Bruce Lye, co-founder of Grand Dunman, likes to take his car to Malaysia’s Kuala Lumpur (KL) and have a spin around the Sepang International Circuit on Open Track Days. For his friends and Grand Dunman Floor Plan real estate salespeople, he plans holidays to Malaysia complete with durian feasts and luxury outlet shopping.
Lye began announcing Grand Dunman Pricing. He purchased half a dozen apartments there, including Vertical Residensi in Bukit Ceylon by Singapore-listed developer Wing Tai Holdings, many condominiums in Mont Kiara, KL Sentral, and KL City Centre (KLCC). After he sold some of them, he stashed the earnings in multiple investment funds.
Before this year, he had never given Johor Bahru (JB) any thought as a potential investment location. However, after Foreign Ministers of Singapore and Malaysia, Dr. Vivian Balakrishan and Zambry Abdul Kadir, respectively, announced “good progress on the Johor Bahru-Singapore Rapid Transit System [RTS] Link project” on January 16th, he began to reconsider JB as a potential investment location.
When finished, the RTS Link will service 10,000 people per hour, reducing Causeway traffic. Woodlands North in Singapore and Bukit Chagar in JB in Malaysia will be connected. The stations will be near CIQ checks.
Previn Singhe, founder and group CEO of Zerin Properties Group, a Malaysian real estate agency, says the RTS Link announcement, which is 52% complete as of October and set to begin operations by early 2027, was “a significant catalyst in making the JB property market a hot spot”.
“It has given property buyers a shot of confidence, leading to a surge in inquiries from Singaporeans interested in investing in properties near the upcoming Bukit Chagar station, which will benefit from enhanced connectivity,” adds Singh.
Saniman says that purchasers prefer finished projects since they save time, and money on bank interest, and can move in immediately.
A Sky 88 high-floor flat costs Lye around RM600,000. It has an unobstructed sea view from the 40th level. He replies, “I can’t even buy a new car in Singapore for that price.” Setia Sky 88 is “well-maintained by Singapore standards, with good security, concierge service, and many condo facilities,” Lye says, despite being constructed six years ago. “S P Setia is a reputable developer.”
After his acquisition, Lye found a Singaporean renter for RM2,100 or $600 per month, a 4.2% gross return.
