GDV of RM3 Billion in Sungai Petani

Sungai Petani. Interested to buy a property there? My wife and I studied there for 2 semesters of our MBA programme until the UUM’s centre moved into the Kulim High Tech Park in Kedah. The last time I went into Sungai Petani was to meet a developer who had projects in Kedah. It has changed. Instead of the rows of shophouses without any occupants, every row has been transformed. To say that it has become KL is gross exaggeration but it has really become more alive.

So, when I come to know about this piece of news about OSK Property Holdings Bhd planning up to RM3 Billion worth of properties in Sungai Petani, I am quite interested to just follow what would be the potential developments be. The RM5 billion GDV would include 5,0005,000 units of landed, high-rise and commercial properties. It will be developed on a 405ha site which is part of Bandar Puteri Jaya project. The first of this RM3 Billion GDV would be a RM300 million shopping mall and 400 units of landed properties with a RM240 million GDV to be launched next year. The mall would be completed in 2016 and would have a one million sq ft of gross built up area. With regards to the Bandar Puteri Jaya, OSK has built 7,000 units of residential and commercial properties within it with an approximate GDV of RM1.2 Billion since 1999.

I think this piece of news would be good for people who would like to buy into Sungai Petani. In fact, if you really drive, it is a mere 20 minute from the Penang bridge, like what I did for every weekend for 8 months many years ago. Think about it, landed properties which are much bigger than the typical terrace houses in Penang and yet perhaps 40% cheaper? Of course, you can also buy Batu Kawan but for your information, Batu Kawan will only have IKEA by 2020 while Sungai Petani’s mall will be ready in 2016.

written on 27 June 2014

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GDV of RM140 billion within Kuala Lumpur is a go-ahead, officially. Details?

It’s a go-ahead and it’s positive. Official signing ceremony viewed by our Prime Minister Dr Mahathir Mohamad. Also present were Economic Affairs Minister Mohamed Azmin Ali, Finance Minister Lim Guan Eng and Transport Minister Loke Siew Fook. The consortium will include a major Chinese company and the GDV is estimated to be RM140 billion! Land value alone is RM12.35 billion. This is the Bandar Malaysia.

Article in freemalaysiatoday.com
  TRX City Sdn Bhd, a wholly owned subsidiary of the finance ministry, said it has entered into a deal with IWH CREC Sdn Bhd, the consortium comprising lskandar Waterfront Holdings (IWH) and China Railway Engineering Corporation (CREC), to develop Bandar Malaysia.  IWH-CREC is acquiring 60% equity stake in Bandar Malaysia Sdn Bhd, the project’s master developer, from its parent company, TRX City.

A condition of the deal is that IWH-CREC will build 10,000 units of affordable homes in Bandar Malaysia. Bandar Malaysia will be located on 195.5ha in Sungai Besi in the heart of Kuala Lumpur. There was also a request by the government for 28.3 ha to be retained as the green lung in the centre of the massive development. Dr. Mahathir said that Bandar Malaysia would add value to the economy through creation of jobs and acceleration of retail and institutional demand for commercial and residential space. Please refer to the full
Article in freemalaysiatoday.com

Someone asked me last year about the ‘terminated’ Bandar Malaysia. I replied that Bandar Malaysia is considered a catalytic development. If it is successful, it will draw in a lot of foreign funds into Malaysia and it will have to proceed. We need to understand that development needs to continue so that economic growth could also continue. The multiplier effects from all these new developments will be good for everyone.

Perhaps the next question we want to know is how will the High Speed Rail (HSR) be proceeding.  There’s a HSR station within the Bandar Malaysia and this is a critical component as well. If it’s indeed true that Singaporeans could arrive within Kuala Lumpur in less than 2 hours, we will be seeing a huge number of visitors and with them, the potential huge number of new investments too. That one, we will have to wait. Happy being happy about Bandar Malaysia.

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written on 17 Dec 2019

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GE15: So many offers for those who vote. WOW!

I will not say more. Just browse those photos and you would know what to do, okay? Do the right thing! And you will be rewarded. 🙂

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GE15: 18th and 19th November are public holidays. No toll for 2 days!

No need to wait, it’s official now

Yes, it’s now official. Everyone can balik to their hometowns and have their say with their vote. GE15 may just be that first time voting for many of the 18 year olds. Hopefully a lot more people are now encouraged to go and vote.  Lots of time to reach home on time yeah. Drive slow slow also can too.

Article in nst.com.my
  Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob has declared Nov 18 and 19 public holidays.

He said the special holiday was to encourage the people to carry out their responsibility and vote on polling day on Saturday.

He made the announcement at the ground breaking ceremony of the Congress of Unions of Employees in the Public and Civil Services (Cuepacs) at Presint 18 here today.

A total of 21,173,638 eligible voters are expected to cast their ballots at 9,536 polling centres around the country in this election.  They will vote for elected representatives at 222 parliamentary constituencies and 116 states seats in Perlis, Perak and Pahang.
Article in nst.com.my

Do not be lazy okay…

From some friends, it does seem that the voting fever this time is much more subdued. Many predicting that some colours may win. I say, go vote lah. The decision will come later. Many reasons have been stated but I think they are all small reasons versus the importance of voting. Go do it yeah. Remember to drive safely and stop anytime needed for a cup of coffee etc. Happy voting!

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Gearing drops, share price up. RM480 million sale.

Companies with more cash and less debts are always loved by the market. Selangor Dredging Berhad (SDB) decided to sell its office building Wisma Selangor Dredging and land on Jalan Ampang, Kuala Lumpur, to Golden Eagle Realty Sdn Bhd for RM480 million. Full news article
in thesundaily here.
More good news? The price is 20.9 percent above its market value and 50.9 percent premium to its net book value as at March 31 2016. (Yes, this is a huge premium or in other words, a big gain when SDB sells it)  In the filing to BURSA, this was what SDB stated, “The proposed disposal provides an opportunity for the SDB Group to unlock its investment in Wisma Selangor Dredging and generate immediate cash flow for the SDB Group.” (Positive statement lah. If we have gained, should just sell, take the money and invest somewhere else. Provided we already sort of have some targets of where to invest.)

Most of the proceeds will be used to be used to settle a redemption sum owed to Public Bank and RM80.96 million will go to shareholders via a special cash dividend. Many would want this I guess, which was why its share price suddenly shot up. Full news article about it in
TheEdgeMarkets here.
We can now buy one unit of its stock at RM1.08 If we had bought earlier, we would have saved 12 sen per unit. 🙂   By the way, based on some movement of the share price movement, the highest point reached was RM1.16 within the past 4 weeks. At one point within past 52 weeks, it was as low as RM0.785 per unit. If interested to find out more, here’s the link to
i3investor.com
 In terms of coverage by analysts, this stock is not one of those super popular ones. Well, some of its latest projects include this one opposite the Sunway Velocity Mall.
UNA by SDB
 If your preference is for SOVO instead, there’s one which is right next to a MRT station.
SQWHERE in Sungai Buloh.

On an overall basis, the property actually contribute RM14.56 million for the financial year ended March 31. While SDB will lose this rental portion, it will also be saving RM13.40 million of bank interest once it is sold. Current times are nowhere near bullish but the sale comes with gains which meant that SDB can use the proceeds to buy something else. It’s easier to get a good deal now too. I do not own any SDB’s shares but their gearing would drop to just 0.05x after this. (Yes, this kind of gearing is quite unheard of for property developers. Not even the big names.). Happy following.

written on 21 June 2017

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Some newer companies may perform better than some older companies. Applies to the working world too.

Long time ago, when a company wants to expand, it could only look at going to other towns and cities. Today, when companies think about expansion, it’s more often to be regionally or even globally. This is why it’s now possible to become super huge very fast. Sorry, I am talking about real businesses with real profits and not some start-ups (over 5 years or more) with continuous push for higher market share via subsidizing from its deep pocketed shareholders yeah. Let’s look at the owner of Volvo cars, shall we?

Li Shufu is the owner of Zhejiang Geely Holding Group.In 2010, it completed the acquisition of Volvo from Ford Motors. In 2019, Volvo sold over 700,000 cars and this was the first time ever that it has managed to achieve this after 93 of establishment. In brief, the ‘marriage’ between Geely and Volvo has been extremely successful. In 2017, Geely acquired Proton. At the end of 2019, Proton has managed to sell 100,000 cars and is back into the black. In brief, this merger has also been successful.

Article in theedgemarkets.com
   Geely owns Volvo, Lotus cars, London’s iconic black cabs and a stake in Daimler AG (Yes, nearly one tenth ownership of the producer of Mercedes cars…). Now, it has emerged as a potential investor in Aston Martin and there was also a proposal for a jaguar Land Rover potential tie-up.

The owner of Geely Zhejiang Holdings Group Li Shufu was able to revive Volvo because he gave the Swedish manufacturer’s engineering team the resources to invest in new models. At the same time, he helped to lower Volvo’s high costs by jointly developing vehicle underpinnings with Geely. Here’s a history of what has been Geely’s acquisitions since 2006.

Year
Investment
2006
Buys 19.97% stake in Manganese Bronze, maker of London taxis
2010
Acquires Volvo Car from Ford Motor
2013
Gets 100% control of Manganese Bronze
2017
Acquires 49.9% of Malaysian automaker Proton and 51% of Lotus
2017
Takes over flying car company Terrafugia
2017
Purchases 8.2% stake in Volvo AB from Cevian Capital
2018
Acquires 9.69% of Daimler AG

This was what Li said recently, “The historical trend of economic globalization is irreversible,” Li said in a speech earlier this month. Geely should “work together with international partners” to “seize the technological commanding point through collaboration and sharing.” Please do read a very comprehensive
Article in theedgemarkets.com

There are definitely acquisitions which went the wrong way yeah. However, what Geely has demonstrated is this. When you are able to grow and you are profitable, it’s possible to use the profits to invest into other businesses which will bring a better value to the group as a whole. Plus, the merger and acquisition will also be successful when the new owner is also able to show that it wants to grow together with the company it acquired. This gains support from all stakeholders.

This is why when we earn a good monthly salary, the only way to grow our wealth is by investing the savings and not to spend everything yeah. Identifying the right investment vehicle instead of a new car (pun intended) to invest is essential. When the investment returns are added together to the growing monthly salary, the person may actually start to have more wealth than even his managers or seniors.

Same action all the time equals to the same result all the time! In the corporate world (rat race world), if everyone is to rely on just that few percent increments every year of course the one earning the highest salary would be the most senior staff in the whole department yeah….
How much is the increment in 2020? Here’s that article.
Happy driving a new Volvo (for the richer ones) and well, Proton (for working professionals).

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Gen-X: Stability, strategy and investing in property

Sometimes, when I speak to Gen-Xers about property investment, I have a feeling that they believe the best times have passed by. Many felt that today, everything is already too expensive and not worth
risking their savings
 for. Perhaps they are right in some ways. This is especially so when they have just one property in a prime area and this property has appreciated a lot. However, they were not willing to sell because with the money they get, they could not get back a similar place. Funny but true. Secondary areas further away just do not appeal to them. They have stayed in the same area for the past 15 to 20 years. Ring any bells?

Think a little bit further. Read some good books and be a little more active in attending free talks / seminars during property fairs. Objectively, selling the current home we stay for surplus funds and using some of it to buy somewhere further but with accessibility is a much better strategy than to stay put and well procrastinate. I say procrastinate because every Gen-Xer I spoke to understood the
importance of property investment
. Yet, saying is one thing and taking concrete actions is another. Regardless of the appreciation in property price, if we have done nothing with it, we gain nothing from it. Oh yeah, if we sell it later for our children’s education, we may find out that tuition fees have also risen appropriately.

Well, for those who have done extremely well in both career and investments (not necessarily property), they are already in their 40s and could partially retire if they so wish. Hopefully, I would not need to
work full time until 56
. The only constant in this world is change. Sometimes, for the worst. I constantly remind myself and many close friends that we deserve the salary we currently earn only if the company continues to do well and we keep improving. Just look at the
sudden retrenchments
 that has been happening lately not just within Malaysia but everywhere throughout the world? Are we prepared to work for a lower pay should we lose our current high-paying job?

Honestly, those nearer to 50 years of age are always at a disadvantage when looking for a new job if there are other applicants who are younger but is qualified enough and most of the time, earning a lower pay too. I would be very sad if I have to keep working because I have to.
Read here
. Thinking back is not necessary, too late for that. Thinking ahead in terms of how we should reposition what we have to earn more profits should be a key thought currently. My fellow Gen-Xers, I hope you agree with me. Happy working and investing.

written on 9 May 2016

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Gen-Y and property

A close friend just complained to me about the Gen-Y in her companies. Always complaining non-stop. Always not satisfied of anything and everything. Thinking the company should follow what they think. Come to think of it, I quite agree. A lot of these Gen-Ys are really ‘unbearable’. However, today let me tell you about 3 minority Gen-Y friends I know.

One is currently a legal consultant who has been working for 5 years. A very smart lady with impeccable English and if you have met her would see none of those traits of the typical Gen-Y that you see in your working place daily. She has bought a property and is currently paying for it. A RM500,000 condo nonetheless. Gives her mother allowance every month without fail.

Second Gen-Y is currently in corporate sales. She decided to switch her career from QA to sales because she realised that her potential is not looking at things and deciding if it meets requirements or not. Her life should be a successful corporate women and one that earns a good income. Within 2 years, she became one of the top sales in her company, and is currently looking for a property with a budget of RM600,000.

The third Gen-Y works so hard that I hardly see him. He passed his ACCA as well as an Accounting Degree so early that everyone of his friends were still studying when he started working. He’s now already a manager with a BIG 4 Accounting firm and the last I know, he has already two properties which he was renting out and he was looking for another one.

Mind you, all three are not humble. I specifically told two of them, never be humble. Why should they be humble when they are so capable, so confident of their own abilities and capabilities? All three are however very DOWN TO EARTH. Very easily approachable and very helpful. You would not know how successful they are unless you really know them. Gen-Y are never known to shy away from achievements. They work hard towards their goals and typically try to do better every time they do something. Thus, they do not have ‘been there, done that’ mindset which plagues a lot of the ‘unbearable’ Gen-X as well.

All three share ONE common trait. Their appreciation for property. Property investment is not something which you jump in by luck. You should have studied enough, know enough and investigated enough before you buy your first one. Majority of Gen-Y complained about expensive properties but the capable minority ones just went about buying them and buying the second one and so forth. Due to the need to buy property, they would also not simply spend their money and value their hard earned money much more. Two of them have very high English proficiency and yet both joined Toastmasters. The QA one has slightly above average English and yes, also a Toastmaster.

Thus, if there’s one distinguishing factor that I personally see in Gen-Ys, I think we see Gen-Y + property investment, these are the better ones.

written on 27 dec 2013

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Before you do any investment, maintain your FD first

I read a very clear ‘Facts of Debt’ pictograph for Gen-Y in The Edge recently. Actually, The Edge is a very good weekly magazine and if you would only read one newspaper, make it The Edge. Back to this article. The pictograph showed that over 70% of Gen-Y cannot endure a personal economic emergency of three months. I think this means if they are out of job they would run out of money within 3 months. Wait, it also stated that 37% lived BEYOND their means. Now, you know why. The way they live their lives are just not sustainable.

Actually, no matter whether you are Gen-Y, Gen-X or whatever Gen, before you start any investment, my personal belief if you must have the safest investment first; Fixed Deposit. Save enough for 6 months emergency, then only you start to save for other investments. Whatever it may be, buying property, buying a house, buying unit trusts, buying stocks, buying REITs  and buying a bigger car. Oops, buying a car is not an investment. The reason that you must keep for 6 months is easy. You do not want to be caught off guard and face the possibility of being declared bankrupt. In terms of employment, within 6 months, any average guy can find a job. He may not get the job that he wants, the salary that he wants or the working location that he wants but he can definitely get a job.

The report also stated that 43% of the Gen-Y has very poor personal finance knowledge. Don’t worry, I think this is true for every Gen-Y in every other countries besides just Malaysia. If the ‘investors’ in United States have sound personal finance knowledge, they would have know that prices of houses cannot continue to rise as if there’s no tomorrow. In today’s competitive world, everyone must have sound personal finance knowledge. It is not about becoming a millionaire but without this knowledge, if you are lucky, you would do well but if you do not invest in making sure your money works for you it is just your mistake.

All it takes is just for YOU to make an effort to learn. Starting to read and learn about personal finance is very tough, at least for first few months. However, once you start to get a grasp, then your learning would be smoother and you may learnt that besides just the FD, there are also other forms of investments. Oh yeah, if anyone promised you minimum return of 20% per year every year, I think it’s most probably a trap. Stay grounded. Invest wisely DON’T GAMBLE please and if you earn more than 20% every year continuously, great job. Otherwise if you earn just 7% per year, you are doubling your money every 10 years which is actually not too bad.  🙂

written on 14th dec 2013.

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If you are a Gen-Y, then property should be a YES. WHY?

Your thoughts please. Do you believe the many recent studies telling us that Gen-Y (also known millennials) do not like to own anything, preferring instead to pay per use? From GRAB to renting a place and moving out when they have found a new and better place and even renting branded clothing and handbags instead of paying crazy money to own one? Well,
More than half of Gen-Y owns a property in Australia

Ernts & Young defines them as those born between 1981 – 1996.

In other words, if you are between the ages of  22 to 37 as at 2018, then you are one. I am not. 🙂  As someone a generation before, let me share some reasons why property must be something Gen-Y loves. We shall not talk about how hard it is to start.
You can read it here instead.

Advantage of Malaysia.  As a Gen-Y staying in Malaysia, you have a great opportunity as the median age for Malaysia is less than 30.  What this tells us in general is that the property that you bought today would have continuous demand and when you sell it in the future, you can upgrade to a bigger unit. Better still, buy another unit and rent out this first unit that you bought.

All the toddlers you see today will most probably graduate
 and get a job and needs a place to rent or their PARENTS would assist them in buying a home. The question is, DO YOU HAVE A HOME that can be sold or rented out in the future?

Advantage of age. You are still young. You can still stretch your loan to its limits, except for those who are already 36 years old currently. When you become 41 like me, well, it’s harder to stretch already. Until of course Malaysian banks are willing to lend you until you are 80 years old. 🙂   Not too far stretched since many people in advanced countries already have to work beyond 70 today anyway. This is what wiki says:
“The average of statutory retirement age in the 34 countries of the Organisation for Economic Co-operation and Development (OECD) in 2014 was males 65 years and females 63.5 years, but the tendency all over the world is to increase the retirement age.”

Advantage of leverage. After paying the 10 percent downpayment, your capital appreciation is based on 100 percent of the home price and not the 10 percent you paid. If you buy RM10,000 worth of stocks and it goes up by 5% after one year, you earn 5% returns.  If you put RM10,000 into the Fixed Deposit and it pays 4 percent per annum, your return is 4 percent per year.  Well, if you put RM10,000 as downpayment into a RM100,000 home and the property appreciates by just 5 percent per year, your return on investment is RM5,000 divided by RM10,000 and that’s a staggering 50 percent.
NOTE: There is NO GUARANTEE that your home price will increase every year.

Advantage of asset. A car is an asset even if this ásset’ will keep depreciating. An old banknote from the time before World War II is an asset. Please keep it well and away from the sun and moisture yeah.  Money is also an asset, if you have A LOT of it.  If you have some money however, then money becomes an enabler. Use it well, it appreciates in value. Use it badly and it becomes an expense which will disappear after consumption. The
 right property however has been proven to be an asset

for a very long time. Looking at advanced markets would reveal the same. Question is, do you own one and wait or waiting to own one.

There are a lot more other advantages but I think the four above is already very valuable for Gen-Y not to miss it. Time is of essence. Just a few days ago, an executive director in a property developer based in Penang told me that he is a good example of
why a working professional can continue to upgrade themselves
 where property is concerned. His first property was only a small terraced home which he bought together with his wife, he upgraded to a bigger terraced home many years later and he is currently staying in a semi-detached home which he bought a few years ago. Recently, with the market slowdown, he saw the opportunity to look for a good priced bungalow too. For working professionals, it’s very important to grab the opportunities that come along, especially for Gen-Ys. The YES generation. 🙂  Happy investing in your future.

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written on 24 Jan 2018

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Genting Group vs Genting Sky City.

On a yearly basis, I will go up to Genting Highlands to enjoy the cool air maybe up to 6 times. This year, none yet but hopefully soon. I understand that now the tourist buses from China has totally stopped because there were o tourists coming in due to COVID-19. I do hope everything will be back to normal soon. Most of these businesses depend on tourism and the longer the COVID-19 wreck havoc, the sooner would they be running out of business. Earlier article here:
More visitors, higher spending in 2020 up in genting Highlands. (before COVID-19)

Genting group includes Genting Bhd, Genting Malaysia Bhd and First World Hotels and Resorts Sdn Bhd. Genting Sky City is a development by GM Aero Support Sdn Bhd and it will be built by Sycal Bhd. The three Genting group of companies are taking the developer of Genting Sky City to court because it claims that the project does not meet development guidelines.

Article in edgeprop.my
  The Genting Group’s suit claims that the development of Genting Sky City project contravenes with the Guidelines on Development Planning in Hills and Highlands, as a substantial part of the landscape is a steep hillside with slopes at a gradient ranging from 25° to 35° or more, where development is not allowed. It also added that the proposed development will be located at more than 1,000 metre above sea level and at this level, the only development which could be allowed would be for the construction of infrastructure such as roads, tunnels, bridges, telecommunications and electricity of low intensity. The Genting Group also claims that the use of the “Genting” trade name for the project was done without any prior approval, licence and permission of the group.

Meanwhile, the defendants, in their affidavits, said that they had already obtained planning permission for Genting Sky City in July 2015, and subsequently in April and October 2016, following amendments to the plan for the development. It said that the building plan was approved by the Bentong Municipal Council on Dec 22, 2017 and that another amended planning permission was subsequently granted on Oct 24, 2019. The defendants also said that the environmental management plan for the project has also been obtained from the Pahang Department of Environment. Please do refer to more details in
Article in edgeprop.my

Since the case will be heard very soon, I think everyone will have more details. I will definitely keep writing. This is definitely a case which will attract a lot of attention. It seems that claims by Genting Highlands has some valid points but if we look at what the defendants are saying, it seems that all the approvals from the authorities have been obtained and that was they the construction started. Happy following.

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Hong Kong developer developing flagship development in Genting Highlands

Genting Highlands remain a place I will go a few times every year

I stayed one night in Genting Highlands to celebrate the new year of 2022. It was raining throughout the stay and I did not feel too comfortable as there were some exposed slopes throughout the journey up to the peak.However, one thing is certain. Genting Highlands remain popular and the number of cars remain high.

Plus, there are now even more places to stay versus previously when it’s usually inside one of the hotels by Resorts World Genting. Most of all these new developments are not under the Resorts World Genting. Here’s another one with a gross development value of RM6.2 billion. It’s called IBN Highlands City and it is also targeting foreign buyers too.

Article in nst.com.my
 IBN Corp Ltd, a Hong Kong-based high-end property developer has a flagship development in Genting Highlands. Its director, Megat Khalil Izzuddin Shah, said that the company intends to launch new phases in IBN Highlands City, a mixed-use development project with a gross development value (GDV) of RM6.2 billion.

He said among reasons Malaysia remains one of the best places to retire include its excellent weather and living conditions The highly accessible public transportation system, affordable healthcare, and cheap but excellent education are all appealing prospects too.

He said, “In addition, investors like the freehold options and the price in exchange for the lifestyle compared to what they can get back home in China, Hong Kong, Singapore, and Japan.”  Do read the article in full here:
Article in nst.com.my

Will there be too much accommodation in Genting Highlands?

This is a good question. Perhaps find out the situation by going to the accommodation booking sites is a better answer versus asking any property developer who’s building there. I did. For the 31st December 2021, the choices were limited and in fact a small room in First World Hotel on 31st December 2021 was close to RM500 per night. I think I have my answer. I also have to note that at that time, Genting Skyworlds was not open yet. It will soon be.

Genting Skyworlds opening on 8th February 2022

Article in freemalaysiatoday.com
   Genting Malaysia Bhd’s head of business operations and strategies, Lee Thiam Kit said the theme park was built with an investment of over US$800 million (RM3.34 billion) and it will put Malaysia and Pahang on the world tourism map. He said, “This theme park will contribute to the tourism sector and the economy with the creation of over a thousand jobs.”
Article in freemalaysiatoday.com

Happy driving up to boost the earnings of tourism players and at the same time enjoy the cold breeze too.

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Genting Highland’s Sky Avenue is impressive, as a start.

Not all the shops are open, true. The new restaurants look or are expensive, true. (Yet, there was along queue into that ‘lobster’ restaurant. Economic slowdown has not affected those people I guess. Haha. The new theme park is definitely not opening soon, true. However, Genting Highlands is till good for a family visit lah. There’s the
Genting Highlands Premium Outlet
 (GPO) which I bought new Puma shoes at RM168 instead of its original price at RM438. One week after my first visit to GPO, my sister invited me to join her and our parents up to Genting Highland’s Sky Avenue. It’s just 50 minutes of drive anyway and I joined. To those who are thinking of Star Avenue, well it is fully closed for renovation. So, now you do not need to take the same photo with the same background. I did not go into the casino this time but as usual, there was a crowd right in front of the entrance. Probably thinking if they should enter or not. Haha. So, with Sky Avenue, there’s a whole new background for new photos with your family or loved ones. Image shows one of them. More to follow below. Think bright lights and possibility of changing themes every now and then since screens are now wrapped around everywhere.

Nope, it’s not possible to walk between the Genting Premium Outlets (GPO) and Genting Sky Avenue. You need to drive. It’s about 10 minutes away. Parking is still free for both. Just remember to sign up as a Genting Rewards member. Assuming you are a KLite, perhaps can think about arriving at GPO after your breakfast and shop first. Buy or no buy is another matter altogether. Get to know how much is that handbag that your colleague is using! Haha. Then, have lunch there where choices are pretty good. After lunch, arrive at Genting Sky Avenue for check in at 3pm. Well, the second strolling around starts after that. I was at Star Avenue for just 2 hours this time. My wife will arrange for a stay the next time we drop by. Happy visiting and do share anything that I have missed.

written on 16 July 2017

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Another Premium Outlet, this time high up the hill!

My daughter has been to Genting FOUR times. She’s just 27 months old. Haha. It’s near enough for a short drive up and cooling enough for my liking. So, I was very happy to read that Genting Premium Outlets is currently being built and it will be Southeast Asia’s first hilltop Premium Outlet Centre. First question, would you drive up to Genting just to visit the Premium Outlet? Chances are, no. However, this would add to the many attractions to drive up to Genting Highlands in future. Instead of just the casino or even just the theme park and the current shopping centre, there is now another awesome choice. It is expected to be completed in final quarter of 2016.

Total size would be 300,000 square feet. Certainly nowhere near the size of
Mitsui Outlet Park
 or even Johor Premium Outlet but as another shopping choice up there in Genting, this is indeed very attractive. It will house 150 designer brand name stores and 4,000 parking bays for cars and buses. It is part of Genting’s 10-year development, expansion, enhancement, refurbishment and infrastructure master plan. This Genting Premium Outlet is a sister outlet to Johor Premium Outlet which I have visited many times and bought many things for my wife.

Recently, Genting’s casino in Singapore showed a huge drop in profits while those casinos in Macau has shown a continuous decline in profits for some time. Both remain profitable but it has shown that profits cannot continue to rise and weaknesses in China’s economy does affect casino’s profitability as fewer people visit casinos. Thus, the expansion in terms of offering beyond just casino alone allows the company to at least maintain its profit momentum while at the same time giving even more entertainment value to many visitors, including my family and I. Happy visiting.

written on 27 May 2015

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A trip, GenM counter, free dinner and short break

Should we switch some of our property focus into the share market instead? These few weeks has been good for the stock market. Recently, I bought 2,000 units of Genting Malaysia stock. (Stock code: GenM). Of course, since it is only 2,000 units, no matter how much the business of Genting Malaysia grows, I would not become an overnight millionaire. However, if their business does well, I think the stock price should appreciate enough so that I can sell and be able to treat my family a nice dinner and perhaps make another trip to Genting Highlands for a brief break. I bought at very slightly above RM4. It has not moved much since the day I bought and I have nearly forgotten about it. Worst case scenario? It is ok, I get dividends which I think is higher than the typical savings account rate.

What’s the reason for this buy? Well, in my last trip just two weeks ago to watch the “Ultraman” show, I saw the construction of the new 20th Century FOX theme park. It’s definitely ongoing. This is reason number one. Reason number two is because despite it not being a long school holiday, it was ‘human mountain human sea’ in Genting Highlands. Do note that the current theme park is already closed. Thus, I made a conclusion that the new theme park is likely to boost the number of visitors significantly. Third reason is because many other analysts seem to agree that GenM is a good counter to buy. Just google for ‘GenM target price’ and you would know what I mean. Do note that these analysts are still just analysts. Please buy based on your own analysis instead.

Since there are three very good reasons, then why did I buy just 2,000 units?The reason is because before the new Fox theme park is opened, Genting Malaysia would have to continue paying for its construction. It would also need to spend on marketing activities. It would also need to ensure the staffs are hired, trained and paid for many months before the actual opening of this FOX theme park. In other words, money should be flowing out first, before the investment can start to earn profits. Also, please remember that Genting Highlands major profits would still come from casino operations and not from this FOX theme park. Thus, I am buying with the aim of a great dinner, some profits as well as a vacation. In this case, there is really no need to buy more units. Even if the stock can appreciate 30% suddenly, I would already achieve my objective. Have a happy vacation there.

written on 21 Mar 2015

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Fancy going to the new Genting theme park when it opens?

When was your last drive up the hills for a relaxing shopping trip at
the Genting Highlands Premium Oulet?
  Or drive up all the way to the Genting Highland Resorts and then taking the cable car down to do your shopping instead. Then have dinner at the many F&B choices in SkyAvenue? Whether it’s that lobster burger or that Japanese or Taiwanese or even our very own local ones, the choices are just aplenty.

Okay, after dinner, bring kids to run around, follow wife around as she shops and then only retire back into the room lah. In the evening, after the kids are asleep, I may drop by the casino to play a game or two? I drive up to Genting more than 5 times last year.  I mean it’s near enough, there are concerts I like and my kids just love the indoor theme park. It’s not big but you know, my kids are not that ‘big’ either so they could still have hours of fun there. They were both waiting for the outdoor theme park to open too.

The outdoor theme park was supposed to be open in 2020. COVID-19 arrived first and now, the news is that it will not not be opening so soon yeah. Latest news is that the opening will only happen in 2021.
Article in thestar.com.my
  It was scheduled for soft-opening in 2020 but will now be opening only in Q3 2021 instead. The cost of the theme park was RM5 billion and the soft opening would have included 20 rides including four roller coaster type of attractions too. (not for me!)

The closures due to COVID-19 has caused Genting Berhad to register a loss of RM132 million in Q1 2020 versus a profit of RM562 million in the same quarter a year ago. While there were legal disputes earlier between GenM and Walt Disney Co, it seems that a settlement has been reached where the theme park would have some rides with the properties of the Fox intellectual assets but without the branding. Do refer to the full article here:
Article in thestar.com.my

Since we could not go up, does that also mean that the share price for Genting Berhad also cannot go up? Has it actually come down?  Does it still have value to buy and hold? I usually look at this site whenever I need some information about some stocks which I have interest in.  Do take a look.
https:/
/klse.i3investor.com/index.jsp
 Image below is from the site for Genting Berhad in terms of ‘statistically speaking.’

What can we see? Well, this is definitely an active counter. This is also a huge conglomerate yeah, at current price the whole company is worth RM15 billion.  It’s current price is also way below what the analysts believe the price is worth.  Look at ‘Average Price Target.’ If you go to the site, you can even read what those analysts are saying too. By the way, whether you buy or not, you decide yeah. This is not a recommendation to buy / sell. At the moment, I also do not hold any Genting Bhd shares too. Happy waiting for the outdoor theme park.

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Genting’s GITP, Guinness Book of Records and near full occupancy

When I was still based in Penang, I used to visit Genting Highlands at least once a year. Today, I can visit Genting Highlands every weekend, if I wanted to because from my home to Genting is just 55 minutes. It’s a good place to relax and yes, try my luck. For every trip, I allocate a maximum of RM200 per visit for this. In the trip before just months ago, I won. Well, Genting Malaysia Bhd has also won back their crown as the world’s largest hotel from Guinness Book of Records. On June 20 2015, First World Hotel with their latest addition now has 7,351 rooms and they beat The Venetian and The Palazzo with 7,117 rooms. Small thing? Well, since you already have that many, just build more and take back that crown lah.

According to Genting Malaysia senior vice-president of hotel operations Edward A. Holloway, the future winner should be The Abraj Kudai hotel with 10,000 rooms in Mecca, Saudi Arabia. It is 2 years away though. The First World Hotel has already received 35.5 million guests over the nine years since its first record in 2006. In fact this recognition has helped it to attract visitors from international markets. Genting Malaysia has also embarked on a RM5 billion Genting International Tourism Plan (GITP) and this would continue to support the demand for room bookings next year. Even without its theme park currently, Resorts World Genting with its 10,044 rooms in five of its hilltop hotels is still running at an average of 88% to 92% occupancy for the year.

According to Holloway, for an integrated resort like Resorts World Genting, they are aiming at how much the customer in the room is willing to pay in the restaurants, theme parks and shows. This is above what the usual room can provide. I think this is also why on and off after staying there, I do get free room offers for weekdays. Room may be free but when I bring my family, the spending per day would reach RM200 easily. In 2014, Resorts World Genting received 18.1 million visitors of which 28% stayed in the hotel and 72% day-trippers.

In terms of opportunities, well there are at least 3 property developments by three different property developers in Genting Highlands today. All three are not part of the Resorts World Genting’s plans. If you like their concept and believe GITP will lure even more visitors, then perhaps you can get a unit too. As for me, my plans remain simple and perhaps the same. Will be visiting Genting Highlands again in the near future followed by a longer stay when their Twentieth Century Fox World theme park opens next year. Oh yeah, many of my foreign colleagues have visited Genting Highlands before when they visited KL. I think this number should continue because there are certain advantages that the two casinos in Singapore just do not have. Happy visiting.

written on 15 Sept 2015

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Georgetown bicycle-sharing system – RM9.2 million

My Penangite friend said that her trip to KLIA2 was uncomfortable because it was jammed all the way from her office in downtown KL. Actually, if I am taking a flight from KLIA2, I would have taken the monorail to KL Sentral and from KL Sentral to KLIA2 via the ERL. Reason one, it’s much more convenient. Reason two, it’s much more safer, smoother and comfortable. This is the difference between KL and Penang. I agree totally that MRT is needed in KL. I agree also that the public transportation can be better than today. However, in my last trip back to Penang, I was caught in a 40 minute jam just from the stretch from Jalan Perak to Jelutong. There were no jams in Penang when I first started working there in 1998 after graduation. Yes, you can now guess my age. Haha. Today, jams are happening in many major roads and it’s getting worse every time I am in Penang.

I think some help may be coming. Penang has just awarded a RM9.2 million contract to a company called Public Bike Share Sdn Bhd to design, install, operate and maintain a bicycle-sharing system similar to that adopted by London, New York and Melbourne. This is a system whereby anyone with an access pass can pick up a bicycle at any station to cycle to their destination and return the bicycle there. Penang Chief Minister said that this will significantly relieve traffic congestion in Penang, improve visitors’ experience by making places accessible without a car. This new initiative will start from next May 2015 and the whole system will be operational by 2017. Overall operations cost for the system per year will be approximately RM750,000. The estimated operation cost per year will be approximately RM750,000. Public Bike Share will start to pay MPPP a concession fee of RM100,000 beginning year 7, RM200,000 for the eighth year followed by RM300,000 for the 9th to 12th year.

Personally, I hope the system can start earlier. I also hope more details such as the charges would be made public as soon as possible. There should also be a sharing of the minimum number of users needed for the system to be able to breakeven and maintain it’s continuous growth. I am sure it cannot have the same number of bicycles year after year. I think if I am staying nearby, I would be willing to give it a try. However, for those who is not staying nearby and they would like to use it, would there be places for them to park their car away from Georgetown and take the public transport into Georgetown to use the system? Would the stations be announced earlier as well? This would allow the public to feedback if the stations are not at the right places etc. Let’s hope everything can be answered soon and that the company can over deliver by starting earlier than May 2015.

written on 2 Aug 2014

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Georgetown’s Rent Control may be coming back, improved version

I think this is good news for Georgetown. I personally support a better protection for Georgetown Heritage site to be always Malaysian. Read earlier article here:
Protect Penang’s Heritage buildings for future generation

As per reported in many local medias, the Penang state government is looking to reintroduce an improved version of the

repealed Rent Control Act 1966. Chief Minister Lim Guan Eng said that this would stop gentrification that was driving the locals and living heritage away from pre-war houses in the core and buffer zones of heritage site. The suggestion for the improvement is for house owners to be able to impose rental according to market rate but not indiscriminately. Previously, due to the Rent Control Act, the house owners were paid rates which were so low that it was unsustainable and the best option then was to repeal the Rent Control Act 1966.

One of the proposal? Lim said perhaps, “20 percent over 5 years.” If this could be agreed upon, I think it looks reasonable. He also said that owners would be notified of the proposed enactment. Previous reports in The Star has stated that the new foreign owners of some of the old shophouses were leasing them at over 500 percent of the previous rental. From RM1,300 the rental has been increased to between RM7,000 – RM10,000 per month. In fact a row of 12 shops near the Komtar-end of Jalan Pintal Tali (Rope Walk previously) has been dubbed ‘Little Singapore’ because of the similarities with how restored pre-war houses in the republic look like.

Note though that this may not be so soon. Lim said that he needs to first ascertain if this is under the state’s jurisdiction. State exco member Chow Kon Yeow will be getting feedbacks from the houseowners and the public. Another state expo member, Jagdeep Singh Deo would look into the legal aspects. Well, at least there’s this announcement. We can now follow the issue closely.

written on 5 July 2016

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Georgetown Renewal – Boutique Hotels

We already have Space, People, Connectivity which is in favour of Penang properties. What else?

Renewal. After UNESCO Heritage City was awarded to Georgetown, the property prices in the inner city soared. Many dilapidated buildings were bought en-bloc by investors and converted into money generating properties. Many were made into boutique hotels. Some of the famous ones are as below and please bear in mind that if you are thinking of cheap accommodation, none of the below would qualify

We have 1881 Chong Tian Hotel which is located at Jalan Pintal Tali and the building has been around since late 1800s! It’s a living Chinese cultural heritage. A check online showed that the rates start from RM413 and higher. You have to be quick though as there are just 11 rooms in the whole hotel. One special thing you have with this hotel is a museum with a private collection of antiques and chinaware. For those who must have internet, don’t worry, WIFI comes free. 🙂

Another one is YENG KENG hotel located at Jalan Chulia. I love Jalan Chulia as it’s within walking distance to a lot of attractions nearby. According to the hotel, ‘this 19th century building boasts spectacular exterior and interior designs that blend with the historical heart of George Town.’ A check online showed rates starting from RM355 and above. It also houses a famous Hainanese restaurant. This hotel has more rooms than 1881 Chong Tian. It has 20 rooms! 🙂

Next is Muntri Mews. Located at Jalan Muntri. Exclusivity is the word to describe this hotel because there are just 9 suite rooms! A check online showed that it’s FULL. I did not just check for December, I checked also for January and February! All of its suites have spacious sitting areas and it opens out to the verandah upstairs or private tropical gardens downstairs. In terms of location, it is also within easy walking distance to some key heritage landmarks in Georgetown.

And the best part is, there is not just 10 but tens of these newly renewed hotels offering quality and perhaps affordability depending on the country that the tourists came from. To be honest, if any of my friends visits Penang today, I would no longer recommend the usual 5 Star or 4 Star hotels. I would tell them to absorb everything that Georgetown has to offer. After all, there are not that many UNESCO Heritage sites in the world which is just nearby to us, Malaysians.

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Get Rich Through Properties in 2019

They say when it comes to property investment, it’s best to start as early as possible. This is to ensure that if we were to make mistakes, we have time to  make a comeback. If you ask me as a working professional, we should instead learn from those who has done it successfully before we start investing. When we first started working, we accumulate experience over the years until we become experts and the work becomes easy. That’s when we keep getting higher salaries. In property investment journey, the risks are a few hundred thousand ringgit if not more. This is why, it is essential that we learn from those who have done it and those who are still doing it day in and day out today. Here’s one event you should join. Many of the speakers are my friends and I can safely say that they are considered experts in real estate. This is an event by
Millionaire Business School.
 kopiandproperty.com is their official online media partner.

The GET RICH series is an annual educational event targeted at anyone who desires to get rich through multiple streams of income that includes business & investment. In 2019, the convention will focus specifically on property investment. It is an imperative that the property price is skyrocketing and the majority of people are unable to afford it. On the other extreme, there are a big group of people who are making great income passively by investing into properties.
If you have had any of these two questions in your mind, GET RICH THROUGH PROPERTIES 2019 is the event that you don’t want to miss out. GET RICH 2019 features 12 prominent speakers and panellists who have made millions of Ringgits by investing into properties.
They are going to share with you on these 3 key areas:

1. Property economy outlook for 2019.

2. Property Investment strategies based on the Budget 2019.

3. Good property deals & buys.
Come and listen to them. Learn and network with the experts. You are now one step closer to begin your journey through property investment and might just earn your first million.

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Grab your ticket now!!

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Need to work? Get vaccinated please. We do not need Covid-19 in the house.

Someone mentioned that everyone has their rights, especially those who refuse to be vaccinated. If it’s medical reasons, it’s perfectly fine. By the way, I agree with the assertion that everyone should be allowed to make their choice. This includes even those who does not want to be vaccinated. Since I also want my right, I will respect the rights of others too.

However, just as these people claim this, that and whatever reasons they do not wish to be vaccinated, I too have my own reasons to get vaccinated.

I would feel extremely uncomfortable if I were forced to work in an office where I have many colleagues who are not yet vaccinated and refusing to get vaccinated. Everyone deserves to feel safe when they are working and no one should be forced to work under unsafe environment. It’s every employees’ right to feel they are protected.

Article in marketwatch.com
  With the recent rise of the Delta variant, many major American companies are now requiring full-time employees to get vaccinated before returning to the office. They include companies such as Disney and Facebook.

Meanwhile some employees who have filed lawsuits against their employers over vaccine rules have been unsuccessful. Allison Hoffman, a law professor at the University of Pennsylvania said, These are “not very strong legal arguments.”

Some employees, like one sheriff in North Carolina, were terminated for refusing to comply with an employer’s vaccine policy, and were terminated. The lawsuit is pending in federal court, according to
ABC
. Do read the article in full here with a lot more details:
Article in marketwatch.com

Covid-19 infection can still happen even after vaccination BUT…

Remember yeah, the Covid-19 Delta virus is airborne and could infect a person easily especially when the whole office have the same air-conditioning system. This is why I do think most employers would require their staffs to be vaccinated prior to returning to work. If the reason for not getting a jab is to continue to get the flexibility to work from home, then I wish this employee all the best.

Let’s march towards 50% with two jabs and 70% with one jab by end of August. I meant for Covid-19 vaccinations here in Malaysia. Thank you front-liners.

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Need a bank loan? Learn how to get your loan approved.

[Sponsored Post]
This seminar will help you to get your bank loan approval.

About this Event

2020 was a year most of us would like to forget because of COVID-19. Hopefully, it does not return. The pandemic created havoc around the world. Travelling stopped, lockdowns started, businesses close and unemployment soared. Never in my 23 years of working life that I have encountered such a magnitude of “obstacle.”

Whether we like it or not, we have to face the reality. Life must go on. Some people even turned this into an opportunity even as many who were clueless suffered. One thing is for sure, we need to take action.

From the banks’ perspective, the risk of lending has increased tremendously. They are worried with borrowers falling behind on loan repayment. Thus, every bank has tightened its lending policies to manage this risk.

2021 will be a challenging year. The banks have evolved because they have to manage uncertainties. If you are thinking of applying for a loan in the near future, then you will need to think how the banks think. You will need to think like a banker and act like a player.

This is a must attend seminar for anyone needing a loan. I will be speaking on, “Cracking The Mortgage Code”. This will help you have a better understanding on how banks work behind the scene and with knowledge comes power. It will improve your loan approval probability tremendously.

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Gifts are good, just remember to build on it; invest.

I watched all the badminton matches during the Olympic Games from the quarter final onwards. Yes, every single match involving Malaysian shuttlers. This time, everyone played well beyond what is expected from them based on their world rankings. Our mixed-doubles, Chan Peng Soon and Goh Liu Ying entered the final and eventually lost to a superior Indonesian pair that night. Based on their ranking, even the quarter-final is already an achievement. Today, I read that they would receive units of LakePark Residence from JL99 Group who are one of their sponsors.

According to the report in thestar.com.my, the units are over RM1 million each. It’s situated in KL North. Take a look at the image. If you do have interest, do google online for more information. As for the property site for this development, it’s here:
LakePark Residences
. According to the property development group in its Facebook page, these units are for the pair as a token of appreciation and encouragement.

When we look back at history, it is always very sad when those who got gifts, especially monetary related ones lose them all in the future. More often than not, due to the inability to manage or grow it. Of course, some may even have invested them wrongly. All these monetary gifts are very important because a
sportsman could not play forever
. That’s why these must be accumulated and invested properly. Assuming, they use only the RM150,000 each (from RM300,000 for the pair) to put into Fixed Deposits. This RM150,000 would still grow to RM212,000 in 10 years time. Of course, it should also be used to settle credit card debts first too.

Another calculated risk
 would be to get a property instead and rent it out. Buying one where the target market is stable could be a safe bet too. Alternatively, a blue-chip stock can be another choice too but read and understand the company’s business before continuing. Utilities maybe more stable than food, for example. Just need to be very careful not to be sucked into pyramid schemes which guarantee returns which are out of this world. I love sportsmen who gave their everything to Malaysia. However, after the sporting days are over, their future depends on their investments today. Wishing all our Olympic heroes all the very best.

written on 22 Aug 2016

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Glass bottomed bridge in China, don’t look down!

A new bridge is about to open in China. The Zhangjiajie Grand Canyon Glass Bridge. It’s going to tell the world that China may be building the scariest pedestrian bridge in the world! It is a glass bottomed bridge and it covers 300 metres above the ground. Width of the bridge is 6 metres. So, yes, even the sides may look scary for some, including me. I could already imagine that I would not bring my family to visit this new bridge. I am not worried about them, I am worried about me. Haha. It takes a lot of self-convincing and one would have to do this for 380 metres from one end to the other.

Sometimes, we wonder why people design such a bridge. According to the lead architect of Haim Dotan Ltd, the glass bottomed floor, side suspension cables is meant to be seamless with mature. It would also give visitors a sense of floating in mid-air. He said, “A white bridge disappearing into the clouds.” Zhangjiajie National Park is located in the northern part of Hunan province.

Once this becomes a hit in China, my guess is something similar may be built here in Malaysia? Perhaps even starting with Iskandar since it is currently the biggest base for Chinese developers from China. How about having a glass bottomed bridge connecting two different blocks of high-end condos? I think this may either be the main attraction or the main rejection reason since some may be too scared to cross to the other side using the bridge. Haha.

written on 23 May 2015

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Glittering gold amidst faltering growth

I bought some gold via CIMB gold account last year in September. It was my first time as I have never invested in gold before. I was worried of course because it was something very new for me but I went ahead as I were buying very little. Even if the price it goes up by 10%, at most I can treat my wife to a buffet dinner. I figured it is still better than buying gold jewellery which is more expensive plus the storing it safely is a concern too. With the current
market volatility
 caused by economic growth instability for most countries in the world, gold has suddenly gained lots of attention.

When there are lots of investment possibilities, gold tend to take a backseat. Today, with much of the world shrouded in uncertainty, gold prices have been on an uptrend. According to Head of Ambank Research Anthony Dass in an article in Starbiz, gold is often perceived as a
“safe haven”
 asset with liquidity. It is not dependent on any monetary authority or economic policy and so is almost entirely intervention-risk free. I would personally prefer stocks over gold anytime because one is something I can comprehend and understand. Meanwhile property investment is something I have some knowledge in and thus could make a
better decision
. With gold, it’s almost nothing that I could rely on except articles after articles with differing opinions.

So, what has happened? Well gold prices are up 26 percent in 2016 and is currently at U$1,349 per ounce levels. With a potential global recession, it may not be possible for the
US Federal Reserve to raise interest rates
 and this is one main reason why Ringgit has also strengthened recently. Theres even some predictions about a rate cut from Bank Negara Malaysia within 2016. China is still the world’s largest consumer of gold. World uncertainty may see the potential for gold to be above US$1,400-US$1,500. Thus the advice may be for current gold holders to take profits due to the current sudden spike. Based on history, the gold price is still 40 percent below the previous cycle highs from 2002 to 2011 when gold prices surged 582%.

I have ZERO intention to buy more gold. I am still waiting for the possibility of a short local trip, perhaps to Melaka if gold price keep its uptrend. As for those who believe gold may be a
 good diversification
, please do google for ‘Gold Price Trends.’ and read both sides before deciding whether to buy, buy more or skip gold altogether. Happy following the golden trend for gold currently.

written on 11 July 2016

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Global growth? DOWN. East Asia and Pacific? OKAY.

When the economy slows, the property market would not be too far behind. I think latest news is pointing in this direction. The World Bank, in its latest update of its Global Economic Prospects report has downgraded its 2016 global growth forecast by 0.5 per cent to 2.4 per cent. Read what earlier predictions were here.
IMF’s Lagarde: 2016 will be dissapointing
  Fortunately for us, it has also maintained its growth projections for East Asia and Pacific region at 6.3 percent. When China is excluded, the region will grow at 4.8 percent in 2016. Malaysia’s own projection is 4 – 4.5 percent which meant we should be growing below the average.

Note the word, GROWTH. Yes, economic activity is present and is still growing. Note the disparity between this part of the world versus the out of the region. Yes, we as in the whole East Asia and Pacific should now be the new centre of the world. I would think it’s foolish if investors were to exclude all investments into this part of the world. Seriously. The World Bank said, “This outlook assumes an orderly growth slowdown in China accompanied by steady progress on structural reforms and appropriate policy stimulus as needed.” It also added that Malaysia, Indonesia and Thailand will have rising investments while consumption growth in Thailand, the Philippines and Vietnam will be supported by low commodity prices. Low commodity is not really a great news but then again, if it’s growing, it’s a good story.

Last but not least would be these encouraging and positive sentence, World Bank Chief Economist and Senior Vice President Kaushik Basu said, “As advanced economies struggle to gain traction, most economies in South and East Asia are growing solidly, as are commodity-importing emerging economies around the world.” He also mentioned that due to the borrowing boom of many years, non-performing bank loans may be increasing. If you are asking about Malaysia, read here:
Households Malaysia: Financial assets up RM97.9bil vs RM70.4 bil up in debt

Okay, it’s not really extreme bad news but the world is waking up to a slower growth. I think it’s time to expect the same for
property transactions
 and prices too. Maintaining affordability to ensure attractiveness would be the theme. That’s why developers are
building smaller sized
 units these days. Prices per sf is not really going down because the cost of production and materials have not been going down as per whatever I have been reading. It’s indeed a good time to go out there, find something worthwhile and making it our own during these periods of uncertainty in the minds of many. Happy investing.

written on 8 June 2016

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Global property bubble about to pop? Pop means ‘kaboom’

Haha. What is ‘kaboom?’  Google for ‘kaboom definition.’ It’s something like an explosion. So, you can also replace it with a simple, ‘Burst.’ Well, I do not think anyone can predict when the next property bubble will burst with full accuracy. However, we should keep track of all the predictions, especially those with some reasons why. Nope, not the usual comment of ‘I think that the property market is about to burst or I think the home prices are already too expensive for everyone.’ Do read this article by
The Motley Fool in aol.co.uk
It shares a few key points why it says so. Very briefly as below.

China may be the starting point. The article shared that, “Property is still going crazy in China, where prices have been pumped up by yet another bout of government stimulus.”  An example, Guangzhou’s prices grew 36 percent within past 12 months! (reported by KnightFrank)

London is already stalling. The article shared that the property prices in many global cities have slowed. It said, “Prime central London was the world’s raciest property market but is now leading the charge in the other direction, falling 6.4%.” It also shared that some cities have begun to show drops.

Affordability stretched, interest rates bottoming. It shared that cheap money which has been driving prices ever higher for the past 8 years is losing traction. Many regulatory authorities are reining in overheated markets and this includes even China. (It means that borrowing will get harder..)

Leveraging advantages but also limitations in time. Stocks trading can be completed in seconds while property would take months. The article shared that perhaps it’s time to look at stocks instead because property prices at this stage is already extremely high. It shared, “Stocks can be volatile, but wise investors turn that to their advantage by holding for the long term, and taking advantage of any market dips to load up on their favourite shares. That’s a far saner strategy than succumbing to property madness.”

My view? Whether stocks or property, if we bought some overvalued ones (usually hotspots for property or
hot blue-chip stocks),

we should be ready for some sudden drops. This is usually the case as soon as sentiment turns negative. That herd mentality will always come true because when everyone buys, everyone is confident to buy and when everyone starts selling, it’s going to be a
selling frenzy. T
hese days, it’s much easier to know the property prices versus the potential rental. It’s also very easy to compare company A to company B in terms of price to earnings, in terms of company background or even the debt-levels which would normally reveal if the company is able to face a sudden downturn for example. Keep following and reading about all the good and bad news. Then look at what we have in our hands today. Right action helps, usually. Happy investing.

written on 14 May 2017

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Global Recession 2020. Global Growth 2021?

Did we suffer from a global recession 2020?

2020 should be a year everyone wanted to forget. It was a year most of us here in Malaysia were at home most of the time, even when we were not sleeping on our bed. COVID-19 came and wreaked havoc and many businesses were forced to shut. Many businesses said they were merely trying their best to stay afloat in 2020. Then, when 2021 started, we have our Movement Control Order 2.0 (MCO 2.0)  Everyone was like, ‘AGAIN?’

What is GDP growth 2020 like?

Image below showed the world in 2020. Global Recession 2020. The economies all around the world. Red may be an auspicious colour for Chinese New Year but in economics, read shows negative. The darker the red, the more negative the GDP growth was. China is not in red yeah. Countries like Spain and the UK is in dark red. Here in ASEAN, we are not considered red. Probably more like pink. Still, we are in negative GDP growth territory. Right after this image would be 2021.

What is 2021 GDP growth like

The image below is a projection of 2021’s GDP growth globally. This is the year after the global recession 2020. Positively, all countries I could see are in green. It’s only a question of light green or darker green. Anyway, all these are also based on the success of vaccinations all over the world including Malaysia. China and India will be leading ASIA with GDP growth of 8.04% and 7.9% respectively. Even the United States where COVID-19 hit them hard, they will achieve a significant growth of 3.19%. For developed countries, anything above 2% is considered very positive.

Conclusion

We could also choose to believe this forecast. If it’s as per forecasted, then recovery post COVID-19 starts in 2021. Better not ask if we are going to be growing faster than pre COVID-19. There remains uncertainty because even for countries where they already have the COVID-19 vaccines, the work to vaccinate their people has been slow. Malaysia? It may take up to 18 months to fully vaccinate everyone.  Is the economy recovering only after everyone is vaccinated?

Erm, it’s more like it will recover after MOST of the world is vaccinated. Do note yeah. Malaysia is a trade-reliant nation. When the world grows, we grow. Else, with just 35 million people, we better be part of a larger economic group. ASEAN need to do more, actually. Happy understanding.

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GLOMAC 121 Residences Reaches The Top

Press Release: GLOMAC 121 Residences Reaches The Top

TOD High Rise project expected to complete construction by Q1 2024

KUALA LUMPUR, 8 June 2023 – Glomac Berhad today proudly celebrated a key milestone for 121 Residences, the group’s TOD high-rise project in Petaling Jaya with a Topping-Out Ceremony, as construction progressed significantly to reach the top of its 34th floor.

Despite facing several post-pandemic headwinds, such as insufficient labour workforce supply back in 2021, the group declares that work has continued at a steady pace and the project is on schedule to complete by January 2024.

The completion of the structural framework signifies a major step towards the realization for Glomac to provide quality and affordable homes for easy access to market centres as 121 Residences is an integrated living space in within Klang Valley, which is suitable for young families and discerning urbanites.

121 Residences is made up of two residential towers that offer serviced apartments and SOHO units priced from RM325,000 onwards with easy accessibility via LDP, NKVE, and SPRINT highways or via public transport with nearby Bandar Utama MRT and upcoming LRT3 line. To date, more than 95 per cent of the units have been sold. As there are several units still available for purchase, potential buyers can contact our sales team at 03-2727 7552 or download the sales brochure at our corporate website:
https://www.glomac.com.my/project/121-residences/
.

– END –

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Press Release: Glomac 2Q FY21 Profit Before Tax Jumped 56% to RM14.3 million

Glomac Berhad (‘Glomac’ or ‘the Group’) today announced its unaudited results  for the second quarter of its current financial year ending 30 April 2021.

Group revenue surged 70% to RM104.6 million, translating to 56% increase in  profit before tax to RM14.3 million in the quarter under review. The stronger  performance was driven by resumption of construction activities post-MCO and  consequently, higher progress billings from Glomac’s ongoing projects such as
Saujana Perdana
at
Bandar Saujana Utama
,
Plaza@Kelana Jaya
,
Saujana  Rawang
and
121 Residences
.

For the 6-month period, profit before tax rose 41% to RM19.6 million on the back  of 34% increase in group revenue to RM151.5 million.

Glomac’s balance sheet remains healthy, providing ample liquidity to further drive  its development activities. As at 31 October 2020, net gearing sustained at a low  of 0.28x, whilst cash and cash deposits totaled RM246.3 million, improved from  RM176.5 million reported as at 30 April 2020. The Group’s net assets per share  also rose to RM1.44.

Glomac achieved steady sales in the quarter. Notably,
Tresna Triandra
, the new  phase of double-storey terrace houses launched in Saujana Perdana in July this  year was overwhelmingly received, delivering 74% sales within 3 months of  launch.

New sales in the 2
nd
half of the financial year is expected to pick up as the Group  rolls out the bulk of RM403 million planned launches, concentrating on new  phases of affordable landed residential phases in Glomac’s thriving townships.  Substantial ongoing phases of Glomac’s landed residential products are almost  fully sold. Fuelling into current demand, the Group launched its
Mawar Sari
double-storey terrace houses at
Saujana Perdana
on 14 November, comprising  120 units with built-up of 1,815 sq ft.

The property market remains challenging amidst the ongoing stages of  Movement Control Orders in the country. Adapting to the current environment,  Glomac has initiated aggressive digital marketing campaigns to complement its  conventional sales strategies and to effectively boost sales. Virtual apps and  virtual show units were introduced, plus more recently, a 3-month
HappyNest
digital campaign was rolled out, enticing buyers with weekly cash vouchers and  monthly prize draws. The Group is also collaborating with the Maybank Islamic  HouzKEY home financing solutions to provide more benefits to buyers, offering  100% financing, non-payment during construction period and competitive rates  with low monthly payments.

Glomac’s near term earnings visibility is supported by healthy unbilled sales of  RM649 million. This will be replenished further with improving sales from  Glomac’s ongoing projects as well as upcoming new launches. Going forward,  the Group’s development activities will be fortified by a strong portfolio of prime  development landbank with potential estimated GDV of RM8 billion.

— End of press release —

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Press Release: Glomac’s High-Rise Projects On Track Despite Challenges

Petaling Jaya, 24 March 2021 – Glomac’s projects within the Petaling Jaya areas are on track, despite challenges posed by the Covid-19 pandemic that started in March 2020.

Glomac’s Chief Operating Officer (Operations) En. Zulkifly Garib said “Despite the pandemic challenges such as stop-work order during the first MCO and then later the scaled-down construction schedule all developers had to face since the beginning of Covid-19 in Malaysia, Glomac’s high rise projects in Petaling Jaya namely 121 Residences and Plaza@Kelana Jaya are still being constructed on time. “In fact, we are days ahead in terms of construction progress for both these high-rises,” he said.

He attributed this stellar performance to the hard work by Glomac’s Project teams and business partner contractors who have all cooperated diligently and consistently in overcoming the various obstacles imposed as a result of the pandemic. “Our aim is to deliver our products to the homeowners on time. We believe everyone has been affected by Covid-19 and its subsequent financial effect. On-time delivery of the properties will reduce financial stress of buyers who are first home owners waiting to move into their new home,” Zulkifly was telling the media during an online interview.

Image of 121 Residences

Located in the heart of PJ-Damansara, 121 Residences service apartments in the locale of Bandar Utama was launched in August 2019, consisting of two 32-storey towers (Tower A 445 units and Tower B 389 units) sitting on 1.25ha (approximately 3.1 acres) plot of land. The modern high-rise development offers a total of 834 units of SoHo (450 sq ft) and service apartment (750 sq ft), priced from RM333,000 onwards. Thus far, 121 Residences have enjoyed an overall take-up rate of 75%. This development also enjoy HOC benefits and are priced to be very affordable for first home owners and young professionals. 121 Residences has a Gross Development Value (GDV) of RM327 million.

121 Residences is easily accessible via Sprint Expressway, New Klang Valley Expressway and Lebuhraya Damansara-Puchong (LDP). The upcoming Light Rail Transit 3 (LRT3) station which is merely 400m from the development will facilitate and expedite access to the larger part of Greater Kuala Lumpur heading west to suburbs including Shah Alam and Klang. It is also a stop away from the Mass Rapid Transit (MRT) Bandar Utama station.

Meanwhile, Plaza@Kelana Jaya, launched in June 2018, is a freehold mixed development on a 1.30ha (approximately 3.2 acres) site, strategically located along the Lebuhraya Damansara-Puchong (LDP).To date, 83% of the project is fully taken up, and the project is targeted to complete by 2022.

This project consists of 696 units of service apartments and SoHo, and only 16 units of three-storey shop offices, with a total GDV of RM347 million. The service apartments are priced from RM388,000 onwards.. On higher floors, subject to orientation, the apartment units will enjoy views of the Petaling Jaya skyline, Kelana Jaya recreational park and Kelab Golf Negara Subang (KGNS) to the west and Kuala Lumpur city views to the northeast. Like 121 Residences, Plaza@Kelana Jaya is also targeted towards the younger and upwardly mobile
professionals between 25 and 45 years old.

With high visibility and road frontage, the 16 units of shop lots at Plaza@Kelana Jaya are perfect for showrooms and retail businesses. Designed with healthy lifestyle facilities complete with functional and flexible spaces, small families and first-time homebuyers will find Plaza@Kelana Jaya an attractive starter home and a viable residential option with its easy accessibility and strategic location.

Both 121 Residences and Plaza@Kelana Jaya are fitted with a wide range of recreational facilities including a 4-Tier Security System which include 24-hour CCTV surveillance, secured carpark, lobby security and individual floor access that will keep residents within a safe and secure environment.

“Glomac is no-newcomer to the niche development scene, having completed Suria Stonor Residences in KLCC, and the sold-out Damansara Residences in Damansara-Petaling Jaya. Glomac was also the developer of highly successful Aman Suria Residences in Petaling Jaya. As a responsible developer, Glomac will strive to continue to deliver quality homes in strategic locations,” promised Zulkifly.

At the township level, award-winning Glomac also developed the Bandar Saujana Utama and Saujana Perdana townships in Sungai Buloh. Having successfully launched its double-storey landed homes at Mawar Sari in November 2020 which enjoyed 90% take up rate, and recently, Dahlia Sari terraced homes, in February 2021, Saujana Perdana is poised to be a wholesome neighbourhood complete with amenities and facilities for good living.

Last week, Glomac unveiled Primrose, its newest double-storey terrace homes in Saujana KLIA, Sepang which met with encouraging response. Zulkifly says homebuyers should take advantage of the Home Ownership Campaign (HOC) 2020-2021 benefits that most of Glomac’s properties are participating in, where buyers can save thousands of Ringgit in stamp duties and legal fees. The HOC will end in May 2021.

— End Of Press Release —

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Press Release: Glomac Berhad – Higher Net Profit Of RM41 Million in FY2022

RM542 million unbilled sales provide earnings visibility as construction activities resume post pandemic lockdowns
New launches of RM470 million in FY2023 to focus on affordable mid-market residential segment

Glomac Berhad (“Glomac” or “the Group”) today announced unaudited results for the fourth quarter of its financial year ended 30 April 2022 (“4Q FY2022”). For the quarter under review, the Group’s profit before tax rose 17% to RM25.1 million, on the back of a revenue of RM73.6 million. For the full financial year, the Group achieved revenue of RM259.5 million, with profit before tax of RM57.5 million. Performance was impacted by the pandemic lockdowns in CY2021, but profitability was partly lifted by cost saving initiatives implemented during the financial year.

Contributing projects to FY2022 revenue include Glomac’s ongoing developments such as Saujana Perdana, Lakeside Boulevard, Plaza@ Kelana Jaya, 121 Residences, as well as Sri Saujana in Johor.

Glomac’s balance sheet is healthy, reflecting the Group’s success in managing its business activities and cash flows at the peak of the Covid-19 pandemic. Net gearing is comfortable at 0.23x as at end-April 2022, and cash and cash deposits totaled RM215.4 million. This provides the Group with ample capital resources to drive its development activities heading into the new financial year.

The Group’s net assets per share also improved to RM1.49 from RM1.45 as at end-April 2021. In respect of FY2022, the Board proposed a final single tier dividend of 1.5 sen per ordinary share which will be subject to shareholders’ approval at the forthcoming Annual General Meeting.

Sales conversion picked up in the fourth quarter as pandemic lockdown eased. Overall, sales momentum for FY2022 launches were healthy. New phases of double-storey terrace houses at our ongoing townships are almost all taken up. These include
PRIMROSE
 at Saujana KLIA with Gross Development Value (“GDV”) of RM33.0 million and
RUMA 33
 at Saujana Utama 5 with GDV of RM28.5 million. Launched recently in March 2022,
SRI KENANGA
 at Saujana Perdana, comprising townhouses with GDV of RM44.5 million, also enjoyed a strong response with more than 50% take-up over the short period.

As the economy re-opens Glomac looks to raise its development activities with RM470 million worth of new launches in FY2023 that will remain focused on the affordable mid-market residential segment. Notable will be the debut launch at GreenTec Puchong, a 15.3-acre new integrated residential development with a total estimated GDV of RM1.56 billion. Initial phase will include SOHO units and serviced apartments totaling RM312 million that is earmarked for launch in the later part of FY2023. Other launches this year include new phases of
PRIMROSE
 double-storey terrace houses at Saujana KLIA and affordable high-rise apartments at Lakeside Residences.

Malaysia has since made the transition to endemic phase of COVID-19. The consequent reopening of the economy bodes well for all sectors, including property development. Glomac’s unbilled sales of RM542 million provides the Group with earnings visibility as construction activities resume.

Nonetheless COVID-19 is still amongst us, and there is still a risk of infection cases rising or new variants emerging. Current global events have also led to supply bottlenecks fueling inflationary pressures, with fear of rising interest rates stifling growth and threatening a global recession. Given these potential concerns, we continue to adopt a cautious stance even as we strive for growth.

– End-

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Press Release: Glomac Berhad – Meaningful Malaysia Day For 2 Acadian Buyers

Sungai Buloh, 24 September 2021 – The celebratory season of Malaysia Day has become more joyous for Glomac Berhad (“Glomac” or the “Group”) customers who were presented with the keys to their Acadian houses in Rawang starting earlier last week. This is another project that was completed on time by the award-winning property developer despite being affected along with the nation’s fierce battle against the COVID-19 pandemic.

The hand-over of completed Acadian homes in Rawang marks Glomac’s 2nd successful exercise of such nature this year. The 1st was the handover of Tresna Teruntum in Saujana Perdana in Sungai Buloh, which was conducted in March 2021.

The hand-over of keys was attended by Johan Ariff Siatan, Glomac’s Senior Project Manager.

Grateful for still being able to stay close to his aging parents, proud owner and father of two Mohamad Qayyuum Harun, 39 years old, said, “Although working in Kuala Lumpur, my wife and I have been staying with my parents since 2010 in nearby Taman Tun Perak, Rawang.

When Saujana Rawang’s Acadian was launched in 2018, we saw the ad and didn’t think twice. Aside from the affordable price tag, the location is perfect for our needs. It is perfect for our first home. We get the prime neighbourhood, excellent amenities, amazing scenery, and huge convenience when it comes to commuting!”

He is grateful that Glomac is able to complete the houses within its specified timeline (and not be delayed by any COVID-19 related issues). “It is like receiving a gift-to-self for the celebrations,” said Qayyuum of his first home.

Meanwhile Mohd Afiezan Yaser, 39 years old, and his wife, Hazlina Azmi, 39, said, “Our first home is an apartment in Subang Bestari and we have been staying there for 10 years until we decided we need a bigger space for our growing family. After we searched around, Glomac truly offers the most affordable houses with the biggest space.

Not only is Acadian perfect for our growing children, our parents from Terengganu can also stay with us during their visits now”. This year’s Malaysia Day was clearly as meaningful and memorable for these highschool sweethearts as it was for Qayuumm when they received the keys to their homes.

Acadian is a 1,680 sq. ft. 2-storey terrace house located on 12-acres of land with a Gross Development Value (GDV) of RM49 million. It is part of the Saujana Rawang township that was initiated by Glomac since 2006. With a built up of 22’ x 70’, an Acadian house comes with 4 bedrooms and 3 bathrooms and a modernly-designed unit.

“The Saujana Rawang development consists of apartments, terrace homes, semi-detached homes, and zero-lot bungalows. This township which is only a 10-minute drive away from the North-South Expressway (PLUS) was developed with a vision to provide comfortable and affordable living to its residents.

Saujana Rawang is also crowned with a beautiful 10-acre scenic recreational lake, gardens, palm trees, flowery shrubs and pavilions. Promoting healthy living through its jogging track and meandering walkways, Saujana Rawang serves as another one of Glomac’s well-envisioned township,” Johan, the key-presenter of the day, stated.

The home inspections and Acadian key-handovers exercise is expected to be completed within four weeks when homebuyers receive their home keys. With the current ongoing National Recovery Plan (NRP) and standard operating procedures (SOP) enforced in Malaysia, the whole process is being carried out carefully in stages.

Glomac’s Chief Operating Officer in Operations, En Zulkifly Garib, commented that Glomac foresees being able to continue meeting more expected completion dates in the following years. “As a Malaysian developer building homes for Malaysians, Glomac has been attuned to meeting the needs of our homebuyers since the start. Seeing our homebuyers’ happy faces when they receive the key to their new homes truly motivates us to continue creating value,” he further added.

He said that Glomac is also planning to hold similar hand-over sessions for its Tresna Teratai project next month (in October). The 120-unit Tresna Teratai is located in Glomac’s renowned township of Saujana Perdana in Sungai Buloh.

Glomac’s latest project launch was the landed residential homes of Primrose, a double storey house in the 239-acre integrated township development of Saujana KLIA in Sepang. Registration for Primrose, which started in March this year, had received encouraging responses, and Glomac is confident of being able to sell all of its 123 units within a short time.

— end of press release —

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