So you mean serve them right for not doing their due diligence?

If they are so good, they need not rely on Tong to provide them blood sucking loan .....

What is wrong is wrong.
Morally wrong.

You cannot right a wrong no matter how many times you want to explain.

Why not put this way:
I have done no wrong under existing law.
I don't care if poor buyers will suffer in 5 years' time.
That is their problem not to read small print as they stand to lose big in the event if they cannot top up 20% due from them.

What Tong wrote in his article above only safeguard the interest of the fund provider (so-called Investors), but bluntly disregard the interest of the buyers whom he claimed wanted to help.

Tong is not a Robin Hood lah.
Rather he is a vulture eyeing easy target as his prey..........

If really want to help house buyers, why not the bank come out with a more innovative way ?
DIBS helps flippers more than actual demand, but now all killed in action.

Banks surely can do a better way to enhance eligibility for housing loan.
Let say for first 5 years, buyers just pay the interest on loan.
From 6th year onward, pay interest plus principal at progressive rate, say 1% of principal for 6th and 7th year, 2% for 8th and 9th year and so on.
Up to the buyers to negotiate for higher installment when they are promoted and want to pay more to reduce tenure of the loan.

It definitely help more house buyers to be eligible for loan while they are earning less as freshmen in job market.

Back to basic.
Who are the beneficiaries of the scheme?
Who are the losers ?
Is this type of financial instrument fair to buyers ?
Or it just design to be Ah Long in a legitimate and guaranteed way to milk from buyers at least 5% profit a year ?
With all the risk pass to the buyers ?
So is it a fair and just manner to make money from those B40 ?

君子爱财
取之有道

"It is unfortunate that users did not get together and all go switch to the new RM129 100M package as a sign of protest against them. Apart from very heavy downloaders, , 100M should be relatively sufficient for now for most average users. After all, 100M has been the highest speed available for a couple of years now and everyone was managing with it. This would have really made them sit up and even actually listen to user feedback as they would be losing a huge amount of revenue if this happened in a large scale.

This would have also been an opportunity for them to standardize pricing for all users as it is now very unfair that users pay different prices for the same speed, or get different speeds for the same price. It may even have been an opportunity to get them to revise the UnifiTV compulsary subscription or at least reduce the price of it. They would have eventually come up with higher packages anyway and users then could upgrade as they wish.

But it is quite difficult to get users to co-operate like this as generally users only complain about their own issue and once it is resolved, they do not care about the other users. Users are generally also not willing to sacrifice for a short term in order to get some long term benefit. Many users also think let the others do the work and I'll sit back and get the benefits when it is all done. I guess this is part of our way of thinking and culture here. And I guess such big companies know that very well and take advantage of it. Users do have some power over them but only in large numbers. Users are on the losing end in the end."

Quote from Lowyat unifi forum

Last time I paid rm 199
Now I pay rm 129

1.6m unifi users, so revenue drop by 1.6 x 70 x 12 = rm 1344m

Profit before tax drop by rm 1344 x 1.1 = rm 1478m

Gross profit (loss) for FY 2019 is rm -430 million

TM fair valuation is less than 1.50

You think the 'buyers' need to pay 20% price on S&P?
They will have to pay additional 10%, make it 30% for a B40.
Ah Long will have brisk business.
More will jump into Klang River.

Whose fault?

If somebody can fake his qualification, surely he can fake everything under the sun.

Check if you are still keeping your underwear?

US market is set for major correction.
FED is free to hike rate in Dec and 3 more rounds in 2019.

US home price going to slide.
As long as mortgage rate not exceeding 5.75%, less likelihood another round of financial crisis to the magnitude like what we have witnessed in 2008/2009.

Democrats now controls House of Representative.
Donald Duck days are numbered.
Trade war with China may end just like that.
No more 267 billion new tariff.
No more 25% hike in tariff for the 200 billion Chinese import.
American family can celebrate Christmas in peace.......

Alternatively, you can ask sslee how you can buy a BM for your wife by P2P Funding luxury car......

Ask kcchongnz, he will give you good lesson why OPM will not help you getting rich.

He will tell you at your age, you already failed miserably getting good retirement for 'rotten years' to come.........

You can't even send your children for overseas education.
You don't even have 100k to trade in KLSE.

What are you trying to tell me??????

Posted by qqq3 > Nov 7, 2018 11:19 AM | Report Abuse

CIMB and Maybank mortgage loans are mostly 4%, this thing gives them 5% and a chance to get capital appreciation when the property improves.



Still living in cave?
That was long ago.
How come fake accountant don't know?

SO ALL STAND TO GAIN ?

1. THE BUYER. ONLY 20% PURCHASE PRICE TO PAY WITH LOAN IF POSSIBLE. NO NEED TO PAY THE EXTRA 80%. HE COULD STAY OR RENT IT OUT



You are asking them to borrow from Ah Long?
If they can, they already buying with traditional housing loan right now with so much discount and freebies.

Because they could not get housing loan from bank, you are asking them to get loan from Ah Long now, and in 5 years' time, borrow more money to buy 'appreciated house price' from bank?

This was exactly how subprime loan in US came about.
Pay with bank loan $200k house, 5 years later remortgage with $250k, pocket the difference $50k. Another 5 years later, remortgage with $300k, again pocket $50k.

Then FED raise interest rate, house price came down to $200k.
No money to pay mortgage.
No buyer in the market.
What to do?
Wait for foreclosure lah.
That was the reason you saw so many homeless Americans because they had been chased out by the banks.

Too simplified version of house ownership, and taking rental yield at 6% is highly not achievable.

Now consider you are buying a house for 100k with conventional loan.
1. Down payment 10k
2. All incidences including stamp duty for MoT and loan (not stamping for S&P), lamp and fan, grille, curtain, beds and loose furniture, basic electrical appliances, and minor renovation, add up to another 10k.

All in buyers with conventional housing loan need to put up 20% before you can move in.


If you pay 20% or 20k to participate in P2P funding, who is going to pay MoT, stamp duty etc etc which could come up to another 10k?

Don't tell me you need not pay a single sen after you pay 20k to P2P and you can move in to stay straight away? Without any light, fan and table?

Right now Condo rental is at about 3.5% gross yield and owner has to pay management fee coming close to 10% of their monthly mortgage. Landed is about 2.2% gross yield. Who is going to pay management fees if your house is funded with P2P scheme?

Surely if you cannot afford to installment now, you will not be able to pay installment with the refinanced loan in 5 years' time.

Cheaper for you to rent now with less headache.
Save enough to buy later and with much flexibility instead of 'Too Good to Believe Scheme' to make you poorer in 5 years to come.


ALWAYS REMEMBER TO BUY A HAT THAT FIT YOUR HEAD

Donald Duck cannot be trusted

Posted by ks55 > Nov 4, 2018 04:03 PM | Report Abuse X

I was expecting LGE with the help of Cambridge Tony Puah will address critically and objectively to the problem of property (housing) overhung, but I was wrong.

They are barking at wrong tree.
Instead of addressing root problem, they choose to dampen property market further.
If property prices fall below the mortgage, loan become negatively pledged. All banks that loan big to property developers, contractors, and property buyers sooner or later will go holland. This was how US subprime mortgage crisis got out of control when FED decided to hike interest rate, just as what they are doing now.

What I can say is LGE is not up to the mark to be Finance Minister.
We don't expect him to be perfect, but we do expect him to bring in brains when preparing for national budget.

I won't be surprised if he is replaced as Finance Minister if Malaysian economy getting worse because failing to have foresight and long term vision.

頭痛医頭
脚痛医脚






Blog: Govt proposes panel to monitor cost components of houses

Oct 11, 2018 10:34 PM | Report Abuse

Can someone enlighten us how does a housing developer determine selling price of :
1. Condo
2. Terrace house
3. Low cost flat/ PR1MA

I am no expert in housing, but try to figure out composition of each component:

1. Terrace house (say 100k)
1.1 Cost of house sold (60k)
1.2 Contribution to School reserve, Field and playgroud, Police Station, Bomba, Road reserve etc (6k) -- Assuming conversion rate 65%
1.3 Contribution to Bumi Quota with 7% discount, Low cost housing and PR1MA (6k)
1.4 Road, drainage, street light and other infra (3k)
1.5 Sales and marketing (3k)

Gross Profit is 100k - 60k -6k -6k -3k -3k = 22k
So, if you sell a million dollar house, gross profit is 220k

Of course, you will have to give more discount under present weak market sentiment.
Some developers give up to 15% or more (Understood MK Land gives up to 20% discount).
Then you will just have 7% gross profit.
What about interest expenses during construction period?
What about interest expenses after houses already completed but not yet sold?
What about HQ expenses?

Surely looking at the numbers, most developers will be losing money, unless the land cost is low.

How to make sure houses selling cheap, and developers still make decent profit?
Only way is to removed items stated in para 1.3, that will save up to 6%.


For Condo and high-rise apartment, land cost component normally take up around 15%.
Only problem is the developers tend to overpay for the land.
So they will have to build 30 or 40 storey high-rise.
That will take them 4 years to build before they can deliver VP to buyers.
In between, if sales not good, they will receive less progress payment, and paying 4 years bank interest is enough to kill fly-by-night developers like Jaks Resources.
Many such developers will prefer to abandon the project like Plaza Rakyat, for they could not afford to pay LAD.

As how to reduce selling price for the high-rise, better leave it to the authority to work it out.
If the authority concerned is so dumb, learn the trick from S'pore HDB......

DIBS gone, Subprime comes.

See how many flippers with Teh Kim Swee sank to bottom of ocean without return.
You can also foresee how many will be going down with LGE P2P home financing, which could be even worse than PRS introduced by previous administration.

Once bitten twice shy
Don't be a guinea pig for something not proven
LGE is simply amateur to introduce financial derivatives without in-depth study consequences if failed

Same as PRS
When PRS first introduced, with govt tax incentive given to participant, but fail to see all those providers were all half-past-six fund managers, PRS participants all went to holland.

How come as many as 19 funds removed from PRS?
Out of which 13 were from Public Mutual Funds?
Why Public Anal-lists were chosen in the first place?
Are they not half-past-six and all half-cooked?

IOI cannot afford to lower selling price for new launch.
So many existing housing stock yet to clear.

It is common knowledge that they jack up selling price to cater for loss on bank interest, then they will offer bigger discount to bring back the selling price before price hike.

On paper, selling price won't drop but increased.
Loan amounts up to 90% by panel bankers as end-financiers on S&P on jacked up price will enable buyers to buy without footing out any dawn payment form their pocket.

Win-win-win for IOI, Bankers and Buyers.........

I was expecting LGE with the help of Cambridge Tony Puah will address critically and objectively to the problem of property (housing) overhung, but I was wrong.

They are barking at wrong tree.
Instead of addressing root problem, they choose to dampen property market further.
If property prices fall below the mortgage, loan become negatively pledged. All banks that loan big to property developers, contractors, and property buyers sooner or later will go holland. This was how US subprime mortgage crisis got out of control when FED decided to hike interest rate, just as what they are doing now.

What I can say is LGE is not up to the mark to be Finance Minister.
We don't expect him to be perfect, but we do expect him to bring in brains when preparing for national budget.

I won't be surprised if he is replaced as Finance Minister if Malaysian economy getting worse because failing to have foresight and long term vision.

頭痛医頭
脚痛医脚






Blog: Govt proposes panel to monitor cost components of houses

Oct 11, 2018 10:34 PM | Report Abuse

Can someone enlighten us how does a housing developer determine selling price of :
1. Condo
2. Terrace house
3. Low cost flat/ PR1MA

I am no expert in housing, but try to figure out composition of each component:

1. Terrace house (say 100k)
1.1 Cost of house sold (60k)
1.2 Contribution to School reserve, Field and playgroud, Police Station, Bomba, Road reserve etc (6k) -- Assuming conversion rate 65%
1.3 Contribution to Bumi Quota with 7% discount, Low cost housing and PR1MA (6k)
1.4 Road, drainage, street light and other infra (3k)
1.5 Sales and marketing (3k)

Gross Profit is 100k - 60k -6k -6k -3k -3k = 22k
So, if you sell a million dollar house, gross profit is 220k

Of course, you will have to give more discount under present weak market sentiment.
Some developers give up to 15% or more (Understood MK Land gives up to 20% discount).
Then you will just have 7% gross profit.
What about interest expenses during construction period?
What about interest expenses after houses already completed but not yet sold?
What about HQ expenses?

Surely looking at the numbers, most developers will be losing money, unless the land cost is low.

How to make sure houses selling cheap, and developers still make decent profit?
Only way is to removed items stated in para 1.3, that will save up to 6%.


For Condo and high-rise apartment, land cost component normally take up around 15%.
Only problem is the developers tend to overpay for the land.
So they will have to build 30 or 40 storey high-rise.
That will take them 4 years to build before they can deliver VP to buyers.
In between, if sales not good, they will receive less progress payment, and paying 4 years bank interest is enough to kill fly-by-night developers like Jaks Resources.
Many such developers will prefer to abandon the project like Plaza Rakyat, for they could not afford to pay LAD.

As how to reduce selling price for the high-rise, better leave it to the authority to work it out.
If the authority concerned is so dumb, learn the trick from S'pore HDB......

Once bitten twice shy
Don't be a guinea pig for something not proven
LGE is simply amateur to introduce financial derivatives without in-depth study consequences if failed

Same as PRS
When PRS first introduced, with govt tax incentive given to participant, but fail to see all those providers were all half-past-six fund managers, PRS participants all went to holland.

How come as many as 19 funds removed from PRS?
Out of which 13 were from Public Mutual Funds?
Why Public Anal-lists were chosen in the first place?
Are they not half-past-six and all half-cooked?

Mahsing is dead.
Why?

1. Land cost is very high. Most development land were bought recently at prevailing price.

2. Interest on the rise. Cost of holding on to the development land become more expensive.

3. Bank reject most housing loan above 800k. Mahsing in this category whose potential client can"t afford bank loan.

4. Mahsing was very aggressive with DIBS 5 years ago. All those who bought Mahsing properties can't flip and can't pay installment. All waiting for bank lelong.

5. Most property developed by Mahsing and marketed under DIBS all become ghost city. Buyers can't afford even management fees and JMB is running like headless chicken. Only way is to reduce scope of maintenance job, and that make unsold Mahsing properties degrading at alarming speed.

6. LGE as Finance Minister is brainless when he first introduced RPGT for every property sold at 5%, even if you have held that property for 30 years. Then quickly he told the whole world the next day, first property sold after 5 years exempted from RPGT. Regardless whether is for upgrading from starter shoe-box home, or downsizing for the senior citizens with empty nest, all are pushed away from this idiotic policy.
Why can't LGE just deter speculator by imposing moratorium at 10 years instead of killing all those dreamed for starter shoe-box home, and those seniors who need some extra cash for their golden years?

7. So what are you waiting for? There will be less people buying into expensive home developed by Mahsing.
There will be less people going for downsizing (and right sizing) so Mahsing properties will not be in demand.
Run with your 4 legs now.
Run to BDB and Crescendo who are developers for affordable homes, and most important is even selling cheap, these developers still can make money because their land is very cheap...........

Property market is dead with this lousy policy.
Who want to buy second time for upgrading or downsizing?

You bought your first house at 28 years old with a shoe-box fit your head.
10 years later at 38 years old, you earn enough for a 3-room apartment.
You plane to sell your-shoe box, using difference from your proceed and balance of your housing loan.

Yesterday Finance Minister announced you will have to pay 5% PGT, today say first house you sell exempted from PGT.

Nevermind lah whether if there is going to have exemption or not, second house you sell going to pay 5% PGT even if you keep for next 30 years.

Question now :

1. Are you going to sell your shoe-box even you are now having 2 children at 38 years old, if you need to top up your down payment using proceed from sale of shoe-box (for those upgrading)?

2. If you need not depend on proceeds from shoe-box, and you can afford outright down payment for second house. After another 10 or 20 years (by then you will be at 48 or 58 yo),and when you need money for your children's university education or medical purposes, will you sell your shoe-box or your second house to get 5% PGT exemption? Shoe-box worth very little, but 'profit' very high in terms of %.

3. Now you are at 68 years old, and your children already left. The (2nd) house you bought 30 years ago at age 38 years may seem already too big for you to take care.
You plan to downsize to a more suitable apartment. If you already sold your shoe-box earlier, are you going to sell (2nd) house for downsizing, bearing in mind for last 30 years, your (2nd) house may have appreciated 5 or 6 times (6% - 8% yearly). You want to waste buta-buta 5% PGT?


If answers to above question are negative, you will never want to buy (2nd) house whether is upgrading or downsizing.

Effect is very obvious, LGE as Finance Minister is hopeless.
He kills property market which is already half dead.

不是天災
是人祸

?????????????????????????????????????

Posted by feimah > Nov 3, 2018 07:27 AM | Report Abuse

Read between the lines. Petrol RON95 will be soon follow market rate and car owners 1500 cc only got 100 litres subsidy. I wonder how is it going to be implemented.



Aiya, like that also need to crack your head?
You pay road tax, with that you claim back rm 360 for every car or motorcycle from designated agency follow eligibility for one year.

From that 'subsidy', you will pay pump price follow market price, it could be 2.80, 3.00, or 3.80

Surely you won't be paying 2.20 as what you are paying right now.......

Those who believe trade-war already over want to syok-syok sendiri

That is the way POTUS of the day wanted it to be.......

Plus another 267 billion new tariff at 25%

By 1 Jan 2019, tariff up from 10% to 25%

He put American politician ashamed.
He makes Americans appear to be not trustworthy.
Simply because he is POTUS.

Trade negotiation tactic?
My foot!

Donald Duck is not flip-flop.
He cheats.........from the very beginning

On one hand giving false hope of negotiation, then cheated like what Japanese did before Pearl Harbour.

Then he became foe of Beijing

He was, as what he claimed initially when he visited Beijing.

When did he suddenly become good friend with President Xi again?

Donald Duck can't be trusted!

?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

?????????????????????????????????????????????????????????????????????????

?????????????????????????????????????????????

??????????????????????????????????????

TM cheats.
100mbps when first promoted was without IPTV.
You need IPTV, you pay 30 extra.

Now I received my first TM bill for 100mbps.
They charged me extra 30 ringgit.
Made complaint, and they said now they have bundled IPTV, regardless you want it or not.

Terms and conditions were altered on 14 Oct 2018.
Whereas when I signed up mid Sept.

Don't be misled by their promotion.
They cheat.
They are not providing you with copy of contract that rm 10 stamp duty was charged to your account.

If they can cheat for 10 ringgit per customer, surely they can cheat on dividend, if any, to be declared.

Losing money means they are not in position to declare any dividend.
Find your exit door now.
The show is over.........

It is not too difficult to check who are those live beyond their means.
Check how many cars they own and total cost.
(Deepak claimed to give one Bentley to Rosmah https://www.freemalaysiatoday.com/category/nation/2018/10/27/i-gave-rosmah-a-bentley-says-businessman/)

Check how many houses they own and total value.
(CID Director sold Shah Alam house for rm 700k https://www.freemalaysiatoday.com/category/nation/2018/03/02/igp-najmuddins-australian-funds-came-from-sale-of-house/)

What are the watches they wear and their value.
(UMNO politician wear luxury watches https://www.google.com/search?q=umno+politician+wear+luxury+watches&oq=umno+politician+wear+luxury+watches&aqs=chrome..69i57.20068j0j7&sourceid=chrome&ie=UTF-8)

Check handbags carried by their spouses
(Rosmah luxury handbag collection https://www.google.com/search?q=rosmah+luxury+handbag+collection&oq=rosmah+luxury+handbag+collection&aqs=chrome..69i57.16924j0j7&sourceid=chrome&ie=UTF-8)

Check how lavish their children's wedding
(https://www.youtube.com/watch?v=OOq-YPfl9tM)

Check their overseas family trip
(First class air tickets, 5 star hotel?)

It is not that difficult to pin point who are those who really live beyonf their means excessively........

Newbie talking big?

Policy change kill Johor's ambition to be first Developed State in Malaysia by 2020.

Now Chinese developers for Forest City is dead.
Now Greenland and IWcity is dead.
Now Greeland in Danga Bay and IWHolding is dead.
Now R&F is dead.
Now Nusajaya is dead.

Now everything is dead.

Policy flip-floping kills.
It kill not only overseas investors.
It kill not only local investors.
It also kill our exports.
It also kill our hospitality industry.
It kill our international relationship with neighboring countries, our trading partners, and MOST IMPORTANT, OUR PRIDE AND OUR POCKET.............