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Sunday, February 24, 2019

For the love of our troubled nation in full parade


Casting whining and whinging aside, it's time we pull our socks up, put our best foot forward, and show the world what Malaysia is all about.

IT’S time for Malaysia to change its narrative. For a start, our leaders must end the hyperbole of how the previous Barisan Nasional government stripped and looted the country’s wealth.

We generally know enough about the financial crime of the century, the hunt and arrests of those implicated in the cases.

Datuk Seri Najib Tun Razak and his wife, Datin Seri Rosmah Mansor, are facing a barrage of corruption and money laundering charges, and they are expected to spend the next five years in court.

The main character, the infamous Jho Low, and his family, are on the run, and it’s a given fact that the long arm of the law will eventually reach them.

A corrupt government has collapsed, and it’s now coming to a year since the new federal leaders took charge.

Malaysia can’t continue telling the world how we’re a troubled country with a deep financial hole, and neither should we keep contradicting our stand.

We can’t be saying we’re near bankrupt one day, and the next, concede that our economy is in good shape.

The Pakatan Harapan government marks its first year at office in May. So, its ministers can’t still be whining about inherited problems of a 60-year-old government forever.

Many of the current leaders, including the Prime Minister, were part of the system, and in the case of Tun Dr Mahathir Mohamad, he was at the helm for 22 years, lest we forget.

Admittedly, an eye-watering amount of money has been pilfered, so, the government needs to retrieve what’s stolen.

Ironically, PH was elected to fix these problems.

Malaysia can’t seem like an attractive business proposition with our troubled nation in full parade, especially when investors have many countries to choose from.

The country’s economy for the next two years will be turbulent, but forming the Economic Action Council is a good start to indicate that we intend to tackle the issues together, with public and private participation.

The Prime Minister has made the right move, but the EAC must run fast to come up with confidence-building measures.

Against the backdrop of a challenging environment for global equity markets and a US-China trade war, Malaysia has continued to tread on a steady economic path. It’s slower than we want to, but at least a recession isn’t looming.

Finance Minister Lim Guan Eng must continue his positive tones, as he has finally been doing, to renew confidence both locally and internationally.

The idea of revenue through taxation should be canned, but grumblings among the small base of individual taxpayers is ringing out loud.

It’s unfair to keep scrapping for crumbs from these taxpayers. A more progressive tax regime should be in place. Give it a name if necessary, but importantly, a firmer consumption tax is required because it will be fairer. It’s simple, if you don’t spend, you don’t pay.

In a way, it needs to be balanced out since individuals can’t be paying both income tax and consumption tax.

Lim has taken the right direction to keep selling the messages of how Malaysia has introduced policies and measures to invigorate the capital market.

“Our stock market has remained resilient in comparison with our peers in Singapore, Thailand, Hong Kong and China.

“Amidst large capital outflows among emerging markets and Asean countries this year, the FBM KLCI benchmark index registered a year-to-date decline of 5.8% as at end-November, compared with other Asian markets that have experienced declines ranging from 9.1% to 22.7%.

“And, we are the second-best performing stock market in the Asia Pacific region,” he said recently.

There is other good news which we’ve yet to shout out loud enough for, like Malaysia currently ranking 15 from 190 economies in its facilitation of commerce, according to the latest World Bank annual ratings.

Malaysia’s ranking improved to 15 in 2018 from 24 in 2017. Ease of Doing Business in Malaysia averaged 18.18 from 2008 until 2018, reaching an all-time high of 24 in 2017 and a record low of 6 in 2013, it was reported.

Although we may have lost crucial time, we still have a year to make Malaysia look good because two major events take place next year.

Highlights for 2020 include Malaysia celebrating Visit Malaysia Year, and hosting the Asia Pacific Economic Cooperation (Apec) leaders’ summit, some 22 years after doing so for the first time.

Let’s do it right and make Malaysia proud. It’s not just an occasion befitting Dr Mahathir, but all Malaysians as stakeholders.

The government’s proverbial tale of empty pockets isn’t an excuse anymore. It just doesn’t work that way. If we need to spend, we need to find the money, because we expect a return on investments.

We need to finance-telling a good story internationally, it’s that simple.

However, the lack of momentum to galvanise the nation hasn’t been motivational.

The world doesn’t want to keep hearing our negative stories and neither do Malaysians.

Tell the world we have fixed it and now we’re on the road again.

Come May, and it’ll be crunch time for underachieving ministers.

Everyone invariably tries their best, but those who are unfit just shouldn’t get the nod. After all, the last thing PH needs is painting a picture of a failed administration, but the coalition should be wary of many Malaysians believing the Barisan government fared better.

It’s unfair how some ministers are passing the buck to the PM because they lack the confidence to decide or are just indecisive because the responsibilities of their portfolios exceed their ability.

Visitors to Dr Mahathir’s office have noticed the growing mountain of uncleared documents, which is surely too much a task for anyone, what more a 93-year-old man.

We need to take advantage of the new Malaysia to construct a fresh national narrative which emphasises Malaysia and Malaysians.

There is a need to build national pride over the coming years, one which makes trust and integrity its main framework.

A shared vision beyond 2020 is crucial. Also, to bring Malaysians together and not let race and religion hijack the national discourse.

The question now is, do our leaders have the gumption for this, or will they just let New Malaysia be another piped dream?

By the time world leaders take the stage in KL, Malaysia should be ready to display a new sense of direction, purpose and plan.

Wong Chun WaiWong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now editorial and corporate affairs adviser to the group, after having served as group managing director/chief executive officer.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

chunwai@thestar.com.my https://twitter.com/chunwai09 http://www.wongchunwai.com/

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Saturday, February 23, 2019

Flat property market seen for Penang

https://img3.penangpropertytalk.com/wp-content/uploads/2019/02/pptrends.jpg

Resilient values: Geh believes that both landed and high-rise units in prime locations will hold their values.

Research house says it will be buyers’ market over the short term

THE Penang property market is expected to remain flat yet resilient this year and could bottom out within the next two years.

CBRE|WTW Research in its Real Estate Market Outlook 2019 says it will be a buyers’ market over the short term, particularly for residential properties.

“Under the prevailing subdued market, launches of smaller, single phase developments would reduce in the short-term but larger integrated mixed developments or townships would carry on.

“The property market is anticipated to remain generally soft and flat in 2019. This is in consideration of the challenging global and domestic economy, rising cost of living, as well as supply-demand imbalances, particularly in the high-rise residential sector.”

The property consultancy however adds that Penang’s property market still demonstrates resilience, aided further by recovery in the economy.

“Meanwhile, the current excess in supply will effectively be absorbed by the market. Benefits of reforms undertaken by the new government could also trickle down to the local property market.”

Raine & Horne Malaysia senior partner and FIABCI Malaysian chapter president Michael Geh says transactions and values will most likely remain flat, at best.

“As residential market activity, in terms of transacted units, has been falling over the last few consecutive quarters, at best the year-on-year levels will hold. In light of the overall soft market, property values are not expected to rise in 2019,” he tells StarBizweek.

Malaysian Institute of Estate Agents Penang chairman Mark Saw says the Penang residential market will see “some correction” this year.

“However, long-term planning on infrastructure improvements will go some way towards ensuring those locations currently only accessible by cars are better served with public transport.

“For those who have been holding back their launches the past few years, there may be a need to start selling, especially if land were bought on loans.”

He adds that measures taken by the state government will help to spur the Penang property market.

“With the waiver of the 3% approval fee for foreign purchasers starting from Feb 1, Penang must be seen to be investor friendly and foreign buyers should be encouraged to come.”

Meanwhile, Knight Frank Malaysia in its latest research report Real Estate Highlights for the Second Half of 2018 says the general outlook for the Penang property market “remains mixed without a dominant overall trend”.

“However, resulting from the interplay of supply and demand as well as the general economy, different sectors are performing differently. The residential sector, which is the leading sector in terms of total volume and value of transactions, has shown some improvement during the first half of 2018. “It registered a 5.4% increase in the volume of transactions year–on-year. This trend is expected to continue.”

Saw says prices of landed property in Penang are unlikely to drop.

“However, the high-rise market will remain challenging and developers will need to continue to offer incentives as well as alternate options of home ownership.

“Developers with deeper pockets or less loans may look into rent-to-buy schemes in tandem with the recently-announced National Home Ownership Campaign by the government.”

Geh believes that both landed and high-rise units in prime locations will hold their values, while speculatively-purchased condominiums will be affected.

“Government announcements on transportation plans, infrastructure and stimulus plans are among actions that can help stimulate the Penang property market tremendously,” he says.

Easing overhang

CBRE|WTW Research says the overhang within the Penang residential property market is likely to ease over the next two to three years, with developers offering special packages and postponing launches, all of which would allow demand to catch up with supply.

“The medium to long-term outlook remains positive given that various policies and efforts are being undertaken by the government,” it says.

Citing data by the National Property Information Centre, CBRE|WTW Research says there are over 2,200 high-rise overhang units worth nearly RM1.6bil as at the second quarter of 2018. “This is due to the abundant apartment and condominium units launched, constructed and completed within the past three-to-five years, coupled with the high rejection rate of end financing, unreleased bumiputra units and low demand for units in secondary locations.”

In terms of unsold residential units, CBRE|WTW Research says around 34% or 1,300 of the overhang units are in the RM500,001 to RM1mil per unit price range.

“On the other hand, units priced at RM1mil and above form the bulk (58%) of the total overhang valued at approximately RM1.75bil.

” The property consultancy adds that high-rise projects, particularly, are experiencing increased sales pressure amidst an oversupply situation.

“Under the challenging market, developers have resorted to offering incentives such as rebates on selling prices, zero or low downpayment, easy instalment payment of up to 24 months, deferred payment of (say) 30% of the selling price over five years at 0% interest, free legal fees and one year’s maintenance fee.

“Complimentary packages include interior design package, kitchen and electrical appliance vouchers as well as referral and reward schemes.”

Office and retail markets

Knight Frank Malaysia says the office sector is still enjoying stable rents and high occupancies, pointing out however that the overall occupancy rates in some buildings have dropped marginally.

“This favourable state of affairs is expected to continue for the next few quarters as new supply is only expected to come on-stream beyond 2020.”

CBRE|WTW Research says pent-up demand for newer and prime offices persists in Penang.

“New supply of offices in Penang in the past ten years was limited. New prime purpose-built office buildings completed within the past three years such as HunzaTower and Straits Quay Commercial Suites are enjoying commendable occupancy rates, although charging new benchmark rentals.

“Newly set-up offices, as well as offices relocated from older office buildings, comprise the tenants in these new buildings. Office occupiers are seeking newer office buildings that serve their contemporary needs and enhance their corporate image.”

It adds that pent-up demand for newer and prime offices would continue in the short-term, as most of the upcoming purpose-built office buildings are scheduled for completion in year 2020 and beyond.

“Older buildings are likely to experience a slide in demand thus lower rentals and capital prices.”

CBRE|WTW Research says stable occupancy rates can be anticipated, adding that rentals will increase.

“As at mid-2018, the overall occupancy rate of purpose-built office buildings in Penang declined slightly to 77% from 82% year-on-year. Occupancy rates are anticipated to generally remain in the region of 80% in near future.

“Rentals of prime office space in Georgetown were between RM2.50 and RM3.50 per sq ft. Prime offices outside George Town, particularly newer buildings in Bayan Lepas/Bayan Baru and Tanjung Pinang (Tanjung Tokong), registered higher rentals of RM3.30 to RM4.50 per sq ft.”

Due to increasing maintenance cost, CBRE|WTW Research says rentals of office space in most buildings are expected to increase in the short term.

“The overall average rental of prime offices would also increase, pulled-up by new entrants with higher asking rentals.”

As for the retail sub-sector in Penang, Knight Frank Malaysia says the current supply remains unchanged, adding that a more challenging scenario is anticipated for this sector with new supply to come on-stream with the expected opening of IKEA in Batu Kawan in the current quarter and the extension of Penang Times Square.

“Other retail centres/expansion of retail centres will be adding on the supply in 2020 and 2022.”

CBRE|WTW Research says the retail sector in Penang is likely to be flat, buffered by cautious optimism.

“Mixed performances will be more evident between the better and under-performing retail complexes, of which the latter is likely to drag down the overall occupancy and average rental rates.

“With abundant supply in the pipeline, shoppers can look forward to exciting shopping experiences.”

It says the overall occupancy rate stood at 72% as at mid-2018, with 79% for Penang island and 63% for Seberang Prai.

“Retail lots on the ground floor of selected prime retail complexes on the island commanded higher gross rental rates of up to RM45 per sq ft.”

Meanwhile, Geh says better-managed malls in prime locations are sustainable.

“These malls have sustained rental rates but vacancy factors have certainly increased by 5% to 10%.

“There is no oversupply but a rise in vacancy factors. Going forward, the general population’s purchasing trend remains cautious and wary of big-ticket items.”

Saw is less optimistic about the Penang retail sector, saying “this sector has been saturated for a few years and there is no end in sight”.

By Wugene Mahalingam, The Star

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MANY international experts and organisations have expressed concern about the global economic outlook this year.

Tighter monetary policy, weaker earnings growth and political challenges are confronting major economies.

The long-running US-China trade war and uncertainty around the UK’s exit from the European Union have soured business and consumer sentiment in recent months. However, the risk of a recession remains small, say economists.

Wednesday, February 20, 2019

PAS left in a state of confusion, the only way is to lie

Awkward turnaround: (From left) Nik Abduh, Hadi and Takiyuddin find PAS in a precarious position after a scandal over political dishonesty - Provided by SMG Business Services Sdn Bhd.

WE take for granted politicians lying to win elections, or doing so as and when necessary. It’s a given of course, so it would be naïve of anyone to think otherwise, but Malaysians learnt something new recently.

It’s probably the first time we’ve come to hear of Syariah-compliant lies, and to hear these supposedly respected religious scholars expounding on the need to lie, or to conceal a destructive truth, has left Malaysia flabbergasted.

This kind of pathological lying must have caused the recent spate of head-scratching and conflicting statements.

PAS is in a state of confusion. The hardcore grassroots PAS members – ones who would donate their life savings, or even body parts, if asked, to save party president Datuk Seri Abdul Hadi Awang in his court case – must be disappointed.

Many of these diehards have either applied for leave or requested to stop working so they can campaign in the Semenyih by-election.

Their mission, together with Umno’s, is simple – to defeat the Pakatan Harapan candidate.

Suddenly, PAS secretary-general Datuk Takiyuddin Hassan has advised them not to bother working so hard.

In his own words, the Islamist party’s “degree of commitment” in supporting Barisan Nasional in the Semenyih by-election varies from the Cameron Highlands polls.

Simply put, relak lah bro. Tak payah kempen gila gila.

Then comes the most bewildering part – PAS is now supporting Tun Dr Mahathir Mohamad.

A written commitment has been given to the Prime Minister as PAS’ support for the leadership of Dr Mahathir for the sake of religion, race and country until the next general election.

So, one minute, Dr Mahathir is PAS’ greatest enemy, and the next (well, a 45-minute meeting later), these poor PAS campaigners must return to the villages to reveal that, well, the Prime Minister isn’t so bad.

In the interest of race and religion, we must now support him against the infidels.

The infidels, the DAP, were once their political ally, of course, but that’s another story and another fib to justify. The same formula applies to another ex-infidel, Umno, too.

It must be difficult because to sustain the new narrative, these party operatives need to come up with an improved mantra. Well, the only way is to lie, of course.

Of course, Ana (Ana is Arabic for “I” or “me”) knows that we can’t accept Dr Mahathir, but Hadi has said it’s ok to lie, so we have to lie lah.

And that comes after Bachok MP Nik Abduh Nik Aziz’s dramatic admission that he was ordered to be untruthful.

He revealed that Hadi instructed him to deny that a recording of him confirming PAS payments from Umno was genuine, even though he wanted to divulge that it was true.

Nik Abduh said he was torn between admitting the truth that it was indeed his voice and refuting the audio recording’s authenticity.

“I had two choices. One was to tell the truth and admit. Second, to deny it.

“It was a closed-door meeting to a targeted audience. Very closed. My right was to keep the secrecy and not to betray it. Both were Syariah-compliant choices,” said Nik Abduh.

What an incredible explanation. But Hadi took it even further. When questioned if it was permissible to lie to protect Islam, Hadi apparently conceded.

“Of course, if a criminal came here to look for a victim, will you identify the victim (to the criminal)? We will be compelled to lie to save the person ... there are times (where lying is permissible),” he was quoted.

Demi menjaga maslahat. To put it succinctly, a white lie is acceptable, especially one that brings benefit. To stretch it further, in order to accommodate Hadi’s argument, it is rational to lie if it means saving someone’s life.

Well, in this case, it looks more like it’s to save Hadi’s political life, and that of his party’s and its other leaders.

He still can’t convince Malaysians – except perhaps his fanatical supporters – why he didn’t go all the way in suing Claire Rewcastle Brown of Sarawak Report, who accused PAS of pocketing millions from Umno.

His decision to withdraw the defamation suit has resulted in these allegations hanging over the party like a spectre, leaving many Malaysians in no doubt of their belief.

The party’s integrity and religious facade have been compromised by these bearded politicians with their flowing robes, all of which have left the party flag in tatters.

They would like to continue projecting themselves as politicians who lead a modest life sans interest in material pursuits, but the allegations and images that have surfaced paint a very different picture.

Of course, we believe the BMW superbike was borrowed for a photo opportunity and, naturally, the Porsche Cayman was merely under one person’s name but belonged to another. Sure, sure, we believe you, but err... sorry, we lied.

The list of acquisitions is mindboggling because RM90mil was apparently used to purchase the said vehicles and cars with brands such as BMW, Mini Cooper, Toyota Vellfire, Range Rover, Audi Q7, Audi A6, Toyota Camry, Toyota Fortuner, Volkswagen Passat and Mercedes Benz.

And by the way, don’t forget the bungalow and the wives, too. Wives, as in plural.

These revelations must have come as a curve ball for their supporters in the rural constituencies who ride their kapcai (underbone motorcycle).

With no conclusion, no convincing explanations (or lies), enduring sleepless nights, and having to be hauled up by the dreaded Malaysian Anti-Corruption Commission, the only way out was to seek medical help.

Well, the old doctor has been trained in the human anatomy and knows the parts of the body that cause sickness and pain.

Malaysians were sure about where he would tap, or squeeze, if necessary, to trace the cause of the illness.

PAS found the right doctor and, of course, they were so convinced and impressed that they left the consultation convinced that they had to support the doctor.

We can assume that the doctor, like his fellow practitioners, has asked them to return for follow-up checks.

Here’s a little vignette of wisdom I found online: pathological lying (also called pseudologia fantastica and mythomania) is a behaviour of habitual or compulsive lying.

Pathological lying has been defined as “falsification entirely disproportionate to any discernible end in view, may be extensive and very complicated, and may manifest over a period of years or even a lifetime”.

The report also said that prolonged lying can lead to patients suffering from sustained periods of delusion, and consequently, may see conspiracies, plots, sub-plots, and possibly a vote of no confidence.

Sorry, but I pulled a fast one in that last line.




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