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Nanning flights to help boost Penang tourism

FLIGHTS from Penang to Nanning in China will help bring more travellers from mainland China to the state.

Penang Tourism Development and Culture Committee chairman Danny Law Heng Kiang said the first 162-seater Firefly Airlines flight to Nanning on April 19 from Kuala Lumpur-Penang-Nanning was successful.

The flight was organised by China International Travel Service (CITS).

“There is a huge potential as statistics show that a big number of Chinese tourists are travelling overseas for holidays,” he said at the recent opening of the Bukit Mertajam branch of Forever Travel Service Sdn Bhd in the Gemilang Business Centre, Bukit Tengah, .

Also present were state Health, Welfare and Caring Society Committee chairman Phee Boon Poh, Bukit Mertajam MP Chong Eng, Forever Travel managing director Chua Joo Kwang and his executive director Chuah Kok Boon.

Law said CITS offered an eight-day travel package to Nanning on Thurs-days for RM2,300 including flight ticket, accommodation, travel coach and meals.

Forever Travel Service donated RM10,000 each to Chung Ling High School Penang, Heng Ee High School, Han Chiang High School, Jit Sin High School Bukit Mertajam, Jit Sin (Independent) High School and Jit Sin High School Seberang Prai Selatan. - The Star

State acquires land to build flats and Muslim cemetery

GEORGE TOWN: The state government has acquired a 1.29ha piece of land at a cost of RM20mil in Jelutong for use as a Muslim cemetery and public housing.

State Religious Affairs, Domestic Trade and Consumer Affairs Committee chairman Abdul Malik Abul Kassim said 0.67ha of the land would be used for low medium-cost public housing and the rest would be set aside for a Muslim cemetery.

“Another RM60mil will be spent to build flats for some of the existing residents on the land.”

Abdul Malik said the Federal Government had initially agreed to acquire the land during the previous administration but they reneged on the agreement when the Pakatan government took over.

“All the 14 land owners have been compensated but only four of the 29 building owners have come forward to claim their compensation.

“They can come to the Northeast District Land Office in Komtar to claim their compensation which is deposited with the court,” he told a press conference yesterday.

Also present was Penang Chief Minister Lim Guan Eng who said the acquisition of the land belonging to non-Muslims for use as a Muslim cemetery was rare but the state had to do this due to the scarcity of land on the island. - The Star

House buyers seek govt help in reviving abandoned project

NIBONG TEBAL: House buyers of the abandoned Taman Pekatra Indah housing project in Simpang Ampat are hoping that the Federal and state governments will help to resolve their long standing problem.

They are saddened as they do not see any sign of the project, which has been in limbo for the past 16 years, being revived by the developer.

More than 30 house buyers gathered at the developer’s office near the abandoned project yesterday but failed to meet any of the company’s representatives.

Single mother R. Rathnadevi, 45, said she was declared a bankrupt because she failed to service the loan which she took for the house in 1997.

“I tried to service the loan but could not as I have to support my two children, aged 16 and 18, and also pay RM250 for my house rent.”

Hong Chai Sin, 53, who bought a double-storey terrace house for RM84,900 in 1996, said he had paid up but the project had been abandoned.

“The developer failed to deliver the house within 24 months as stipulated in the sales and purchase agreement, and I am disappointed with the Federal and state governments for not helping the house buyers.”

Fadli Razman, 46, who bought a double-storey unit for RM89,000 in the same year, said he paid a RM20,000 deposit but his unit had yet to see the light of day, adding that he was renting a house for his family.

Their spokesperson N. Gayatri, 23, said she would be writing to Housing and Local Government Minister Datuk Seri Chor Chee Heung to intervene to help the house buyers.

She added that letters had also been sent to the state Housing Committee chairman Wong Han Wai over the matter.

The developer could not be reached for comments. - The Star

征地充穆斯林坟场 首长：民联政府面对两难

槟城12日讯）槟州民联政府征用非穆斯林地作为穆斯林坟地，唯面对居民不让路，演变成政治课题，令民联政府面对两难局面。
在日落洞一块非穆斯林土地，面对州政府征用作为扩充穆斯林地及为当地多数穆斯林居民兴建平民组屋。尽管地主接受赔偿，不过有25间居民拒绝让路，使到有关征地不能完成，反之有关议题已多次成为在野党攻击民联政府的筹码。
槟州首长林冠英于周六，在第一副首长曼梳、槟州回教事务委员会主席阿都玛力行政议员及伊斯兰教槟州主席沙烈曼陪同下，召开记者会上针对日落洞的一块总面积3.2依格土地被征用的情况作出报告。
不希望课题被渲染
阿都玛力指出，在国阵执政槟州时，于1999年东北县县署已批准一项拨款作为征用土地用途，然而当时的槟州国阵政府却在中央经援下，不能完全征地。在民联上台后即抛开政治立场与各方会面洽商，可是中央政府却不理先前书面承诺，拒拨款征地。他说，州政府被逼筹募基金来完成征地，其中所须征地费及赔偿费高达2000万令吉，这不包括建屋的6000万令吉。他补充，在1999年时，当时土地征用费可能只须数百万，在未获中央支持下，州政府完成征用在日落洞Seksyen洛12、洛13、洛14、洛15、洛16、洛17、洛18及洛19的土地，作为上述穆斯林坟地及平民屋用途。“其中，涉及土地包括1.55依格作为穆斯林坟地，另1.657依格作为平民屋用途，这使到原有的1.605依格伊斯兰坟地将扩大至3.156依格。”

搁置逾14年打下第1支桩 日落斗哇廉屋复工

北海12日讯）搁置14年以上，日落斗哇廉屋复工，周六上午打下第1支桩，预计3年内完成一幢7层楼廉价屋。37户家庭（52间赔偿单位）等了太久，亦希望再忍耐3年，就可以从货柜长屋搬迁，拥有自己的房子。
黄汉伟：预计3年内完成
槟州城市及乡村规划委员会主席黄汉伟行政议员表示，日落斗哇廉屋兴建在经济风暴时遭搁置，受影响的居民均被安顿在货柜长屋，经槟州政府与发展商及承包商的联系促成，廉屋兴建终可复工。他透露，首阶段将兴建A幢廉屋，楼高7层共138间单位及12间店屋，其中52间廉屋将作赔偿居民用途，余者则通过槟州政府房屋部申请购买。他表示，工程预计在3年内完成，每个单位600平方尺，属3房建筑，所赔偿之单位均依当年的合约进行。
黄汉伟是在周六上午，在Welcome Properties Sdn Bhd 董事经理拿督斯里李观薪、Blue Wagon总经理拿督邓国彬以及日落斗哇民联协调员沙列兴的陪同下，前往工地视查，同时也见证廉屋工程打下第1支桩，象征着廉屋兴建工程动工。黄汉伟亦在场向到来的货柜长屋居民简述廉屋兴建的发展过程，包括搁置多年的廉屋将在3年后竣工，赔偿予所有受影响的居民。
黄汉伟表示，他多次到访日落斗哇货柜长屋，居民的代表也为了他们的房屋，前往阿依淡的服务中心共商量。他说，工程虽然是预计3 年，却也促承包商及发展商加快脚步，让货柜长屋居民早一些时候可以拿期盼多年的房屋。

黄则松：仅剩少于17%发展土地 槟岛应迈向高密度发展

（槟城12日讯）高密度城市可减低基础设施的投放，有利商业交往，增加商业活动的效率，同时提升槟州土地的固打（Quota），以助槟城朝向更好的发展。专业于建筑管理的槟岛市议员黄则松强调，一些人会担心高密度发展将导致交通拥堵、空气污染等问题，事实上其它国际城市的发展已证明，只要采取适当措施，这些问题都可缓解。
黄则松将在5月杪市政局例常会议中，提议“槟岛迈向综合性高密度发展”，而这项建议已获槟岛市政局主席芭堤雅和槟州房地产发展商会主席拿督陈福星认同，届时他将提呈一份探讨报告。他接受《光华日报》访问时指出，槟州52%土地是森林和山坡保护区，可发展土地少于17%。目前面对的问题是，槟城容积率仅1.5（总建筑面积与用地面积的比率），比香港的1.15、新加坡1.12、及吉隆坡双峰塔的1.10还要低，诸多限制让发展商无法建筑更高、更大单位。
数据统计，槟州人口将在2030年增加30%，同一年，槟州交通大蓝图预计将达到40%公交系统使用率，他相信公交不可能在低密度发展城市生存，因为高密度发展和公交系统须同步发展。黄则松认为，密集度发展可促进人文交流，是槟州未来发展须迈进的步伐，而许多人把“高密度发展”与“高层发展”划上等号，一些不习惯“高层发展”的人，见到这种发展形式，很自然地曲解，高层大楼是把大量的人和建筑面积，堆在同一地段上。
密集度可促进人文交流
“许多高层发展的人口密度其实很低，相反的，不少低层建筑，人口密度却很高；规模较大的发展计划，须经过整体设计和规划，新市镇发展须充分考虑交通、购物、休憩、教育、社区等各种设施的有效、充分配置和配套。”“高层建筑若有合理规划，环境质量不一定差，整体密度也不一定高，香港就是最好典范。香港列有严谨城市规划和法则，致力保护境内的绿色地带和海岸资源，所以城市密度虽高，但郊野公园仍占香港面积高达40%”。他强调，最重要的是，这些山光水色就在市区周边，市民可随时轻易享受清新空气，和舒缓紧张忙碌的情绪，与低密度发展相比，高密度发展对于解决大量人口住房问题，更具有显著优势。-

產業經紀遇害迴響‧刀下逃生經紀現身說法‧8招防匪客

（檳城11日訊）女經紀曾彩美帶客看屋被殺及棄屍水壩命案令人不寒而慄，並讓7年前僥倖從假租客刀下逃生的黃雪芬重新憶起自己當年慘遭假租客亮刀亂割全身，鄰家婦女見死不救並馬上關門自保的恐怖遭遇。

儘管她後來幸運得救，但她當時被假租客扯著頭髮拖進屋子以亂刀割身至鮮血淋漓的恐怖畫面，卻如鬼魅般糾纏至今。

她說：“現在只要有人在我身後，我就會莫名其妙地緊張起來。”

地產經紀經常要帶陌生人到空置單位工作，因為孤身一人，所以很容易成為匪徒下手的目標，去年就有多倫多金牌華裔經紀韓建國被綁架後撕票案，日前則有大馬女經紀帶客看屋被殺命案。

2005年轟動一時的檳城女經紀遇劫案，受害者黃雪芬克服心理障礙，帶著依然觸目驚心的疤痕，勇敢接受《光明日報》的專訪，憶述那個生死一線間的遭遇。

鄰家婦關門見死不救

儘管往事已逝，但憶鮮明，重提7年的遭遇，黃雪芬多次雙眼泛紅。

“我很清楚記得，當時，我在報章上刊登了產業出租廣告，後來就有一名華裔男子打電話來說要看房子。那人說華語，當時，我對他說，他要看的房子已經有租戶了，他就掛了電話。可是，沒多久，他又來電說要看另一間屋子。我一說那是一間空房子，他馬上就說想看。”

現年29歲的黃雪芬說，她19歲開始當房地產經紀，多年來還算順順利利，沒想到那會是一個圈套。他們約在某一天的下午兩點半見面，她不疑有他，所以單獨赴約。

“那天，還沒到兩點半，他就來電說他已經抵達。當時，我就有點奇怪，很少客戶會比經紀人還緊張。”

“對方30多歲，長得很高大。我第一眼看到他，就覺得毛骨悚然，有種不祥的感覺。我希望他不是我的客戶，偏偏他正是。”

她說，她清楚記得他當時的打扮，戴著一副黃色鏡片的眼鏡，頂著一個鴨舌帽，很明顯不想讓人看到他的真實模樣。

“我只記得他有顆門牙是斷一半的，他還很有禮貌。我有點防備他，我打開門後，就站在門外，要求他先進去看房子。”

她說，他進去看了一個小時，她開始覺得不妥，就撥電話給朋友，說她遇到一個奇怪的客人，還故意提高聲量，好讓這名客人聽到。

她等得不耐煩，就問他要不要租，對方謊稱他是替老闆看，還要她進屋去接電話。

黃雪芬當然是不願意，並指她過後將親自聯絡他的老闆，接著，她就說要走了。

原以為一切要結束，對方也走出房子了。可是，就在她打算離開時，卻想起窗口好像還沒關，於是就進屋去關窗。

“我才踏進屋子一步，對方就從後面衝來用刀片指著我的頸項。我一驚就不斷掙扎，甚至蹲了下來大叫。接著，我靈機一動，馬上按手機最後撥出的電話，並且大聲叫喊。對方見我撥手機，開始失控，他一刀又一刀地往我身上亂揮亂刺，我只知道我滿身都是血，已經害怕得不知道痛是甚麼感覺了。”

假租戶邊捅邊喊我要錢

黃雪芬說，假租戶不停地用刀刺她，還不停地喊到：“我要錢！我要錢！”。她當下只怕對方會強暴或傷害她，所以一直重複說：“你要甚麼都拿去！不要傷害我！”。

沒多久，她就成功掙脫，奔向屋子的大門。當時鄰家的婦女正好看到了她，她還以為救星到了，就大喊“救我”。

“可是，她沒救我，還趕緊把家門鎖上。那時候我已經是滿身血，我真的很心寒。就在這時候，我束著馬尾的長髮被那名假租客一把捉住，他就這樣硬把我整個人拖回房間去。我又哭又喊，根本沒人理我。”

慶幸的是，接到她之前撥出的最後一通救助電話的朋友，及時帶著工人跑到現場。那名假租客一聽到門外有腳步聲，馬上放下她，從另一個方向逃了出去。

“我永遠都記得這個畫面，那男子邊跑邊脫下染血的外套，還有帽子。”

她說，一看到朋友，她整個人馬上放鬆軟了下來，接著就昏了過去。“還好他只是劫財，之後很多傳言都說我差點被強暴，這都不是事實。”

劫匪未落網
陰影未除

黃雪芬指出，警方至今都還沒捉到人，但劫匪帶給她的傷害，卻是一輩子的。“7年了，到今天只要有人站在我後面，我就會很恐懼，很慌張。”她依舊擺脫不了這可怕的陰影。事發後，黃雪芬也曾經離開地產界，去了幼兒園當老師。“每天看到孩子們天真的笑容，我的心情才漸漸平伏下來。數個月後，我決定重返地產界。”

黃雪芬說，她來自一個貧苦的家庭，最苦的時候，曾經試過一家五口擠在一房內。她是長女，下有一弟一妹，她最大的心願就是改善她和家人的生活，所以最後堅持重返地產界。

“家人都強烈反對，但我覺得在哪裡跌倒就要在哪裡站起來。現在弟弟也當了地產經紀，很多時候帶人看屋，弟弟都會陪我一起去。”

“地產經紀只要肯拼肯吃苦，的確可以賺到錢。這也是我不肯放棄這工作的原因。”

她說，因為她的堅持，目前她和家人的生活都已有改善。“我最終的目標是買一間排屋給我媽媽住，但現在距離目標還有一段距離。”

遇精神病女子被嚇哭

除了遇劫，黃雪芬也遇過一個疑患有精神病的女子，還有行為怪僻的客人。巧合的是，第一次見到這名女子，她同樣有種不好的感覺，就像初次見到傷害她的假租戶一樣。

“當時有人要看這名女子的房子，我就向她拿鑰匙。

她在電話裡很正常，可是見面時，我就感覺不太好，交談後也發現她真的不妥。”

“我向她要鑰匙，她就不客氣地說‘不可以給你鑰匙’。我只好提議向她借鑰匙複製一把，等客人看了房子就馬上還她。因為赶時間，我便載著她一起去。”

其實，當時，黃雪芬就發現她不停地在罵周圍的人粗話。“等我開車送她回家時，她忽然大喊起來，然後大力地捉住我的駕駛盤，還大聲罵我粗話。我被嚇到了，馬上打開我旁邊的窗，然後要她下車。”

她說，對方一下車，她就踩油門飛奔而去。“我找一個地方停下來，就打電話給媽媽，還沒開口，就哭了起來。”

長得美惹客人太太不悅

很多人都說如果經紀人長得美，生意也會比較好，但黃雪芬說，“不見得，客戶不會因為你長得美，而跟你買房子，房子的數目可不同於保險或者其他，而往往也因為她長得美，惹來客人太太的不悅，吃力不討好。”

此外，她也遇過很怪的客人。“那個買主每看一間屋子，一定要先移動人家屋子的桌子，而且會每塊磚塊去敲，不然就是在看人家的貨倉時，一定會提個手電筒仔細觀看。”

她說，如果屋主也在場的話，客人這種舉動或許會激怒屋主，非常不尊重人家。“還有一些顧客，給你傭金時百般為難你，然後才不甘不願地付。”

自我防範找人陪看屋

女地產經紀帶客戶看屋被謀殺案，再次敲起女地產經紀職業的警鐘。多名女經紀皆認為，地產經紀是高風險行業，經紀本身除了要嚴守行內的8大基本安全守則外，如勿與客戶約在晚上看屋，看屋時要有人陪，提早到場視察環境等，更重要的是，在與客戶通電話時就要提高自我防範的意識。

受訪的女經紀指出，入職前，地產經紀公司一般會向職員灌輸基本安全守則。

“雖然公司擁有一套安全守則，可是面對林林總總的客戶時，安全守則也只是一個參考，更人的防範意識更重要。經紀必須憑著過往的經驗，加上臨場應變反應，才能在危機中自救。”

她們認為，所謂的個人經驗是指，先從客戶的電話談話內容及語氣，過濾客戶看屋的目的，包括事先瞭解客戶是否單身赴約，或是與親友一同到來。

儘量選在白天見客戶

“如果對方選在晚上看屋，又表明會單獨赴會，我們一般會要求對方把看屋時段改在白天。如果客戶堅持不換時間，我們就會要求親友陪伴，以確保自身安全。”

她們說，如今治安不靖，很多男同事都會撇開傭金競爭的觀念，陪伴女同事出外會見客戶。

34歲經紀蘇琳琳受訪時指出，除了市場競爭大，女經紀的安全問題也是各造必須關注的課題。

她說，為了自身安全，每次出外工作，她都盡可能攜帶雨傘作為自我防衛的工具，無論晴天或雨天，雨傘都會有用，客戶也不會感到奇怪。

“行內的女經紀都有默契，如果遇到屋主不在場，我們都會要求家人或同事陪伴，預防萬一。”

“有一次有一名客戶約我在白天見面，但卻穿著睡衣來。那時候我就站在門外，幸好他很快就答應要購買有關單位，讓我鬆了一口氣。”

提防急要看屋客戶

從事地產業已有7年的女經紀張詠薏說，早前她就試過一次與4個友族同胞單獨看屋，由於當時人已到現場，她只好硬著頭皮進去，雖然事後沒有發生不愉快事件，但卻令她印象深刻。

“對方事先沒有說要帶朋友來，加上屋主又不在場，為了安全起見，我並沒有跟著進屋。等了5分鐘，我發現他們都很認真看屋，我才放下戒心，入屋向他們解釋屋子的情況。”

她指出，經過這次，每次與客戶接洽時，她都會事先詢問看屋的人數，如果對方是隻身一人，她就會找親友相陪。

張詠薏週四接受《光明日報》訪問時指出，女經紀與客戶在電話溝通時必須提高警惕，如果對方表示對任何房屋都有興趣，或是過份著急要看屋，經紀就要小心了。

“有問題的顧客，一般會比經紀更著急，反應也更踴躍，無論經紀提出任何價格或地點的房屋，他都說沒問題，甚至要求趕快看屋。”

提早抵達視察環境

地產女經紀朱曉麗（24歲）說，根據她的經驗，與客戶碰面看屋前，她都會提前抵達目的地視察周遭環境。無論看屋時屋主有沒有在場，她都會打開單位大門，包括確保單位內的亮度。

“比客戶早到，是為了掌握現場環境的情況，以便危難時可以作出最快的判斷。”

朱曉麗也建議其他女經紀在陪客戶看屋時，手機最好緊握在手，並把親友的聯絡號碼設定為快鍵模式，一旦發生緊急事故也可以第一時間尋求援助。

地產從業員自保9招
1. 隨身攜帶充滿電的手機。
2. 保護個人資料，避免用家居電話。
3. 不要廣泛宣傳物業乃“空置”單位。
4. 自己駕車。
5. 參觀單位時，讓客人走在前面，自己跟在後面。
6. 先約新客戶在公司會面，讓公司知道你與誰會面。
7. 多問客人的資料，越多越好。
8. 對售賣的單位多作資料準備。
9. 相信本能反應，安全至上。（光明日報‧獨家報導：林春蓮）

SP Setia expands footprint in Penang

Property developer SP Setia Bhd is on the lookout to acquire more strategic pieces of land in Penang in a bid to extend its footprint in the state.

Presently, it is looking to buy three parcels of land on the island by the middle of the year.

The company, which currently boasts an undeveloped landbank totalling close to 40 hectares in the state, is in the final stages of negotiation to acquire land in Tanjung Bungah
and Jelutong.

SP Setia Property (North) general manager Datuk S.Rajoo told Business Times the company is eyeing two parcels of land in Tanjung Bungah totalling 10.2ha while the parcel of land in Jelutong measures 3.6ha.

“We are hoping to conclude the land acquisition deals by the middle of June and are planning mixed residential housing projects on the plots,” he said in an interview.

Present was the company’s deputy general manager for the northern region’s property division Khoo Teck Chong.

SP Setia made its entry in the state more than five years ago via the Setia Pearl Island development which is sprawled over a 45ha site and carries a development value of RM1.2 billion.

The project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung and 20km from George Town.

“We would like to extend our presence to other parts of the island and have been doing so through our projects in George Town.

“We have acquired two pieces of land in Balik Pulau totalling 12ha for purposes of landed residential units,” Rajoo added, saying that the launching date of the project has yet to be determined.

Khoo said the last piece of undeveloped land at the Setia Pearl Island site is expected to be launched by the third quarter of 2013.

Carrying a development value of RM350 million and sprawled over 7.6ha of land, he said the project, called The Breeze, will
comprise low-rise and high-rise dwellings respectively.

"Our new launches," Khoo said, "will include exclusive high-rise condominiums at Teluk Kumbar which we hope to launch by the second half of 2013."

The QBees project, comprising 98 condominium units, will be sited on a 1.2ha plot and carries a gross development value of RM50 million.

Other planned launches include Penang's first Green Building Index residential project, which will be sited in the second phase of its Setia Greens development at Cangkat Sungai Ara.

"We are looking at launching more eco-housing via this project, which will comprise landed houses and one condominium block on a 5.6ha site," Khoo said. - Business Times

槟岛恢复自由港？ 有讚有彈只欠“东风”

（槟城11日讯）槟岛恢复自由港，万事俱备，只欠东风！有者认为，恢复自由港的说法是一个政治策略，但不会对现有槟州的政治局势造成太大的变化或影响。但是对很多商家来说，不管这是不是大选到来而开出的承诺，槟城各行业已做好准备，就等中央政府吹起这股“东风”，让槟城经济起飞。
日前有报道指槟州国阵主席邓章耀为重夺槟州政权，向中央政府建议恢复槟岛自由港地位，引起坊间热烈讨论。《光华日报》专访时事评论员拿督谢诗坚博士、马来西亚物流师协会总会长曾家麟及民众对此的看法。槟岛自由港到底会带来什么利与弊，各界抱有不同看法，目前只待槟州国阵主席邓章耀在下周一公布其大选战略详情，厘清自由港概念及是否已向联邦政府提呈有关建议。
谢诗坚：经济制度才是关键　自由港不适现代槟岛
时事评论员拿督谢诗坚博士认为，自由港某种程度上是一种经济制度，18世纪槟榔屿在英殖民时期，开拓者莱特为推动区内经济，把槟岛设立为自由港，吸引国际贸易，让国际贸易自由通行的环境，促进当时经济。随后香港及新加坡也复制槟岛自由港模式，打下引领全球的港口贸易市场基础。他说，马来西亚的成立后，中央政府拟定税务政策，为公平起见槟岛丧失自由港地位，与其他州属平起平坐，但也因此导致港口贸易严重萎缩，失业率高企，人民也因此让执政12年的马华王保尼下台。
物流师曾家麟：变回自由港　槟岛经济必起飞
马来西亚物流师协会总会长曾家麟大力支持槟岛恢复自由港地位，并直言一旦恢复，以槟城的资源及地理优势，势必成为世界数一数二的海运港口，经济肯定也会随之起飞。他说，世界贸易中，海运物流占90%的分量，意即世界各地多数的进出口都依靠货船运输，一旦槟城恢复自由港地位，一定会大量提高货物的吞吐量，经济起飞，全槟各行各业包括人民都会受惠，因此自由港地位对槟城经济是非常重要的。-

The case of over-gearing in properties and increased liabilities

ONE of the most prominent businessmen in the 20th century was a man called Joseph P. Kennedy (President John F. Kennedy's father). In the 1920s, Joe Kennedy invested in stocks and later claimed that he knew it was time to get out of the stock market when he received stock tips from a shoe-shine boy. The rampant stock speculation of the time eventually led to the 1929 stock market crash and, subsequently, the Great Depression.

I am reminded of this story when I see that, today, people seem to be investing their savings in many properties at once. Those without savings opt to take out bank loans to finance such investments. Just yesterday, the tea-lady told me about a “hot new property” to invest in. While this alarms me, I'm not saying that as a serious investor you shouldn't invest in properties. To the contrary; it is still possible to invest in properties and not harm your financial portfolio.

Just over 10 years ago, people who invested in properties tended to be more cautious. They were people who had saved up money and needed to invest that money somewhere “safe”. Many of them bought properties expecting to generate a healthy stream of rental income and were unlikely to sell it immediately. This was probably because there was no real financial incentive to do so. For one, with the real property gains tax (RPGT), whatever properties purchased and sold were subject to a high tax of 30%.

Over time, though, this rate of 30% has been reduced. Under Budget 2012, the Government proposed that the RPGT will be revised where properties held and disposed of within two years are subject to RPGT of 10%. Properties held and disposed of between two and five years are subject to RPGT of 5%, while those which were held and disposed of after five years are not subject to RPGT at all. As a result, many people today buy properties with little intention of using them to yield a rental income. In fact, rental yield has generally decreased from 7% just over 10 years ago to approximately 4% now.

People tend to be more interested in “capital appreciation” of a property. This means that buyers tend to look for properties that are in the process of being developed or near completion. They take out loans to buy these properties and, the moment the development is complete, the property is sold at a profit. They hold a strong belief that one can never go wrong investing in property and live by the maxim, “the only way to go when investing in properties is up.”

The dangers of undertaking such an investment venture were highlighted by the actions of a successful business owner I once knew. In his early 60s, with his spare cash, he invested in over 15 properties in the short space of two years. He spent very little money doing this as he had, on average, taken out loans of 85% per property. 12 of them were concentrated in some of the most exclusive enclaves of the city. Of these, some properties were still being developed and others were rented out to expatriates.

When I came to know of what he was doing, it rang warning bells for me as over investing in properties can lead to financial ruin. I advised him to diversify his portfolio into other assets like equity, bonds and cash. I also advised him to keep some of his wealth in liquid investments to limit the risk he was under. He slowed down buying properties and invested in bond funds. However, he remained adamant that what he was doing was right and believed that he would make a healthy profit when the developments were complete.

Unfortunately, he passed away suddenly and the family was left to deal with the deceased's debts. When the tenancy agreements ended, the expatriate tenants didn't renew their agreements. Instead, they opted to rent other newer properties with better facilities. With no rental income, coupled with the market slowing down, the deceased's family was forced to sell these properties at a price that was much lower than what the deceased initially paid. In addition, the deceased's family could not service the loans for the properties that were not yet completed. Naturally, the banks foreclosed on these properties. Although the family did, eventually, settle all the deceased's debts, it was not before considerable money was spent.

All said and done, this doesn't mean that you shouldn't invest in properties. In fact, more than ever now, investing in properties is a viable option if you are a serious investor. However, it is imperative that you do so cautiously. For one, never “over-invest” in properties. Always make sure your investment portfolio consists of various investment assets.

Even if you choose to invest mainly in properties, never choose properties located in one geographical area. You could end up concentrating your risk in an area that might go “out of favour” or become less popular (as the case seems to be in certain parts of the Klang Valley). Sometimes, there is an over-supply of properties in one particular area. If these happen, you might find that you've gone from being in a “seller's market” to a “buyer's market” or a “tenant's market”. In other words, instead of enjoying the benefits of getting a healthy rental for your property, you will end up accepting whatever rental your tenant might pay you. Therefore, to minimise your risk, always pick properties in different areas.

Although banks have begun to tighten up the lending criteria, bear in mind that over gearing (taking out a maximum loan from the banks for property investment) is not advisable. Therefore, minimise your interest payments and reduce your exposure to liabilities by taking out a reasonable amount of loan.

Ultimately, there is no doubt that you must invest in properties. However, do so in a prudent manner to ensure that it is a financially rewarding exercise for you with minimum risk and damage to your long-term investment goals. - The Star

Yap Ming Hui (yapmh@whitman.com.my) is an independent financial advisor and author of 5 best-selling books on personal finance. He is the managing director of Whitman Independent Advisors, an independent financial advisory firm licensed by Securities Commission and Bank Negara Malaysia.

Applying the brakes – made for the short term – can be dangerous

DOES the anti-lock braking system (ABS) really make driving safer? I thought so until I came across an interesting finding recently.

In his book What the Dog Saw, Malcolm Gladwell shared the result of a famous experiment conducted years ago in Germany. The experiment equipped part of a fleet of taxis in Munich with ABS. The rest of the fleet was left alone, and the two groups of drivers were placed under secret observation for three years.

Most people would expect that with the installation of the ABS in a vehicle, driving would be safer. The outcome of the experiment proved otherwise. For some drivers, ABS did not reduce their accident rates. It turned them into inferior drivers instead. They drove faster, made sharper turns, showed poorer discipline and braked harder.

The author explained this phenomenon with the theory of Risk Homeostasis which states that under certain circumstances, changes that appear to make a system or an organisation safer in fact do not. Human beings have the fundamental tendency to compensate lower risks in one area by taking greater risks in another. In that particular experiment, the drivers used the additional safety elements to drive faster and more recklessly.

Contradictions

To a large extent, this theory can be applied to many aspects of our life. While one can take the additional precautionary methods, the fundamental problems should also be addressed to achieve the desired results.

Recently there has been a proposal to raise the floor price of properties for foreigners from RM500,000 to RM1mil to curb or control the prices of houses from increasing too fast. This proposal is on top of the other “cooling off” measures such as the 70% housing loan policy for purchase of a third property, the increase of real property gains tax from 5% to 10% imposed on properties sold within two years of the sale and purchase agreement, and the new ruling on housing loan limits based on net income rather than gross.

There is no doubt that the introduced “cooling off” measures have reduced the buying spree of properties. However, the intended objective of these measures to control the price of properties has yet to be seen. Introducing measures without critically identifying the root cause of the increasing property prices may instead create situations that would not be beneficial to the industry as explained by the theory of Risk Homeostasis.

So, what determines rising prices?

We need to find the root cause of the issue in order to identify a long term solution. The basis for rising property prices now is largely due to the direct and indirect impacts of quantitative easing programmes i.e. the increase of money supply, carried out by governments around the world since the start of the global financial crisis. Value slump

When there is too much money chasing too few goods, prices will increase but not necessarily value. In reality, we are facing a situation where there is too much money in the system, causing a decrease in the real value of money and pushing up prices of goods and services including construction materials.

For example, in early to mid 2000, a condominium in Mont'Kiara which was sold around RM500,000 would now cost us about RM800,000, equal to a 60% increase. But measured in a different “currency”, that condominium would have cost us 8kg to 10kg of gold in early to mid 2000 and today, only worth about 5kg of gold. This is a sharp decline of 38% to 50% and is an illustration of how prices are going up due to the drop of currency value because of worldwide inflation and pump-priming policies.

However, if the property prices are not allowed to rise, it is not possible for developers to build below costs when the construction costs are constantly rising. This will cause a shortage of supply which will further push up prices in five to 10 years time.

Balancing act

Let us examine specifically the future supply and demand of properties in the Klang Valley.

On the demand side, the government aims to grow the population in Greater KL from the existing six million to 10 million by year 2020. Hence, an additional one million housing units (assuming four family members per home) is needed in the next eight years. It would mean that property developers need to supply 125,000 new housing units in Greater KL every year to meet the expected increase in population.

According to the statistics published by National Property Information Centre, the primary market only managed to launch 49,290 new housing units nationwide in 2011, with only 12,705 housing units in KL and Selangor. This indicates there is a demand exceeding supply scenario that can result in future severe consequences.

If the government continues to introduce more “cooling off” measures to curb or control house prices and to stifle temporarily the buying appetite of home buyers, it will slow down the rate of production of new houses by developers. The unintended consequences of stifling supply will create a massive housing bubble five to ten years later in Greater KL because of the extreme demand and supply imbalance.

The ABS experiment mentioned at the beginning taught us a valuable lesson. Understanding any long-term-unintended consequence is paramount before taking any actions. Putting measures in place that do not resolve the root cause may instead backfire on us. With that in mind, perhaps we shouldn't apply the brakes on housing need and instead look at the bigger picture to find longer-term solutions to our housing industry. - The Star

FIABCI Asia Pacific chairman, Datuk Alan Tong has over 50 years of experience in property development. He was FIABCI World president 2005/06 and was named FIABCI Property Man of the Year 2010. He is also the group chairman of Bukit Kiara Properties.

Security at what cost?

WHAT does it take to build a city a simple, functional spot under the sun that draws people in and provides enough for them to build a home, find work and enjoy all that is within their resources to enjoy?

Let's forget about phrases like “world class city” or “state-of-the-art city”. These are just empty phrases that do not mean anything. There are many components that go towards building a city security, clean air and water, healthcare, education, a city employment opportunities, public transport and other services. The list can be a lenghthy one.

But let's just focus on security, which is likened to a roof over our heads. The roof keeps out the rain and other elements. There is no point in having a leaky roof.

Of late, we read constantly about crime being reduced. But while there are statistics that point to this, we feel no safer than before.

Last Thursday, the country rejoiced when 12-year-old Nayati Moodliar was reunited with his parents after going missing for a week. Many missing children either end up dead, or continue to be separated from their loved ones.

His abduction prompted the introduction of new measures like putting up closed-circuit television surveillance cameras (CCTVs) around school premises. Mont'Kiara, which comprises predominantly high density condominium products, is known for its layers of security features. That is one of the reasons why many live there, forgoing a landed property with a compound.

In high-rise residential projects, there are access cards programmed to allow entry to the floor one is staying in and to public areas like the swimming pool and gym. We also have gated and guarded communities. Some of the newer townships in Petaling Jaya employ their own security guards with the permission of the local authorities and put up bars and other security features like rows of drums to seal off escape routes in the event of a break-in. Other residential areas do not strictly go by the gated and guarded definition but have security guards and perimeter fencing.

In our search for peace and safety to build and raise a family, we have put a premium on security, either by installing alarms or living in places that comes with such features. There is nothing wrong with this.

But has anyone asked why we have come to this? And to what extend can these measures ensure that our children and loved ones will be secured and safe? While it may be relatively safe within the gated and guarded community and internal break-ins may, or may not, be an issue it is what happens on the streets that is of concern today.

Once a person is outside these “safe” perimeters, he or she is at the mercy of unsavoury and unwanted attention, which may be in the form of snatch theives, robbers, kidnappers or other tricksters, as in the case of Nayati, who was kidnapped while walking to school. Does this mean we install these features in public areas and how far should we go in pursuit of these measures?

While installing CCTVs in public areas like schools, malls and basement car parks and shops may help, there is the cost of keeping them in serviceable condition. But even if the images of tricksters and kidnappers' get-away cars are caught on camera, is there a system where this images and information can be relayed in minutes or seconds to police patrols who will then take it from there? In other words, patrol cars equipped with audio visual gadgets. It sounds so Hollywood. But we've seen enough of police car chases on TV.

This goes back to the systems we have. If cars can come with TVs and police patrol cars with walkie-talkies, why can't these gadgets and their functions be integrated in order to relay images to speed up the pursuit of criminals on-the-run?

But we have to admit that installing security gadgets that integrate seamlessly with policing comes with a cost. Another simple and cost effective way would be police presence.

Yes, there is a need for the men in blue to ride around on motorcycles, some to be in police patrol cars. But we also need those who will patrol on foot on a sustainable intermittent basis, not just because a high-profiled crime has been committed. This will give a sense of security to the people and at the same time serves as a deterrent, to a certain degree, to street crime.

There is something very wrong when the people spend so much money on being safe when they are at home, yet remain vulnerable to all sorts of crime when they hit the streets. We need police presence, and we also need to weed out corruption at all levels of the Government. We need a roof over our heads, but not a leaky one. - The Star

Deputy news editor Thean Lee Cheng thinks the building blocks that go towards making a city liveable is more than gleaming towers.

Tambun Indah seeks JV partners for Klang Valley projects

PROPERTY developer Tambun Indah Land Bhd is looking for joint-venture (JV) partners to spread its wings out of Penang where its flagship project is based.

“We would like to expand into the Klang Valley, but our focus will be more on the outskirts like Kajang and Rawang where there is still plenty of land,” managing director Teh Kiak Seng says.

The company is in “several discussions” with landowners for this purpose, he says but nothing has been firmed up.

Tambun Indah, which claims to be the first to introduce the concept of guarded and gated (landed property) in Seberang Prai, made a net profit of RM23.6mil for the financial year ended Dec 31, 2011 against a net profit of RM25.2mil a year earlier.

“I personally believe that prices on the island, the highest at about RM1,200 per sq ft now from about RM800 per sq ft in 2010, will not go up further due to increasing competition. We intend to benefit from that,” he says.

The mixed residential and commercial township sits on a 1,001-acre site which is expected to be fully developed by 2020, complete with a business park which will house schools, hotels and hypermarkets.

So far, 450 acres have already been developed into residential and shop units.

There are plans to launch two more projects within Pearl City this year.

“We are enjoying a spillover of buyers from the island where property prices have skyrocketed since 2010,” Teh says.

For example, a terrace house on Penang island now costs around RM800,000. On the mainland, the same type of house would cost some RM300,000, he says.

“We see the gap (in price) eventually closing,“ Teh says, attributing it to new infrastructure coming onstream such as the Second Penang Bridge and the Double Track Commuter Train which will enhance connectivity between the island and mainland.

The proximity of the Pearl City development to more than 10 industrial parks, which are capable of generating thousands of job opportunities, will also play a part in ensuring that its properties enjoy a steady price trend as workers buy up units to live in, according to Teh.

He says that apart from the two residential projects within Pearl City that Tambun Indah will launch this year, there are three more, namely the RM39.3mil BM Residence in Bukit Mertajam, RM41mil Carissa Villas in Bagan Lallang, and the RM180mil Straits Garden in Jelutong on the island.

The funding of Tambun Indah's new projects will be through the issuance of 88.4 million shares through a rights issue which will raise RM44.2mil.

The two-for-five rights issue, which was approved at a recent shareholder meeting, is expected to be completed in June. It would also effectively increase Tambun Indah's share capital to RM154.7mil, comprising 309.4 million shares.

After these new projects are launched, Tambun Indah will have more than 600 acres of undeveloped land, mostly in Pearl City and some on the island.

The company currently has 10 ongoing projects, mainly residential that it launched over the past two years.

“These have had an average take-up rate of more than 80%,” Teh says.

Gross margins stand at about 30%, he adds.

Tambun Indah, which claims to be the first to introduce the concept of guarded and gated (landed property) in Seberang Prai, made a net profit of RM23.6mil for the financial year ended Dec 31, 2011 against a net profit of RM25.2mil a year earlier.

“I personally believe that prices on the island, the highest at about RM1,200 per sq ft now from about RM800 per sq ft in 2010, will not go up further due to increasing competition. We intend to benefit from that,” he says.

On average, Tambun Indah's Seberang Prai properties are selling at below RM300 per sq ft. More than 90% of its property development projects are located on the mainland. - The Star

Shopping mall in the cards

MAH Sing Group Bhd plans to develop a 1 million sq ft shopping mall for the Southbay City mixed-development project on a 13.7ha site in Batu Maung, Penang, next year.

Group chief operating officer Teh Heng Chong said the shopping mall would be positioned to attract shoppers from the northern region market.

“Once the second Penang bridge is ready next year, we can anticipate a strong flow of visitors from Seberang Prai to the island.

“Thus, we want to have a mall in Southbay City to tap into the business opportunities from the north and Seberang Prai,” he said in an interview.

He said they planned to start the project’s construction next year, adding that they had yet to work out the cost of the mall which would be part of the approved Southbay City master plan.

On the two residential suite towers in the RM329mil Southbay Plaza, which is part of the Southbay City project, he said Mah Sing had sold the bulk of the units for both the towers.

“Since the launch of the two towers late last month, we have sold 80% of 106 units belonging to the 32-storey Tower A and 75% of 100 units belonging to the 31- storey Tower B.

“The Tower A and Tower B units with built-up areas of between 1,107sq ft and 1,761sq ft, and 1,433sq ft and 1,714sq ft respectively, are sold from RM830,000 and RM1.2mil onwards,” he said adding that most of the units would be sea-fronting.

Teh said the two residential towers would be equipped with facilities such as infinity pools and gymnasiums.

“Below the two towers is a four-storey shopping podium with 100,000sq ft of retail space.

“There are a total of 731 car parking bays, of which 213 bays are for the commercial scheme while the rest are for theresidential suites,” he added.

Teh said the Southbay Plaza residential suites sold well because they were near to Queens-bay Mall, Eastin Hotel, Equatorial Hotel, Penang International Airport, and 1km away from the second bridge.

He said the entire Southbay City project would take five to eight years to complete. - The Star

The private home buyer’s journey — Ong Kah Seng

MAY 11 — Private home buying interest has remained significant despite the Singapore government imposing five rounds of market cooling measures in the past 2½ years, with sales of suburban condominiums remaining buoyant even as prices scale new heights.

The proliferation of shoebox apartments has also meant that more are able to embark upon their personal quest for a dream property. Indeed, the surge in supply of these small units in recent years has been met by overwhelming buyer response.

Whether it is an individual home buyer or joint property investors or families going for a better quality of life by upgrading from HDB flats, there is often a strong motivation for targeting that favourite property.

For investors, the motivation is more direct — perceived financial returns. Investors generally are seasoned property players, although there will be the new investors. The newbies, together with single owners of small apartments as well as some HDB upgraders, may have been primed for the purchase by various factors. They will find that the quest can be both exciting and stressful.

The majority who embark on buying private property decisions have been roused in some way.

For some, such awakening may have come from seeing their peers profiting through property investments and speculation. For some singles who buy shoebox apartments, it may stem from a desire for independence, to live apart from their families. There may also be those who have visited friends who live in private homes and are inspired to own one as soon as possible.

Daily leisure activities may also have shaped one’s desire to buy a property. In addition to fanciful show flats, shopping can also conjure up a liking towards property. With the arrival of many mega malls and big-box retail stores that present a convenient array of exciting offerings, the leisure shopper is spoiled for choice.

Home design concept stores, furniture chains and boutiques showcase all kinds of DIY offerings or professional services to consumers, some of whom are planning to own a home. And for those on tight budgets, buying a smaller or far-flung property will become more of an urgency.

Upon setting his or her mind on buying a home, the property seeker will likely use different means to source, compare and affirm the property choices. Most property seekers will validate these through studying and understanding district development plans, consulting friends in property and mortgage-related trades to ascertain the property’s potential and financing requirements.

The process will be both intensive but exhilarating for the earnest buyer, particularly for one with limited investment background who gets to understand many property and financial concepts.

The recent months have seen tremendous sales perks from developers — in the form of rebates or discounts from listed prices. Such schemes are surely attractive for those who have already tuned themselves psychologically into the mode of buying. The quest for private homes has also extended from developer sales to the resale market recently.

Buyers who have concluded their house hunting and purchase will be most excited to share the journey with peers. But it must be noted that while the property hunt is thrilling, the actual journey begins after one commits to a purchase.

The real benefits and the financing requirements will go hand-in-hand, depending on prevailing market conditions and whether the rental income is sufficient to meet the mortgage payments and other expenses. These have probably been downplayed in today’s context of an increasing desire for wealth opportunities and higher risk thresholds.

The current thinking is that given the large number of uncertainties, whether economic or supply-led fluctuations or possible policy calibrations, a buyer should not think too far but enjoy the direct benefits of owning the property. Since there are so many uncertainties, it is “the journey that counts rather than the destination”.

The past decade has seen the prevalence of “specu-vestors”, but since the harsh additional seller’s stamp duty of last December, speculation has become a thing of the past.

Most investors are now also thinking of owner-occupation should the property not be able to be rented out, hence creating another group that can be called “investor-piers”. That’s also a major property-owning mindset for many shoebox apartment buyers.

While the destination may not count as much as the journey, if the buyer enters the market at the wrong time or overestimates his long-term financing capacity, the journey will be a long and difficult one. — Today

* Ong Kah Seng is director at R’ST Research, an independent property market research company in Singapore. - The Malaysian Insider