Tang and Ng (not their real names) entered into separate sale and purchase agreements last month, paying 10% as deposit to buy a house each in Petaling Jaya and Puchong.

The properties were priced at RM1.8 million and RM900,000. Tang paid RM180,000 while Ng paid RM90,000.

However, both instructed their lawyer this week to discontinue the agreements due to uncertainty following the Covid-19 outbreak.

R Kengadharan says this may be because they want to use the cash to buy other properties at cheaper prices.

He said Tang was to have taken a bank loan amounting to 40% of the house price to pay for the house while Ng was to have paid cash to acquire the property.

“The terms and conditions of the property sales allow the vendors (sellers) to forfeit the deposit but I am trying to get at least 50% of the amount back through negotiation,” he told FMT.

Kengadharan said there were several other house buyers who were prepared to forego their deposits as they could use the money to buy choice properties at a lower price during the crisis.

“I know of people who are cash-rich who will buy such properties and sell them at premium value to recoup their losses from forfeiting the deposit amounts,” he added.

With prices going down, Kengadharan believes those with cash will enter the property market so as to make money when the economy improves later.

Property valuer Huan Cheng Kee said it was common for property prices to take a beating following any economic or financial crisis, and for those with cash to buy properties.

He said not only would demand for residential homes be affected, commercial and retail properties too would suffer the impact of the pandemic as some people would likely lose their jobs when employers wind up their operations or cut costs.

“Our property market had already been weak since January and Covid-19 has made it worse.

“The question is, how long and how deep will the problem be,” said Huan who has been in the industry for about 40 years.

Lawyer T Gunaseelan said he expected many disputes over breach of agreements in the purchase of properties to end in court in the months to come.

“Sellers will go for specific performance in compelling buyers to honour the agreements to acquire properties if there is no forfeiture clause,” he said.

He said parties might also use a “force majeure” clause to keep from performing their side of the bargain unless the agreements contain an exemption clause in the form of a suspension, waiver or termination of the contract.

Force majeure means that a party to a contract is prevented from fulfilling his or her obligations due to unforeseeable circumstances.

“It will also be interesting to observe the attitude of the courts in settling commercial disputes,” he added.

Source: Free Malaysia Today

The movement control order (MCO) to curb the spread of Covid-19 in the country has been further extended to April 28, Prime Minister Muhyiddin Yassin said today.

In a live telecast, he said the MCO had helped healthcare workers contain the spread of the infection.

He added that the country’s death rates were low compared to the global toll, and that the number of new cases had also dropped.

“If the trend continues to drop, we can curb it from spreading, but we cannot take it easy,” he said.

The order, implemented on March 18, was initially supposed to end on March 31. It was later extended to April 14.

Under the MCO, all government and private businesses were shut down except for essential services such as water and electricity, telecommunications, transport, banking and food supply.

In the second phase of the MCO, a 10km travel restriction was imposed with leeway to be given if essential services or items cannot be found within the vicinity.

Members of the public were also barred from carrying passengers in their vehicles except during emergencies, with a 6am-10pm curfew for all vehicles including those used for e-hailing.

Hypermarkets, grocery stores and petrol stations meanwhile were only allowed to operate from 8am to 8pm.

Source: Free Malaysia Today

Mah Sing Group and Mah Sing Foundation donated 30,000 surgical masks while Iconic Worldwide Berhad contributed 20,000 medical-grade face masks to the Penang government.

Mah Sing was represented by head of northern region and senior general manager Lai Kok Soon; while Iconic was represented by managing director Datuk Tan Kean Tet.

Chief Minister Chow Kon Yeow thanked the contributors for donating the face masks, adding that the masks would be distributed to the frontliners in Penang.
Meanwhile, the state government had taken the initiative to distribute 6,000 face masks to food deliverers to safeguard them from the risk of Covid-19 infection.

As the country undergoes the movement control order (MCO), food delivery workers have been tirelessly ferrying meals from restaurants to consumers every day.

The restaurants have also stopped accepting dine-in customers since the MCO enforcement started on March 18 to help the country flatten the curve of Covid-19.

Takeaways are however allowed by the authorities. Thus, this has kept the brave delivery workers busy.

Although they are applauded for their courageous efforts, they also risk their lives if they are not taking any appropriate preventive measures when dealing with the customers during their daily rounds.

The face mask distribution took place near Maybank in Komtar today, involving three food delivery companies, namely Foodpanda, DeliverEat and GrabFood.

Each food delivery company received 2,000 face masks.

GrabFood company were represented by its Penang city manager Daphne Lim Beng Shuan and its head of operation Alex Teoh Chia Liang.

Foodpanda was represented by its Penang Island recruiter Hakimi, while DeliverEat was represented by its George Town rider management supervisor Nurul Nadia Nor Azmi.

Also present during the face mask distribution were Chow’s political secretary Teh Lai Heng, who is also the Komtar assemblyman, and Bukit Bendera MP Wong Hon Wai.

Nurul Nadia expressed her gratitude and thanked the state government for the face masks.

“The face masks come at the right time because we are currently having a shortage of face masks supply. At the same time, we have many riders in Penang.

“Now our riders can use the face masks to protect themselves when they are out doing the delivery.

“So, on behalf of the company, I would like to convey my sincere appreciation to the chief minister and the state government,” she said.

During the MCO enforcement, food delivery services can operate from 8am to 8pm.

The MCO is now into its 23rd day and will end on April 14 after being extended from March 31 to contain the spread of the coronavirus.

Source: Buletin Mutiara

Nature’s Best, Above the Rest

Discover a nature-inspired sanctuary meticulously designed to not only integrate seamlessly with the natural environment, but to also enrich lives through intuitive modern features. Rising majestically from a pristine enclave in Sungai Ara, this one-of-a-kind project promises the ultimate combination of versatile design, lavish condo facilities, panoramic views and many more.

Away from the Daily Noise, Connected to Everything Else.

Located along a tranquil upper cul-de-sac in Sungai Ara, TREEO residents enjoy the best of both worlds – a serene living environment at home, and the convenience of having all daily, lifestyle and business needs within a short drive away.

A World of Indulgence Right at Home

• Strategically positioned to provide sweeping views of the hills, city & sea
• Vast variety of condo facilities catering to residents of all ages
• Carpark with multiple entry and exit points on levels 1,3,7 and 9
• Lush landscaping with more than half of project site dedicated to greenery
• Optimised internal layout for versatile living

Adding A New Dimension to Rest & Recreation

Your home sweet home at TREEO comes equipped with an extensive list of resort-style condo facilities including an Infinity Pool fronting the cityscape and sea, well-equipped gym and a variety of thematic gardens. TREEO sets itself further apart from the rest with a first-of-its-kind link bridge which directly connects the residents to an adjacent hillside landscaped park.

To find out more details, kindly contact developer at
+6016-8500427( WhatsApp)

Sales Gallery: Penang International Commercial City (PICC) Sales Gallery
Lot 6029, Jalan Tun Dr Awang, Sungai Nibong Kecil, 11900 Bayan Lepas, Pulau Pinang
(Waze: http://bit.ly/2MFdwsm)

Website: www.treeo-hunza.com

Location Map:

by Anders Ong

FOUR Measures That Can Be Taken During the Six Months Automatic Moratorium Period: 

1. Increase Cash Reserve of Minimum 6 Months:

Preparing for the worst but hope for the best, because many businesses and companies may have to cut cost or start to do retrenchment. Cash reserve also serve as a mean for daily expenses such as foods and basic needs usage.

2. EPF Account 2 Withdrawals Under i-LESTARI:

EPF members may apply for the i-LESTARI Account 2 Withdrawal Schemes beginning April 2020. Remember to only withdraw if you are cash constraint due to loss of income from jobs or you wanted to reduce your existing debt burden.

3. Property Refinance:

Homeowners could take the opportunity to refinance their house in this market condition to cash out their home equity. Property owner who is in need of more cash to sustain their business or to safeguard their interest during this period could refinance their property for extra cash and to lower their existing mortgage interest rates without losing the ownership.

4. Existing Idle or Vacant Property:

If you have any properties which are not rented out yet, consider renting it out as soon as possible to increase monthly income and reduce debts. If you have any non-performing properties, consider to sell it off and restructure your future property plan before another property boom.

FIVE Opportunities That Arise During the Six Month Automatic Moratorium Period: 

1. The Automatic Moratorium:

Should we take it or should we decline and make normal payment as usual? If we have job securities with fixed income and a lot of cash reserve, then it is of not much importance as we will still need to pay for the interest later on. But if we are commission-based or business owner and affected, then we should consider to take it as we will have extra cash reserve for monthly expenses, salary payment and company expenditure.

2. Six Months Period to Settle All High Interest Debt Commitment:

The extra money from the deferred payment of mortgages should have been use wisely. Use the extra cash available to pay off or reduce other debts which have higher interest rates such as Business Loan, Personal Loan and Credit Card installment.

3. Improve Your CCRIS & CTOS Report Score for Future Mortgage Applications:

Focus on settling any short term loans which had been in arrears before and reduce the numbers of bad debt under the record or debt consolidations.

4. Refinance Property Again to Capitalize on The Low Interest:

If you had spotted any property which is worth to invest in the market downtrend, then refinance and invest. Some units are selling at a good price and the interest rates are low at this moment. But always invest with due diligence through real estate market studies of the prices, market segment and cash flow or hiring a professional estates agent.

5. Rental Income from Investment Property:

Any rental income received during this 6 Months Automatic Moratorium Period can be used to invest in other assets which can provide a higher percentage of return in the future. Make sure the other investment could reap a return of more than 5-6% to cover the mortgage interest rates.

Anders Ong – PEA, Property Investor, Writer, Speaker, Real Estate Coach, Property Market Analyst & Author of Back To Property Investment To Create Wealth