Who will live on all the artificial islands Malaysia is creating?

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With restrictions on the outflow of funds from China, what kind of impact will this have on the sales of property especially those on waterfront or reclaimed land in Malaysia? Are we in danger of creating ghost cities, where people buy property just for “investment”?

During two meetings – one at a Penang Transport Council workshop and the second at a public feedback session for the Penang Structure Plan – I asked a simple question:

The Penang state government is backing a plan to create three artificial islands in the south, and it is anticipated that some 300,000 people will live on these new islands. Where are these 300,000 people coming from, given that:

a) the Penang population is only inching upwards slightly, due to a sharp fall in fertility rates below the population replacement level, compensated only by small net inward migration.
b) only about 20 per cent of the housing on these three islands will be “affordable” (which again may not be so affordable to most people)?

I didn’t get any clear answers except that they are planning for the long term or something to that effect. 

And believe it or not, the total fertility rate for the whole of Malaysia is also below the population replacement rate of 2.1.

Why do we want to build so many more homes and create so much overdevelopment, even a glut?

Let me quote Citizen Nades (emphasis mine) who cites Bank Negara’s annual report:

But didn’t someone read Bank Negara’s annual report before coming up with this magical figure?

READ MORE:  What happened to the 'case of the century'?

Among others, it said: “The shortage in housing supply has been particularly acute in the affordable housing category.

In 2014, half of Malaysian households earned a monthly income of RM4,585 and below.

“According to the ‘Median Multiple’ methodology developed by Demographia International and recommended by the World Bank and the United Nations to evaluate urban housing markets, a house is considered affordable if a household can finance it with less than three times its annual household income (house price-to-income ratio of 3.0 and below).

“This suggests that houses priced up to RM165,060 are considered affordable to a median Malaysian household. However, only 21% of new housing launches in Malaysia were priced below RM250,000 in 2014.

“In contrast, the data points to an oversupply of higher-end properties priced above RM500,000. Although property launches in this price category account for 36% of total new launches in Malaysia, these houses are only within the reach of 5.4% of the population.”

In short, half of Malaysians can only afford a house sold at RM165,000 and 79% of all houses built in the country cost more than RM250,000 which makes them unaffordable.

So, are we deceiving ourselves by talking about affordable houses in the RM400,000 to RM500,000 range?

So, why do we continue trumpeting affordable homes which at current prices, becomes unaffordable to more than half the citizenry?

What is going to happen now with China restricting the outflow of funds?

A China national with business interests in both Malaysia and China told me many Chinese buyers are attracted to Forest City in Johor because they are told that it is just next door to Singapore.

READ MORE:  Five things we learned about Penang’s ‘three islands’ mega project

But the South China Morning Post reported that Chinese developer Country Garden Holdings has closed all sales centres in mainland China for the project amid Beijing’s tighter curbs on capital outflow.

To further curb capital outflows, the Chinese government in January banned its citizens from converting yuan into other currencies for overseas property purchases.

In the same month, Wu Bijun, general manager of Country Garden’s finance centre, who will become the company’s chief financial officer in April, told the Post that its projects in Malaysia had been affected by the government’s crackdown on capital outflows.

Alan Ho, a former sales agent at Country Garden’s Malaysia company, said about 90 per cent of Forest City buyers were from China.

The China national mentioned earlier, however, told me many potential China buyers know how to circumvent the rules that allow them to convert only US$50,000 per person a year for capital outflow. This ties in with a Bloomberg report which described such techniques. Will these loopholes then be plugged?

The China national said many in China want to take their savings out of China and invest it elsewhere before the government takes the money away from them in one way or another – or perhaps before their currency weakens.

But buyers from China wouldn’t hesitate to have their downpayments or booking deposits for homes in Malaysia forfeited if they feel the project could end up a ghost city or if home prices were likely to fall.

Back to the the key question for us here: who are the developers in Malaysia building for, when half the people in Malaysia can only afford homes up to RM165,000?

READ MORE:  Why bulldoze a flawed transport proposal?

Apart from the artificial islands planned for Penang and Johor, we have the Melaka Gateway and the Kuantan Waterfront projects in the pipeline.

Amid concerns of a glut in high-end condos in Penang, some worried developers are reportedly already lobbying for condo and apartment price limits for foreigners to be reduced, presumably to take up the slack.

Perhaps it is time we look seriously at housing affordability for local residents and tighten the rules on foreign buying of local property instead of being so beholden to high-end developers. After all, if we allow higher-priced homes, with higher profit margins, to be sold to foreigners, no prizes for guessing whom most developers would prefer to build for.

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tunglang
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Rental housing is the way to go http://www.malaysiakini.com/letters/376735 Feeling the pinch because of the rising cost of living? Let’s not forget about housing woes. Currently, the so-called ‘affordable housing’ is priced from RM100,000 to RM400,000; certainly beyond the reach of the working class particularly for the younger generation. On top of that, most of the available housing are of the higher price range, leaving a limited number of lower-priced ones up for grabs by the greater majority. The Consumers’ Association of Penang (CAP) believes that there are various successful public housing schemes that Malaysia can either adopt or adapt to… Read more »

tunglang
Guest

Buying a RM500,000 property? Better to rent, says expert (Property expert Ernest Cheong crunches the numbers and explains why it may be better to rent – rather than buy – a property these days) http://www.freemalaysiatoday.com/category/nation/2017/03/22/buying-a-rm500000-property-better-to-rent-says-expert/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+FreeMalaysiaToday+%28FMT+News%29 PETALING JAYA: Thinking of buying a RM500,000 house? A veteran property expert said for that amount of money, renting might be a more viable option given the price of properties and the rising cost of living. “There is no shame in renting,” Ernest Cheong told FMT in a recent interview. “People often say, ‘If I rent a house, for the next 30 years I will… Read more »

Tsukijiginza
Guest
Tsukijiginza

Ernest Cheong made wrong prediction about property bubble bursting a few years ago, making people quickly disposed their properties for fear of losing money only to see the assets went up in price instead. Now he is asking you to rent? Trust him and live to regret.

Danny Kua
Guest
Danny Kua

Rumah Impian Bangsa Penang should be pursued by PCM Major Huan if he is sincere in championing Penang to own affordable homes.

Rich Penangite Jho Low can cleanse himself by being like Sultan Johor using his wealth to create RM100K homes with RM1 deposit with opening ceremony by Psy performance ?

Siang Yee
Guest
Siang Yee
tunglang
Guest
tunglang

Quote: Rumah Impian Bangsa Penang should be pursued by PCM Major Huan if he is sincere in championing Penang to own affordable homes.
Why nonsensically ask other (who is not even chairing the State Planning Committee – SPC) when that cheap discount [email protected] has all the power in SPC to do it??? Even to give big discount to match Johor with an excuse of “I don’t know the market price” which is even more convincing to Penangites who may thereafter wholeheartedly support “I Love Penang”

tunglang
Guest

Anil, your Readers’ Alerts is not working, so I put this here: Days of colourful bazaar numbered NEVER MIND Line Clear Nasi Kandar and its public health violations. There is an even larger group of traders facing the power of the city council and they seem to be going head on. The Kuala Kangsar Road morning market enjoys a four-star rating on Trip Advisor, but the Penang Island City Council (MBPP) wants its 200-odd traders to be gone. I went to interview the traders when word reached us that the council has begun cracking the whip. To say the traders… Read more »

Ray
Guest
Ray

The so-called “Cosmopolitan Penang Frenzied” is the direct result of inevitable society change driven by capitalism and consumerism in modern cities. Even the first tier cities in China got a big and quick transition from communist-driven socialism to capitalism in no time. Also the millenial smartphone generation chooses to adopt lifestyle fashioned and defined by capitalistic and consumerist western world (the likes of Apple, Starbucks) of spending rather than saving to keep up with trends to stay hip. Learn to embrace change, curb your phobia. Socialism has failed, and can never return. No need to subject yourself to mental torture… Read more »

Tsukijiginza
Guest
Tsukijiginza

Americans used to hate Osama bin Laden, here our friend tunglang is hating Cosmo bin Chui. ha ha ha…

tunglang
Guest

We didn’t ask for Cosmopolitan Penang Frenzied.
We didn’t ask for Economy Class Sandiwara if it was but a Sandiwara.
We didn’t vote for a CAT Chameleon if all the 308-Saliva Talks of DAP for all Penangites is meant for nothing but for fooling us.
We didn’t ask for socio-engineering (economic emigration to other states) but when comes GE, this DAP can shamelessly ask for our votes (again?).

So, you love to be fooled?
Pls don’t justify with all these capitalism & consumerism for a spin.
Unless you are truly not in touch with realities of ground zero of Cosmopolitan Penang Frenzied.

tunglang
Guest

I read with amuse, this knee-jerkings: lawless society just to create ‘the old world charm of George Town’ where unlicensed traders block traffic No Fees to MBPP but willingly pay protection Ang pow money to Geng 24? No proper drainage, washing raw food and used utensils indiscriminately by the roadside long kang and no grease trap to discharge of ‘black tea’? Cat-rat infested Nasi Kandar on dirty alley to amuse Anthony Bourdain just to get into world TV, operate 24 hrs 365 days a year with no effort to clean up the premises? This fella may not have visited the… Read more »

Rosie Oeno
Guest
Rosie Oeno

If wealthy people can spend and you cannot, then please do not envy them. Tell your kids to strive hard in life to earn the money to enjoy consumerism, based on needs though.

tunglang
Guest

Nobody is envying. It is your myopia that is envying & intolerant of others’ opinions & differences. It is your type that thrives on social-engineering based on wants (of desires) rather than empathy for the have-nots. Such arrogance will never last.
Pls grow up if you want to be a part of a truly cosmopolitan society of different cultures, thinking & lifestyles, & not being stubbornly arrogant in a society built only for the rich & famous based on your fancied wants.

Xander M
Guest
Xander M

tunglang must be leading a very bitter life, tasting sour grapes everyday, spewing negative remarks. Cheer up, man!

Robin Damaraj
Guest
Robin Damaraj

Cannot get use to cosmopolitan life and live miserably? Get a life please, Mr T.

tunglang
Guest

You want to deny there are Penangites who are miserable in a socially-engineered & are dissatisfied against environmentally ‘raped’ hills & seas in Cosmopolitan Penang except for knee-jerks-labelled-miserable tunglang? Or indifferent to some of your office peers or richie folks who are now in deep s… b’cos they can’t sell off their speculated properties as promised by property gurus & they must (for the sake of CAT) be happy with an up front face? Or some of your friendly neighbours have to move out of Penang & you close a blind eye in the name of Niao Kong’s Cosmopolitan Penang… Read more »

tunglang
Guest

Property development & investment (including speculations) the way to get rich or even wealthy? Think again: 1) China’s capital controls which may take years, affecting overseas investment including properties 2) Possibility of China developers stalling existing housing projects (which is now common in China 3rd tier cities) 3) Rise in US interest rate (due to Trump’s protectionist policies) may affect local costs of borrowings 4) Who want to spend on high ticket, long term commitment like housing when the purchasing power of majority 90+% (low middle to upper middle income groups, no need to mention the low income earners) has… Read more »

zoro
Guest
zoro

Why waste time here? Go STAR papers and tell your sad stories to developers and potential property buyers.

China has hundreds of billionaires and thousands and up to million of millionaires. Please preach to them

Raymond
Guest
Raymond

See how Singapore Government makes HDB public housing affordable for young couples in its 2017 budget: The CPF Housing Grant, which was previously capped at $30,000, has been raised to $50,000 for couples who purchase four-room flats or smaller from the resale market and to $40,000 for those who buy flats that are five-room or bigger. However, such couples can end up receiving up to $110,000 in subsidies with both the Additional CPF Housing Grant (AHG) and Proximity Housing Grant (PHG). According to AHG rules, applicants can get up to $40,000 depending on their income, while the PHG gives up… Read more »

Komakyoto
Guest
Komakyoto

Good to see best practice that we can emulate.

Damien
Guest
Damien

Many good policies Penang can emulate from Spore.
For example, make driving private vehicles very expensive then locals no choice to car pool or go Rapid.
Less vehicles on road, save $ no need spend on highways to pollute our lungs.

zoro
Guest
zoro

why this guy complains when car parking are collected until late hours? area restriction is very costly and difficult to implement. what can pg lang do when sing or trengganu car enter restricted zone?

Ray
Guest
Ray

‘This guy’ prefers lawless society just to create ‘the old world charm of George Town’ where unlicensed traders block traffic to justify the environment of ‘noisy bazar’ of heritage enclave that facied the foreign Trip Advisor? No Fees to MBPP but willingly pay protection Ang pow money to Geng 24? No proper drainage, washing raw food and used utensils indiscriminately by the roadside long kang and no grease trap to discharge of ‘black tea’? Cat-rat infested Nasi Kandar on dirty alley to amuse Anthony Bourdain just to get into world TV, operate 24 hrs 365 days a year with no… Read more »

Xander M
Guest
Xander M

Good observation, Ray.

tunglang
Guest
tunglang

Just ask that cheap discount [email protected] can he do it or not?
No point showering sky-high credits to him for trying to emulate SingLand when this simple but important housing matter (for the majority) is seen to be a mission impossible!
Dream on!

tunglang
Guest

China’s capital controls start biting
http://www.thestar.com.my/news/nation/2017/03/19/chinas-capital-controls-start-biting-projects-with-chinese-investments-in-malaysia-however-are-still/
This is a no brainer unless one cannot think of alternative like building more truly affordable housing for Malaysians (instead) or reduce the present sky-high price quantum (better to sell some than to see zero).
This is my 2-cent realistic solution (for developers) unless some … cannot accept b’cos they cannot spin further or some who speak of envies (which is surreal only to their minds).

tunglang
Guest

Anil, your Readers’ Alerts is not working, so I put this here:
Rivers in Bayan Lepas are severely polluted
http://vox.malaysiakini.com/en/22493#d07Bl
Where is Cleaner Greener Penang a reality? What a load of cats + bulls!
CAT Gomen & MBPP, pls go there & have a cuppa of black tea from the rivers!

zoro
Guest
zoro

Q. Why black tea? Act of gods or people? Your dog do business in foot path Tua pek Kong expect others to clean your dog’s job?

tunglang
Guest

You are welcomed to drink as you see this as part of your divine Komtar Dedak contribution! Your ranting is illogical unless you taste it to make better comments!

zoro
Guest
zoro

No brainer. If people like tun Lang keeps polluting the rivers with black kopi it shows gilakan federal education is not civilIsing the students. Further tun Lang wants fishermen to carry fishing with black kopI flowing into the sea.

Will Barclay
Guest

They won’t be islands for long as all the channels will probably silt up.

zoro
Guest
zoro

Where did the silt comes from? From indo, tsunami or mainland? From black tea result by acts of man? If black tea, tun Lang still wants fishermen to fish around the coast. The fish must have extra ingredient or seasoning.

tunglang
Guest

Anil, over here in Penang, it all started with the Insidious CAT Swap Deals of the 21st Century. Beholden to these greedy developers of high end properties is an under statement. It’s more like you scratch my back with cat’s paws, I scratch yours with Ringgit. So, it’s a no-brainer how 3 Fantasy Islands can become a marketing fantasy for seekers of Happiness of Bing-Chui. Mr Tattoo, you may apply for a job at Komtar specifically for the 3 Fantasy Islands. Oh yes, there will be many planes flying near by just north-east of these 3 islands for your introductory… Read more »

zoro
Guest
zoro

No it is Superman.

Willy Shibuya
Guest
Willy Shibuya

Superman Hew in now in polis Lokap, on hunger strike.

Julian Candiah
Guest

Who will be living in all the expensive high rise condominiums you have been creating in Penang ?

tunglang
Guest

Here’s a no-brainer answer: Hungry ghosts!

zoro
Guest
zoro

Another no brainer when fathers send theIR children to study arch and engineers. They study arch and Eng to build dog houses or attap houses or foot paths to backlanes?further developers have too much money to throw money around?

Raymond
Guest
Raymond

Penangites must have incentive to work hard/smart to have good income to own good homes. Those complain, grumble and unhappy will remain so to be envious of those who could afford based on their earning ability.

zoro
Guest
zoro

They only know the solution and answer is to complain and make noise even they are highly educated. they can’t offer alternative solution. Like academics they all talk in perfect and ideal environment that will never go wrong

philip
Guest
philip

Keep developing like this , which is not really for normal average local people on normal average wages and in the next ten years you will all be living on the mainland , unable to afford to live in the place you were born. i live in the UK and looking back on the last twenty years its is obvious that the social dimension is little understood . Thousands of small communities have been uprooted and dislocated by speculative property developments . they make cash but they also DESTROY the local cultural and social heritage……….. Then theres the problem of… Read more »

Tsukijiginza
Guest
Tsukijiginza

Johor’s Sultan Ibrahim Iskandar has likened Johoreans who believe “lies” peddled on the Forest City development, to individuals who committed treason.

“For Johoreans who are influenced, it is like they have committed treason.

“All my hard work, my love, my efforts visiting all the districts every year, if this is what they show me, it is like they have disobeyed me,” he said in an interview with the New Straits Times.

Ray
Guest
Ray

The creme de la creme of the country’s property developers with outstanding projects have been honoured at the StarProperty.my Awards 2017. Leading the cream of the crop were 10 local developers that received the “All-Star Awards – Top Ranked Developers of the Year” accolade for their consistency in creating and adding value to their property projects. They were Eco World Development Group Bhd, Gamuda Land, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Sunway Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd. Star Media Group Bhd group managing director and… Read more »

Ray
Guest
Ray

Investors from mainland China who made down payments to buy property in the controversial Forest City development are in limbo, thanks to China’s capital controls. According to the South China Morning Post, buyers are unable to secure loans from China banks nor transfer funds overseas to make the due payments. Even payments made to a Hong Kong account are rejected, it reported. This has prompted buyers to seek a refund on their down payments, but to no avail, the Hong Kong-based daily reported. In SEA, M’sia has most kids in English language international schools “Now we understand all further installments… Read more »

Anuskha
Guest
Anuskha

My rich friends and relatives from India would not make Malaysia their second home because of the presence of Zakir Naik, said to be given PR in Malaysia to set up his institute in Terengganu to propagate his brand of Islam that the Indian government has disallowed.

So do not count on Indian nationals to rescue Forest City even if there is a fire sale.

Sonicfish
Guest
Sonicfish

A sad story to read from Nanyang Press today…
http://www.enanyang.my/news/20170319/%e4%b8%ad%e6%b8%af%e6%96%b0%e7%9b%98%e5%8a%8f%e9%a3%8e%e7%9b%9b/
If we say it’s a sin to be poor in Hongkong but then, those property tycoons must be devils from hell !

tunglang
Guest

Something is very, very wrong in Hong Kong.
But PRC is giving it an autonomous reign on chicken coops housing!
Nepalese & chickens have it better with fresh air & no wire mesh fencing overhead just to keep out thieves.
We have seen this coops housing in Japan a decade ago, now it’s happening in HK. Where next?

zoro
Guest
zoro

all because they want to stay put in pg. they do not want to move to new territories. they prefer the island. every day thousands of ah chans from mainland are coming to hk under family reunion. there are also tun langs in hk oppose reclamation and botak hills. of course mainlanders are next door loaded with cash. they buy in cash.

Ray
Guest
Ray

In the 70s, Hong Kong singer Sam Hui’s lamenting about it in his song:

Ray
Guest
Ray

It has been that way in Hong Kong before the 1999 take over by PRC. Hong Kongers want capitalist and democratic society, so they accept the rich-poor divide reality of a typical Ah Chan vs Lee Kar Tshing. The people there worked for their money and do not count too much on government handouts. Ironically lately many Hong Kongers migrated to Taiwan for more freedom or better housing? Housing in major cities in Taiwan like Taipei and Kaosiong are also expensive for the locals, and most of them stay in outskirts towns and commute to work like Seremban folks taking… Read more »

tunglang
Guest

Then 308 Saliva Talks were mere political trader sales pitches. What political will is there except for Merc S300Lansi & cheap bungalow of “I don’t know market price”. All the Economy Flight on MAS was just a sandiwara to fool Penangites into believing a Cheapo “Saviour” politician had ‘arrived’ who could bravely bring about ‘economy lifestyle’ for all – economy inclusive of affordable housing for the majority 90% of Penangites. Instead we see 90% high-end property development for all? & merely 10% affordable housing for majority? Common, we were Foolish Penangites some of the times, but not all of the… Read more »

zoro
Guest
zoro

just like tua pek kong buying a 4wd with bull bars and ride around heritage george town. have a good look at one self before throwing stones at glass house.

Ray
Guest
Ray

Pitching black tea talk that can even outgun PCM’s Huan.

tunglang
Guest

Anil, Readers’ Alerts still not working. Here’s one issue for discourse: Party drugs: Shady deals behind Penang’s lively nightlife https://sg.news.yahoo.com/party-drugs-shady-deals-behind-040105044.html Actually, these drug habits have been around as far back as the 90s where head-shaking drugs were designer drugs in parties & clubs. One one occasion (2004) while waiting to pick up a colleague in Butterworth on our way to a company trip in Taman Negara, I saw a group of party goers (some still head-shaking) just about to leave a club at the break of dawn (6.30am). This club finished business this ‘late’? Now with Cosmopolitan Frenzied, Penang like… Read more »

Akira
Guest
Akira

Many Datuks are said to be (allegedly) involved in Penang nightclub business dealing with such drugs.

Sonicfish
Guest
Sonicfish

Ohh, Datuks ? True one or not ?
Lately, a lot of “Datins” are gossiping in the social functions regarding which one is “counterfeit” lah !

Aramis
Guest
Aramis

The practice of awarding Datukships should be abolished altogether and all the existing titles awarded to individuals should be rescinded. Let everybody be called by their names given by their parents and let everybody be equal. These titles have become nothing but a mockery because of their rampant nature and total abuse.

tunglang
Guest

State enforcement agencies like MBPP (inclusive of its Mayor) should work harder to monitor & rid of premises doing illegal businesses (behind legal fronts) – setting up a legal business front but selling illegal 4-Ekor, Ah Long money lending, drug peddling, prostitutions & quickie sex, exchange of illegal workers, online gambling, betting, etc. If Penang state gomen truly wants a safe, no-gang, no-crime Cosmopolitan Penang, it should do something like its CAT initiative which is done for & within its own administration. Work with the Polis, not compete with it. Otherwise, Cosmo-Penang is a thriving centre for criminals, illegal activities… Read more »

tunglang
Guest

Anil, your Readers’ Alerts is not working, so I put this here:
Dare to dissent, Perak ruler tells judges
http://anilnetto.com/society/housing/will-live-artificial-islands-malaysia-creating/
I still remember what happened in Perak when overnight-rich frogs started jumping. But what did (the leaders) do to save the situation?
From time to time, we hear such dares .. which is like head-shaking euphoria lasting but for a few seconds!

Sonicfish
Guest
Sonicfish

But then again, hopefully we don’t land up as in Shenzhen or Hongkong where a pigeon cage with only 62 to 80 sq.ft would cost you about HKD900,000 ! Living is horrendous there !

tunglang
Guest

We don’t do the hopefully-thinking.

We CHALLENGE + CHANGE (UBAH) the present state gomen’s propensities to do harm to socio-economic environment which in turn can also damage (irreparably) our natural environment.
This CAT Gomen sees the instant money in swap deals, but ‘it’ doesn’t see the alternative options for a better future. What the … hell is ‘it’s’ UBAH for good? when ‘it’ is doing the exact opposite? We don’t need no political traders who have no qualms trading our present for a future of pigeon cages ala HK.

zoro
Guest
zoro

if persistent to stay put on the island as tua pek kong. if stay in belum will be in tree tops

Anil Nair
Guest

‘If you build it, they will come”

khong khek khuat
Guest

.
From Dust to dust
from water of the ocean, it [ all that is claimed from the ocean] will go back to the ocean
have we not learned from the tsunami
There must be a progression of ecological balance taking place for humanity to survive
mangrove need to flourish and protect the islands from the coming of the future tsunamis
No balance , no place for man on island or sea

zoro
Guest
zoro

singland, dubai, hong land and holland reclaim with land for more.

Chong Vun
Guest

Nobody will

Sonicfish
Guest
Sonicfish

Yeah, it’s time for all of us to think sensibly before being “fooled” big time !

tunglang
Guest

Time to rethink (again sensibly) the Insidious PTMP, the genesis of unsavory swap deals & all these unsavory reclaiming lands & botak hills.

zoro
Guest
zoro

Tua pek Kong does not want PTMP but wants more cars on road causing more smog and global warning

Puspha
Guest
Puspha

Don’t enrich like who can splash $even if their purchased properties are left vacant.

If we don’t start to enrich ourselves, forever we find fault with others.

tunglang
Guest

It is not a case of enriching oneself in order to afford the hi-end lifestyle. Just look at the middle income group – even they are finding it hard to get a loan for 400K home. And how many in the upper middle income group (10K monthly household) can afford a 700K home? It is clearly a growing divide between those who can afford a home & those who cannot. Before these frenzies of price hikes, speculations & cartel-like pricing property market, the middle income earners can easily afford a 300K home but not now. We can all work like… Read more »

Damien
Guest
Damien

The issue of escalating home prices very likely due to many so scared of not owning home to have herd mentality to buy or take loan to pay developers for overpriced condos. If majority can hold their bin chui to rent and don’t contribute to rising condo prices, then developers will have to think twice to impose such new lifestyle to you.

Its like some prefer franchised espresso at RM10, while some stick to traditional salute 2in1 35 sen kopi o.

Willing sellers non willing buyers can bring condo prices to more reasonable level.

Akira
Guest
Akira

Go work and live in small towns where housing is cheaper and lifestyle is simpler, can cycle to work, no need to buy car.

Anuskha
Guest
Anuskha

Many Penang folks failed to realize or chose not to believe that Penang is moving towards a modern city on capitalism. Given it is a small island, land is certainly a premium thus high property costs. Important thing is for the wages to go up but the national policy of importing cheap foreign labor does not help. Based on some comment before, I have seen that many local coffee shops and restaurants employ more than necessary the number of cheap foreign labor to run their business without attempting to improve productivity for wage increase to those efficient local employees. The… Read more »

zoro
Guest
zoro

dont spin and bodek for your political masters. look at rest of country. worse. rave snd ranting so much. no suggestions and spoil our mood with your complains.if you are those highly educated give suggestions. even a 6yr old can complain. pl dont lower yr grandpa ststus to 6yr old

Xander M
Guest
Xander M

Unhappy Penangites can move south, denounce their Penangite status, adopt Bangsa Johor status and apply for Sultan Johor special housing costing only RM100K.

tunglang
Guest

I read with utter amusement of some senseless Knee-Jerks’ insistence to Penangites to move out of state (east – SP, Kulim or south – Johor) if cannot afford to live here. While our Venerable (can do no wrong) Penang CM dances to the opportunistic tune of ‘I Love Penang’, a self-contradictory campaign to garner populist support in the face of highly-imagined orang minyak (bogeyman) challenges from FT proposal + undeniable unprecedented environmental destructions & unaffordable housing for the 99% Penangites! How to ‘I Love Penang’ when some of us have to ’emigrate’ to other states, or further south of the… Read more »

zoro
Guest
zoro

look at google map of pg island, how much and where are the lands for future developments? demolish and urban renewal or botak and cut hills or reclaim lands. we have tua pek kong tasting belum still wants to stay in pg and someone says mainland is too far.so everyone wants to stay on island even become pek kong. this creates demand. looped sided demand.