the Causeway who were lured by sprawling homes amid rolling hills, and in some cases, a spectacular sea view at a lower cost - is taking a breather after prices trooped upwards by 25 per cent last year.

But the edginess about oversupply and the downbeat prognosis that asset values could slip in Malaysia's bustling Johor state may be overdone - that is, if one believes what the boss of Iskandar Waterfront Holdings (IWH), the master developer of Danga Bay where many Chinese developers have homed in, has to say.