KUALA LUMPUR, Jan. 12 (Xinhua) -- Analysts on Friday expected the Johor-Singapore Special Economic Zone to boost property demand in the southern Malaysian state of Johor.

Affin Hwang Investment Bank said in a note that it believes the economic zone will rejuvenate interest in the Johor property market, especially for industrial and data center development projects.

With the proposed passport QR code clearance system and the improvement in the railway public transport link between the two countries, the research house believes this will encourage the purchase of Johor property by Singaporeans in the long run, given the relatively cheap Johor property prices compared to Singapore.

Meanwhile, Maybank Investment Bank said in a note that it is positive on the economic zone, which is expected to create more job opportunities through investments from/via Singapore.

According to the research house, this will help drive demand for both residential and commercial properties, with the higher population requiring housing.

CGS CIMB said that the economic zone will positively complement the ongoing construction of the Rapid Transit System (RTS) project between Johor Bahru and Singapore, by means of facilitating more seamless connectivity and expediting clearance of people at land checkpoints.

RHB Investment Bank said in a note that it is upbeat on initiatives outlined in the economic zone as they will spur growth in Johor.

According to the research house, a few initiatives were mentioned including a one-stop center to facilitate business applications and approvals for licenses, implementation of a passport free QR code clearance system at both sides for clearance of people at land checkpoints, and the adoption of digitized processes for cargo clearance at land checkpoints.

In RHB's view, these are important steps to attract local and multinational corporations in Singapore to expand to Johor.

Malaysia and Singapore on Thursday agreed to jointly develop a special economic zone in Johor, aiming to strengthen economic connectivity between the two regions. Enditem

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