After years of being lulled by market sweet talk, Malaysians are waking up to a massive real estate glut, writes Anil Netto.
Visitors to Penang Island looking at the big corporate signboards and glossy posters dotted all over the island would be forgiven for thinking they have stumbled onto a developers’ paradise.
The names of prominent well-connected developers are conspicously plastered on roundabouts and bus stops all over the island.
But behind the illusory facade lies a more disturbing story. The flashy publicity material, complete with fake smiles, paints a fantasy lifestyle beyond the dreams of many ordinary folks. The joke going around is that many of the homes being built are not mampu milik (affordable) but just mampu lihat-je (just for public gawking).
As bulldozers grunt and piling is hammered into the earth at new sites, gleaming half-occupied condo skyscrapers stand forlornly in the distance leaving many to wonder who will fill up their empty suites.
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As if our RM1 trillion national debt is not enough. It has finally dawned on Malaysians that developers have landed up with an alarming property glut of over 50,000 completed but unsold units – a rise of 213% over the last five years – worth RM36bn. Full article on Aliran website
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Anil, why worry??? In about a month’s time, Hungry Ghost Month celebrations will dot many places in Penang. And most likely the multitude of hungry ghosts who came out (of Hell) last year & saw the many readily available free+empty-for-the-picking condos may not want to go back (to Hell) this time but become permanent residents of unaffordable condos for the rich + famous. No signing of S&P, no legal fees to pay, no need for keys! And of course, they will remind living relatives to burn paper offerings of branded home furnishing (HelliKea) comes Cheng Beng! But be wary of… Read more »
Many alien workers in peng land. Why no kbkb? Viet Cong, Burmese but no new Burmese temple and you mention laos?
Your boss import illegals to build condos…Shriek…your boss is the root cause of all evil. Continue spewing nonsense.
You spew nonsense otherwise you can go and report to macc… Root is better than you are the mother of all evil.
Build with cheapo wai-lao yet still want to charge so high prices for properties! This is ridiculous, heartless & utterly greedy!
I remember one time the Pg state gomen intended to raise water rates & this one representative of developers announced an immediate rise in property prices! He fantasised Penangites were so gullible to believe houses were made of water!!!
Now Karma is on course for those who are absolut vodka greedy, heartless & irresponsible. Can’t dispute the long running property hang or desperate hanging on to ridiculous high prices for the rich + famous!
You can remember one developer. Of course you kawan baik to remember which developer. TuLang, prices can raise and can drop. Orso can sell or cannot sell. What happen if cannot sell? …
If cannot sell, Chiah Ka-Ki!!!
If have no stomach to literally Chiah Ka-Ki, then donate to charities!!!
If unwilling to donate, better cry + tear it down like what our Penang Housing Committee chairman Jagdeep Singh Deo will do for urban regeneration but in this case let’s call it “demolition & resurrection from the bones”!!!
Superstition has no place in housing economy.
Such hell talk only soothes those who have already lost hope in reality.
This is not superstitious but a reality. If you dare to witness just for a night, I can show you a place. No guarantee of safety or coming out sane the next morning.
No wonder tu Lang not sane now. Must have done unseen things and now get haunted. So watch out. Coming soon or next change?
Should refrain from those conjuring tales of Annabelle or Chucky. Watch family friendly Toy Story 4, or Boboiboy instead.
If you Yang energy is strong, those with Ying energy will not affect you.
Do not indulge in those supertitios stuff, get real. Else your mind can be influenced easily.
Instead of indulging in the ‘place’, better for you to seek solace in a church or Buddhist temple offering you a better peace of mind to cope with the stress of modern development. Cheers Boba Tea!
Get real lah! Denying the existence of so-called superstition which is spiritual reality of our forefathers’ experience is as bad as denying Creator / God who created these entities long long before us. So is denying Ying for Yang. Just accept them, not to say to worship or indulge in them. By accepting one has less fear of them (a preaching of Buddhism as opposed to Christianity of denying for fear of worshipping evil if one is weak). Worshipping of politicians as idols is just as bad as spiritual entity worshipping. Btw, is knowing a place of ‘keras’ indulging? Some… Read more »
Yang energy affected by gomen destruction of nature. Ying is building up rapidly…Tunglang, need to pray more from tikong to cleanse all the bad feng shui.
Ying elements = cement, steel, iron, aluminium, glass, concretes, pilings, road tar, economic greed + monopolistic pricing, false forecasting of property market, manipulation of fear in consumers (buy now, don’t wait or prices will rise), corporate + political tango, false projections (population increase), creating unfound fear of compensation, manipulation of Special Area Plan on pristine hills, pursuit of glowing political portfolio (state’s skewed GDP relying mostly on property development market value) instead of social development & upgrading skills, & not least of all the all too familiar shriekings at those who are against all the Ying elements mentioned above. If… Read more »
The yangs are the lim kopi kau2, jiak one ton mee and chendol. TuLang you have not been doing that. Go and spend time instead of kbkb.
Lim Kopi Kau Kau at Toh Soon Cafe like this Japanese girl at Campbell Street:
https://youtu.be/qQVNtRBhjaU
TuLang you have been kbkb too plenty. As susu teh suggest to pray more. Better go and ta chai if necessary. No enough go monastery.
For the knowledge benefit of those in the dark about multidimensional beings:
DI SETUBUHI BANGSA JIN [kehidupan alam lain]
https://www.youtube.com/watch?v=YN1Ju32YHds
In this video, you will witness the conversations with these beings (Jin) some of whom are thousands of yrs old, how they live & what they eat & more of their culture. Take it with an open mind without prejudice.
Dinosaurs are ‘Jins’?
Today Siti Kassim on Sunday Star wrote that our education system is in trouble when the professors start theorising that.
https://www.thestar.com.my/opinion/columnists/siti-lights/2019/07/07/lets-talk-economy–the-sequel/
PgCAT Gomen should learn a thing or two from Siti Kassim – invest in the right thing, ie human capital + knowledge economy. Enough of infrastructures which benefit the few wealthy corporations but can become obsolete sooner than advancement of technology. As for the age of Earth, some religions eg Christianity believes it to be no more than 6,000 yrs old. So, who were the dinosaurs believed by scientists to be hundreds of million yrs older than Christianity Earth? Possibly that Earth before it’s ‘creation with God’s light’ was a dark watery sphere inhabited by dinosaurs, which could possibly be… Read more »
Dummo invested in education and now produced peng land kias talking about “Jin”. Better go TV show on ncis and xxx files.
The Clovers of Penang used to cost RM700K now lelong can get around RM500+K.
Is property price heading south soon?
Penang Road Night Market
https://youtu.be/tz5WiBPIalk
What’s your comment on this, Mr tunglang?
Recommend to all?
Can compare to Taiwan’s night markets?
It looks more like in the side streets off Penang Road. Lebuh Keng Kwee?
Yes, tis the place for street food hunting! But the prices are not affordable, more like for tourists.
So far no prominent property developer has gone bust because of unsale units or overhanging situation.
They will continue to build despite overhanging in order to ease their cash flow.
Are you too sure? The signs of desperation are setting in: Developers’ group urges Malaysia to open property mart to more foreigners as glut persists https://malaysia.news.yahoo.com/developers-group-urges-malaysia-open-050515935.html FIABCI Malaysia president Michael Geh once touted the resiliency of property market to the extent of encouraging those with money or borrow to investing in more properties as not to miss the bandwagon. Property gurus also joined the merrymen’s band wagon of wealth creation to tout property agent as the career of the century. Whoever listened to such advice may now be cursing till the days properties may be sold in pasar malam to… Read more »
Simple arithmetic of common sense, not CAT sense:
If you want to build something big via big financing from someone who has to (first) sell something big in order to continuing the big financing of your something big, isn’t it foolhardy to arrogantly do so in an ominous market climate of harder to sell something big?
Penangites are game heads in a Russian Roulette expediency by a state gomen who fantasises it has 9-triggers to gamble akin to a cat’s 9-life chance.
Remember the subprime housing issue that brought down the US economy?
Cheap loan with free stamp duty entice people to buy, not knowing recession is hitting us next year 2020 the year Malaysia supposed to become high income nation?
We should thank Bank Negara for imposing prudent measures which have averted the masses of potential house buyers falling into the sub-prime black hole.
If not, we may be already seeing a partial collapse of the consumer economy which can paralyse the financial & business eco-system much like the 1997 economic disaster.
But people easily forget about greedy developers abandoning projects in places like Paya Terubong or having difficulty to pay home loans before resorting to costly refinancing as a short term relief.
Why TuLang no kbkb during gilakan dummo time? So many developer take money and then abandon the project. So dummo and gilakan allow the developer to finish late without paying compensation to buyer. Now when overbuilt developer did not ask tulang to pay a single sen unlike dummo allow compensation if the toll is less the quantum
They actually support overbuilt developers…so evil…they have no shame…MaluApaBossku, you actually sound like Jibby.
Sound like jibby, smell like jibby and talk jibby. Jibby can use any name ad write anything in this free country under PH
If the submissions and if the developers willing to comply with the regulations, you still wanted mppp to reject the applications? If too many wanted to open lim kopi tiam, roti prata shops or one ton mee shop, you want mppp to disapproved.
Subprime housing not due to housing overbuilt. Due to chip chip houses and $£¢€¥ available. Bank no care and money all mixed around. Lending is buried in many layers.
Something big, you have the $£¢€€¥ like sing or hong land? Peng Lang kias all want chip but heavy one ton mee. Or tu Lang show us the money. Peng land continue to buy cars and 4wds just like ken fong and TuLang yet they complain why no fly over. By pass have but not fly over.
Stupid, you think everyone is as rich as your boss. Not everyone owns a bungalow with no swimming pool. Keep spewing nonsense like Kit Siang.
Susu teh you are behind time. Rich people now stay in gated community or in condos. They have better security. Bungalows no protection from intruders and without good night sleep. Ask tu Lang. Sleep so good and have time and energy to kbkb
Hi Bru Milk Tea.
Why waste time responding to shrieking nonsense & distasteful he-he-he personal attacks, which apparently show their desperation?
Your comments are noted by many with good sense.
Keep it up, Bru.
BTW, compulsive political idol worshipping of 308 Niao Kong has led to irreversible mental deficit & lack of good sense in some, no different to the cult Davidian of Waco.
We are up against fascism:
– Cheap sale and conversion of land, irrespective of the subsequent house/flat cost.
– Excuses from the politicians for failed promises over decades.
– High cost of prosecuting govt., developers and lawyers.
– Unknown progress in govt. funds to promote low-cost houses/flats.
– Criminal govt. failure to regulate (a) construction quality (b) infrastructure quality (c) environmental pollution and destruction (d) cheating by JMB (e) barbaric residents.
– Religion of wealth and growth.
– Rigged competition (a) hindrances to small-scale construction (common in Australia) incl. bureaucracy (b) rising prices of materials.
– Using public wealth to rescue crony “investors” at each cyclical slump; such a slump is an intrinsic feature of capitalism.
Making a product of the past: Heritage, tourism and gentrification
https://www.malaysiakini.com/news/483926
Gentrification is all about opportunity costs of not serving local residents – the cost of commercial displacement, as residential areas and public spaces are transformed into spaces for entertainment and consumption for tourists. It may even lead to self-exotifying efforts that misrepresent local identities, diminishing the souls of the place it gentrified.
Take a look at Toh Soon cafe at George Town:
https://youtu.be/HMJM95_xUIc
Place to lim kopi with toast bread like LGE.
A living heritage.
Rexy Prakash Chacko’s new book, the ‘Nature Trail of Seberang Perai’ provides detailed information on the Seberang Perai area for the nature lover:
https://www.malaymail.com/news/malaysia/2019/07/14/like-hiking-heres-a-guide-book-to-nature-trails-in-seberang-perai/1771178
Seberang Perai is a good place for islanders tired of concrete jungle.
Watch this youtube video of a Hong Kong guy (in Cantonese) checking up a Penang condominium:
https://youtu.be/zomuBMBb8ls
They are posting such videos for their counterparts in Hong Kong thinking og migrating to Penang.
Anil, here’s a helpful ‘better be safe than regret’ buying-guide for those intending to buy properties:
Who Are Some Of The Developers In Malaysia To Avoid?
https://www.propertyguru.com.my/resources/property-tips/property-developers-in-malaysia-to-avoid-15840?utm_source=yahoo&utm_medium=cpc&utm_campaign=MY-PG-Consumer-Yahoo-HI-July2019-1&utm_content=Yahoo-Paid-NativeAds-Guides-Set2
Pemaju Yang Disenarai Hitam
http://ehome.kpkt.gov.my/index.php/pages/view/43
Deutsche Bank is cutting 18,000 jobs in a 7.4 billion euro (US$8.29 billion) “reinvention”.
Another Lehman Bank crisis is looming.
Think carefully before you take up your housing loan.
https://youtu.be/ahqQcAQByYE
But Arrogant PgDAPCAT is on property play loops with great frenzies since approval from DOE!
Does it really care for the wellbeing of Penangites’ housing future? Nope!
What is the role of a state gomen?
To behave like an irresponsible, greedy developer? Or worst to be beholden to money-lending corporations with fantasies not for the commons?
Or take risks in a climate of property hanging that nobody, not even the ‘enlightened’ marketing gurus are sure of its end?
Go back to the eve of last year GE to recollect your saliva-laced promises as a genuine state gomen for the people with all the heavenly promises.
TuLang good in cyber bulling small gomen. Why no tell trump and uncle Sam to sign the climate change treaty in recent G20? Uncle Sam polluted so much yet you to blind and deaf and now not sane and seeing x files?
‘Penang: Then and Now’: Unique book featuring photos of the island from a century ago.
https://www.malaymail.com/news/malaysia/2019/07/06/penang-then-and-now-unique-book-featuring-photos-of-the-island-from-a-centu/1768759
For the nostalgic folks to reminisce on the past (glory?) of Penang.
Worry not for the developers.
They will continue to build so long as there is money to be made.
As for Malaysians who cannot afford to buy, World Bank is right that the nation has been stagnant in productivity for 20 years, so low wages continue for average workers who will soon have to compete with imported African workers courtesy of Kula’s initiative!
Problem is the wealth gap widening in last 2 decades – the B40 and those trap in middle income category find frustration in development since they could not enjoy the high cost material things in life.
Gilakan and dummo did nothing except for themselves. Give peanuts to them, make them happy with surplus in university colleges and coming out with degrees but no relevant job and all graduates are taught how to kau Tim to solve problems.
Yes Ringgit is not rising in value and soon can only attract Africans here to do the 3D jobs.
Indons mostly balik kampung, possibly finding new opportunities in the new capital in Borneo.
Please go watch BBC documentary on Jakarta, how the land is sinking. Keep building and adding weight on the Island! You guys will be happy when we are drowned. I hope PAS take over Penang.
Susu teh you forget java has volcano’s and they have been blasting such that the island is floating. Javanese had no choice to counteract the floating.
hehe….lunar tic is coming to town….Anil no longer able to watch his favourite Avenger movie ….luckily the bubble milk tea is still halal…LOL
Your boss do improve Penang in certain ways… I must admit and support them. But why must they always clutter the island with all those s… developments. Sometimes no development (especially housing) is better than having one. I hope Penang is run by NGOs. We vote for every development and we vote how the money is used.
Now Malaysians are no 1 jump plane and over stay in land of oz. They even apply for refugee status. Chip chip. If no development, soon no peng land kias. All migrate or jump plane in other countries in search of better opportunities
@DAPPenang @pggov @mpsp_pg
Why pg forum no kbkb over glut in uni graduates? Why tu Lang send family members to uni when we are over producing graduates?
Because your boss keep building and keep increasing our tax, everything so expensive, house few million only can be afforded by you. Jibby introduce GST, your boss add SST, now digital tax and every crap pile together. Ringgit Malaysia like paper now, thank to your 1 trillion debt… and you still lick their shoes like they are from heavens…Malu Apa Bossku, only people that concern with Rakyat is Penang Forum and NGOs, others see us as pawns like Shriekers and hehehe goons.
You cry of split milk. Go and drink susu. You don’t like paper money? Uncle Sam orso paper money. See you love plastic money? When burn plastic money to under world the above world suffer from fumes.
In fact, SST has made living more expensive.
If you ever tried any international on-line purchase, most probably the Custom will impose a SST or withhold your parcel in Butterworth under the excuse of under-value-purchase till you go there to claim it with an invoice to proof the value or ask Pos Laju as agent to send it over to Penang PosLaju office but at a price of RM50.00 plus SST.
What a … way to leech us consumers! Nyiamak!!!
Again tulang wants chip chip. Chip skate. You never support local economy. What happen to shops, shop keepers and shop assistants if buy international and online? What happen to Malaysia if buy over the seas? That is why tax is higher if gomen think this is missing out. Google and amazon are reaping all profit. Wife gets bilions USD. Tax you, you kbkb.
the informed will know that most so called ” overhang” mostly concentrated in other states like Perak,KL,johor..we will not fooled by half truth peddled by irresponsible party….
also more supply means price hike will be halted and home buyer will have more choices…
Are they now counting on on Hong Kong buyers who are escaping the extradition law?
Iskandar Johor is having the most glut, but the China developers there can stomach the situation. However, the Ideal and Ivory in Penang may not have the luxury of too much overhanging.
Sometimes these developers will lose more money by doing nothing like keeping their equipment idle with no incoming cash flow.
The truth is: China developers doing business in Malaysia esp. in Johor & KL cannot ‘chap-lap’ even if they sell less than 30% in a decade as they are cash-rich meaning they can afford to pay hard cash for any up & coming project even if it means paying salaries every 14 days. Can any Malaysian developer do that? Malaysian developers who build the old ways brick by brick!!!
hehe..in actual fact ,foreign buyer only constitute a very small percentage of house buyer in Penang contrary to the false picture that the losers in NGOs trying to paint…Penang need to be more international and open to outside investment..not more talibanisation as some numskull suggest…..the notion that rising property prices is caused by foreign buyer is pure nonsense…
Can get Hong Kong actor Chapman To to promote Malaysian properties to Hong Kong folks.
Chapman has been promoting Malaysian food since he has been ‘banned’ from acting in China.
https://klfoodie.com/hong-kong-actor-chapman-uncovers-top-tastes-of-malaysia-here-are-the-10-must-visit/