Population Growth of Iskandar Malaysia
Based on IRDA and CIMB Research, the population of Iskandar Malaysia will reach 3 millions by 2025.
Year 2010 2015 2020 2025
IM Projected Population (mil) – 1.60 2.07 2.53 3.00
Average growth (yearly) – 93,333
Average member per household – 4
Estimated house unit required (yearly) – 23,333
Average unit per condo / apartment Project – 500
Estimated Condo Projects required (yearly) – 47
Based on the rough estimation above, IM needs to build approximate 23,000 house units yearly to fulfill the population growth.
If we translate the number of house unit into the number of condo / apartment to be built, it will be about 47 condo projects are required at yearly basis, assuming each condo project consist 500 units averagely.
Of course, there are a lot of other factors need to be taken into account to forecast the actual demand of house units in IM. At least the estimation above provide you a rough idea of the property demand / supply in IM, so that you may be able to see deeper of the aspects and prospects of IM.
In short terms, the population growth may not be a linear trend as assumed by the population projection, it is expected to be lower than the projected growth, considering IM will have about 100 condo projects being completed in coming years, some areas we may observe oversupply cases.
In long run, the population is expected to catch up with the projected growth, considering growths contributed from tourism, migrations, investments, job creations (for local and foreigners), increase of daily travelers (those who work in Singapore but choose to stay at IM). Subsequently, the demand of house unit will increase significantly in long terms, if the population is able to catch up.