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A real estate expert claims that it is much easier for Malaysian youths to own property compared to their counterparts in neighbouring countries.
Michael Geh, a senior partner with Raine & Horne Malaysia, said young people in Thailand, Indonesia, Laos and Cambodia could not “even dream of buying houses” because of the exorbitant prices.
“But in Malaysia, you can still buy if you belong to a double-income household or go for joint ownership,” he told FMT.
He also said local banks were more open than those in neighbouring countries to giving out housing loans to youths.
Last Tuesday, the executive chairman of property consulting firm Rahim & Co said more than 50,000 pieces of residential property, worth about R34 billion, remained unsold as of the third quarter of last year. He said one of the reasons was that wages in Malaysia were not moving upward to keep up with property prices.
Geh urged the government to put in more effort into improving the job market to spur property purchases among youths.
He also said the overhang in residential properties could be attributed to faulty locating of property development.
He noted that some properties were being offered for sale at prices that did not match the attractiveness of the sites.
He added that the speed at which properties were being built did not match the slow increase in Malaysia’s population, attributing this to the keenness of developers listed on the stock exchange to impress investors.
“They need to develop to show performance to ensure that their stock prices and stock performances remain good,” he said.
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Mandarin Mansion, a landed residential development by Kayangstar Property Sdn. Bhd. in Batu Maung, Penang. Located along Jalan Batu Maung, accessible via Lorong Batu Nilam 1. It is adjacent to Sunway Mutiara housing scheme by Sunway Property Group, approximately 2km away from Penang Second Bridge.
This development comprises a total of 28 units 3-storey semi-detached and terrace houses. It was formerly owned by Seal Properties Sdn. Bhd. (known as Sapphire @ Batu Maung), been sold to Kayanstar Property Sdn. Bhd. in 2017.
More details to be available upon official launch.
Project Name : Mandarin Mansion
Location : Batu Maung, Penang
Property Type : 3-Storey Semi-Detached & Terrace
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units: 14 (semi-d), 14 (terrace)
Tenure : Freehold
Indicative Price: (to be confirmed)
Developer : Kayangstar Property Sdn. Bhd.
Register your interest here
Location Map:
Bank Negara Malaysia’s Monetary Policy Committee (MPC) reduced the Overnight Policy Rate (OPR) by 25 basis points to 2.75% — the lowest since 2011.
The reduction in the OPR surprised economists who expected the MPC to retain the OPR at 3%.
After the statement was announced at 3pm, shares of banks fell, dragging the FBM KLCI into the red as a rate cut would impact their net interest margins.
In the statement, Bank Negara said the ceiling and floor rates of the corridor of the OPR were correspondingly reduced to 3% and 2.50%, respectively.
“For 2020, growth is expected to gradually improve, with continued support from household spending and better export performance.
“The adjustment to the OPR is a pre-emptive measure to secure the improving growth trajectory amid price stability,” it said.
At 5pm, Hong Leong Bank lost 60 sen to RM16.24, Public Bank fell 46 sen to RM19.02, CIMB 10 sen to RM5.03, Maybank five sen to RM8.55 while AmBank shed two sen to RM3.82 while RHB Bank was unchanged at RM5.84. BIMB fell 14 sen to RM4.06.
OCBC Bank economist Wellian Wiranto said with the conclusion of US-China Phase One deal and a nascent pickup in global trade flows, the outlook for Malaysian economy should have been looking better now versus two months ago, when the MPC last met.
“It appears that better may not be good enough, however. Bank Negara surprised the market and us by cutting its OPR by 25bps to 2.75% – a level not seen since early 2011. Ostensibly, it is labelled as a “pre-emptive measure”.
“The out-of-left-field nature of the cut, plus a tell-tale wariness on both global and domestic growth drivers in the statement, signal this may not be the last cut for the year – especially if economic momentum does not pick up,” he said.
Below is the statement issued by Bank Negara:
At its meeting today, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) to 2.75 percent. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 3.00 percent and 2.50 percent, respectively.
The global economy continues to expand at a moderate pace. Latest indicators and the recent dissipation of trade tensions point to improving global trade activity.
Monetary easing across major economies in the second half of 2019 has helped ease financial conditions, and is expected to continue to support economic activity.
However, downside risks remain due to geopolitical tensions and policy uncertainties in a number of countries. This could cause a resurgence of financial market volatility and weigh on the global growth outlook.
For the Malaysian economy, latest indicators and supply disruptions in commodity-related sectors point to moderate expansion of economic activity in the fourth quarter. For 2019, growth will be within the projected range.
For 2020, growth is expected to gradually improve, with continued support from household spending and better export performance.
Overall investment activity is expected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors.
However, downside risks to growth remain. These include uncertainty from various trade negotiations, geopolitical risks, weaker-than-expected growth of major trade partners, heightened volatility in financial markets, and domestic factors that include weakness in commodity-related sectors and delays in the implementation of projects.
Headline inflation averaged at 0.7% in 2019. In 2020, headline inflation is expected to average higher but remain modest.
The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings.
Underlying inflation is expected to remain broadly stable, reflecting the continued expansion in economic activity and the absence of strong demand pressures.
The adjustment to the OPR is a pre-emptive measure to secure the improving growth trajectory amid price stability.
At this current level of the OPR, the MPC considers the stance of monetary policy to be appropriate in sustaining economic growth with price stability.
Source: TheStar.com.my
