PETALING JAYA: The proposed Mental Capacity Act will empower Malaysians to plan in advance on the management of their property and legal decisions before they become mentally incapacitated.
Mental capacity generally refers to the ability of a person to make autonomous decisions and includes understanding and reasoning of information, said Assoc Prof Dr Nora Mat Zin, a consultant psychiatrist at International Islamic University Malaysia’s Kuantan Campus.
“Mental capacity can be affected by many reasons such as intellectual ability, brain damage, physical and mental illness. Chronic mental illness may complicate the cognitive ability and impair the thinking process,” she said.
As such, she said the Mental Capacity Act provides significant advantages for mentally incapacitated individuals concerning their estate and will.
She said the proposed Act would provide clarity and a legal framework to assess one’s capacity if there is a dispute among family members regarding the ability of the person to make a will or manage their estate.
“The disagreement between the concerned parties would also be resolved as the Act provides a path to court protection,” she said.
Lawyer Rajesh Nagarajan said unlike the Mental Health Act, where a court-appointed committee steps in only after someone is declared mentally incapacitated, the proposed Mental Capacity Act would allow individuals to take control while they still have the capacity to do so.
“With the proposed Act, people can appoint a trusted decision-maker through a power of attorney, ensuring their estate is managed exactly how they want it to be done,” he said.
On factors that need to be considered in drafting the Bill, Rajesh said the legislation should be laid out in plain language.
“It is crucial that anyone who needs to plan for their future can actually do so without having to interpret complex legal language,” he said.
He also emphasised on the need to ensure those entrusted with power are held accountable.
“There must be strong oversight mechanisms to prevent any misuse of power.
“The proposed Act should also allow for changes to be made based on differing circumstances.
“Finally, public awareness and education should be part and parcel of enactment of any legislation, especially a social legislation like this,” he added.
The Association of Women Lawyers (AWL) said a Lasting Power of Attorney (LPA) will be activated in the event a person becomes mentally incapacitated temporarily or permanently.
“This could be due to onset of dementia, Alzheimer’s or other illness affecting mental capacity. It could also be for a specific period after surgery or if treatment requires ventilation,” it said.
The person giving the LPA will be called the donor and the person appointed to be surrogate decision-maker is referred to as the “donee”.
According to AWL, the LPA would be lodged in the Registrar under the Court of Protection under the Mental Capacity Act.
This would be similar to what is currently done in Singapore and the United Kingdom.
AWL said the LPA allows for advance planning and thus will not compromise the affairs of the individual in the event of mental incapacity.
“Affairs here can refer to health, wealth and well-being.
“For children with impaired mental capability, their parents can plan for their future when they reach adulthood and are unable to plan for themselves,” it said.
“We must be reminded that the LPA is not just confined to persons with disability but also to everyone living in Malaysia who may face a period of mental incapacity.
“The challenge is that people may be unaware of the existence of the LPA and not understand its importance.”
As such, AWL is calling on the government to raise awareness.
“It is urgently needed to address the gap in our law, especially when Malaysia is reaching an ageing population status by 2030.”
Two boys were lost for hours –
and were found in a lift after nine hours. Why did no one know? Or even
bother about a stuck lift?
I WAS a rookie reporter when I was called to the now-condemned Pekeliling Flats in Kuala Lumpur – on the eve of Deepavali.
A man had been waiting for the lift. It was pitch dark as the lights were all out and the maintenance was very poor. He pressed the lift button and the door opened.
Assuming the lift was there, he stepped in. There was nothing but thin air. The man fell more than a dozen floors, and no one knew about it until a guard on the ground floor heard some moaning.
He checked. The man had survived the fall but he broke both his legs and many bones. If he had died, they may not have found him for days!
Immediately after the tragic accident, there was an outcry over how flats in our country needed proper upkeep and maintenance. And the leaders stepped in, promising changes. City Hall also promised improvements.
But then, there is this Malay saying: “Hangat-hangat tahi ayam.” Things soon cooled down and the matter was forgotten.
The Pekeliling Flats are gone now, and the area is about to be developed into a prime commercial centre. But one thing has not changed – our maintenance culture, or the lack of it.
On Monday, two boys aged 10 and 11 went missing. One of the boys, according to his aunt, had left his home at the Desa Petaling Flats at about 2pm to buy buns and meet his friend living at the nearby Pangsaria Apartments.
When they had not returned home at 10pm – eight hours later – the families got worried. Frantically, they put out alerts on social media. They also lodged police reports and a search was mounted. They searched, and so did the cops.
It was at 1am, some three hours later, that a security guard checked the CCTV and realised the boys had actually been trapped in a lift. They had been there for about nine hours and no one had known about it.
The boys said they had tried to call out, but no one replied or came to their rescue. It’s a good thing the boys were just exhausted, hungry and sleepy when they were finally rescued, with nothing more serious happening to them.
But what if something serious had happened? Who would take the blame?
What boggles the mind is: Why did no one know that the lift had been stuck for nine hours?
Did no one else need to use it for the full nine hours? Or have the residents got so used to the lift breaking down? This happens often in many flats, where “out of order” notices are hung outside lift doors.
After more than 40 years since that Pekeliling Flats incident, our maintenance culture still sucks.
In June this year, a video of a man carrying his wheelchairusing grandmother up the stairs at the flats where they live went viral. All four lifts in the flats in Setapak were out of order.
The man said he had complained to the apartment management and technician, but nothing was done. That is how bad things are.
Of course, in many cases, the residents themselves are to be blamed. They just do not care about the upkeep of the facilities they use.
The two boys, for instance, were no angels. But they exposed both problems – vandalism and apathy.
First, the two – for some unknown reason – stuck a slipper in the lift door, causing it to go into auto-lock mode. And then, while they cried for help, no one cared about a lift that was stuck for nine hours.
Like the boys, many residents in flats around the country find joy in vandalism, damaging the buttons, doors and electrical equipment.
There are 159 People’s Housing Programme (PPR) projects with 99,000 housing units nationwide. If each unit housed between four and five people, we are talking about close to 400,000 people who are using lifts every day.
In Kuala Lumpur and Selangor, there are said to be about 150,000 PPR residents. There are already many other social problems in these flats, including a lack of cleanliness, gangsterism and drug use.
They don’t need broken down lifts as well.
Residents in Kepong, for one, have long been complaining about faulty lifts at their PPR flats. They even resorted to writing to the King.
“We commonly hear about PPR lifts breaking down all around the country and in many cases, it is the lack of spare parts that causes downtime,” said an annoyed Kepong MP Lim Lip Eng.
“Why has the availability of spare parts to repair lifts not been made a priority?” he asked. Why indeed?
All local councils need to have spare parts parked somewhere central, along with technicians who can reach the flats quickly when called.
Then, there is cronyism in the choice of contractors, which leads to incompetent people getting the maintenance jobs.
In the case of the flats in Kepong, a contractor had failed to replace six of the lifts, say residents. Yet, the same contractor was re-appointed to replace 32 lifts across 12 blocks of flats there. Who made that call?
The Malaysian Elevators and Escalators Association (yes, there is such an organisation) agrees that the poor choice of contractors by management committees was the main reason for the problem. “They just want to save costs and do the minimum maintenance,” it says.
And why do they do that? Because there are residents who do not pay management fees, forcing the committees to cut corners. It is a vicious circle.
It is important that everyone plays their part. The government has set aside Rm100mil for flats maintenance, but that is simply too little. Preventive maintenance must come from the residents themselves.
PETALING JAYA: House prices in Malaysia fell in the second quarter of 2022 (2Q22), marking the worst quarterly contraction since the start of the Covid-19 pandemic.
This occurred as new launches of residential units and sales performance for new launches softened in the first half of this year.
Based on the data by the National Property Information Centre (Napic), the Malaysian House Price Index (MHPI) in 2Q22 decreased by 1.2% compared with the 1Q.
The average house price for 2Q22 was RM439,084. In 1Q22, it was RM444,230.
Napic noted however the MHPI rose marginally by 0.5% on a year-on-year (y-o-y) basis in 2Q22, adding house prices continued “its low pace growth”.
For comparison, the index had increased by 2.4% y-o-y in the 1Q22.
Commenting on the domestic property market performance, Napic said it recorded a rebound in the first half of 2022 (1H22), a reflection of normalising economic activities as the country moved to endemicity.
More than 188,000 transactions worth RM84.4bil were recorded in 1H22, showing an increase of more than 30% in volume and value compared to the same period last year, as all property sectors recorded y-o-y growth.
“The residential property sector recorded 116,178 transactions worth RM45.62bil in the review period, increasing by 26.3% in volume and 32.2% in value y-o-y.
“The four major states namely Penang, Kuala Lumpur, Johor and Selangor formed about 47% of the total national residential volume.
“Commercial property segment recorded 15,169 transactions worth RM14.02bil, up by 45.4% in volume and 28.3% in value compared to the same period last year.
“Selangor contributed the highest volume and value to the national market share, with 26.5% in volume (4,025 transactions) and 33.5% in value (RM4.7bil),” Napic said in a statement yesterday.
Napic also reported that more than 10,000 units of newly launched residences were recorded in 1H22, down by 66.7% y-o-y. Against 2H21, the new launches were lower by 13.3%.
Terraced houses dominated the new launches, contributing 68.2% of the total units, according to Napic.
The sales performance for new launches in 1H22 was recorded at 20.3%, slightly lower compared with 20.6% in 1H21 and 28.1% in 2H21.
On property overhang, Napic said the situation had improved amid the market recovery.
“A total of 34,092 overhang units worth RM21.73bil was recorded, down by 7.5% and 4.6% in volume and value respectively against 2H21. Most of the overhang is in Johor with 6,040 units worth RM4.73bil.
“The serviced apartment sub-sector recorded 22,674 overhang units with a value of RM19.32bil, indicating a decrease of 6.7% and 5.6% in volume and value respectively against 2H21,” it said.
Napic said the property market is likely to “strive in the coming months”.
“With the positive projection on economic growth by Bank Negara, expected between 5.3% and 6.3% in 2022, supported by the implementation of various government initiatives and assistance, the property market performance is expected to be on track,” it said
WITH the country finally transitioning into endemicity, the Malaysian property market is expected to regain its momentum this year.
However, despite the better economic growth recovery projected for 2022, the National Property Information Centre (Napic) has cautioned that the environment still remains challenging.
“The health of the residential sector is paramount to the overall performance of the property market,” Napic says in its 2021 property market report.
“The transition to the endemic phase of Covid-19 starting April 1, 2022, will see the lifting of restrictions of business operating hours and the reopening of country borders, which is expected to further improve domestic economic activities and entail better prospects for the leisure sector,” it adds.
Napic emphasises that the transition phase is a much-needed boost for the local property market.
“This will translate into better occupancy of hotels apart from creating employment opportunities for the locals.
“Nevertheless, the environment will remain challenging for the retail and office sector as more new supply enters the market in the near future.”
As the industry normalises and adapts to the new norms of working from home and market digitalisation, Napic says the office and retail sectors may continue to face downward pressure in 2022.
“On the development front, major ongoing infrastructure projects are expected to spur economic activities and the property market in the long run.”
As the economy is set to be on the right trajectory, Napic says the property market’s performance is expected to be on a similar track.
Accommodative policies
“The accommodative policies, continuous government support and execution of all planned measures outlined in Budget 2022 and proper implementation of strategies and initiatives under the 12th Malaysia Plan are expected to support growth in the property sector,” it says.
According to Napic, the residential sub-sector led the overall property market activity in 2021 with a 66.2% contribution in volume.
There were 198,812 transactions worth Rm76.90bil recorded in the review period, which was an increase of 3.9% in volume and 16.7% in value year-on-year.
The improvement was supported by the uptrend recorded in Kuala Lumpur (4.9%), Selangor (10.7%), Pulau Pinang (16.3%) and Perak (3.2%). Conversely, Johor recorded a decline in market activity by 2.4%.
The primary market saw fewer releases of new launches. There were nearly 44,000 units launched in 2021, against 47,178 units in 2020.
Napic says the decline was expected as developers held back on the new launches due to the softening property market and increasing numbers of unsold inventories.
Sales performance was moderate at 39.3% in 2021.
A property analyst says the property market will, as always, continue to be driven by the residential sub-sector.
“Even without the Home Ownership Campaign (HOC), there is renewed enthusiasm among purchasers and buyers – something that was lost over the last two years as a result of the Covid-19 pandemic.”
To help spur the property market, the government introduced the HOC in June 2020 under the Penjana initiative.
The campaign ended on Dec 31, 2021. Many industry observers and property players believed that the HOC was indeed a huge help to the market and urged the government to extend the campaign period into 2022.
Following the conclusion of the HOC, Hong Leong Investment Bank (HLIB) Research says the “tables have turned” in favour of the affordable housing segment.
Comparative advantage
“Prior to the introduction of the HOC, the affordable housing segment enjoyed stamp duty exemption for property value up to RM500,000.
“With the introduction of the HOC, the affordable segment lost its comparative advantage as the stamp duty exemption was extended to property value up to Rm1mil,” it says in a recent report.
HLIB Research notes that in 2021, when the HOC was still in place, the percentage of residential transactions below RM500,000 had declined, likely due to home buyers rushing to take advantage of the HOC campaign before it ended on Dec 31.
“With the ending of the HOC, the tables have once again turned in favour of the affordable housing segment, as purchases in this category will continue to enjoy stamp duty exemptions.
“Even during the HOC campaign, the affordable housing segment was still the most demanded segment, comprising more than 75% of the number of residential transactions.”
Citing the Statistics Department, HLIB Research says as much as 20% or 580,000 households from the M40 households had shifted to the income limit of the B40 group in 2020.
“The broadening base of the lower-income group, coupled with the rising living cost from inflationary pressure, especially on the food cost, will bolster demand within the affordable home segment, as home buyers will likely opt for affordable housing due to income constraints.”
Meanwhile, RHB Investment Bank says inflationary pressures and the timing of the election could swing sentiment.
“On the macroeconomic front, we are also cautious on rising inflationary pressure, which may potentially dampen household disposable income.”
Apart from the expected increase in interest rates in the second half of this year, the research house points out that food and consumer product prices are also on the rise, which is in line with commodity prices.
“Given that the market has just recovered from last year’s lockdown, demand for property may be negatively affected if inflationary pressures worsen further, as property is deemed a big-ticket item that is considered non-discretionary.”
Given the conclusion of the state elections in Melaka, Sarawak and Johor over the last six months, RHB Investment Bank says some political parties are calling for the next general election to be held soon.
“Historically, the performance of most property stocks tend to be lacklustre six months prior to an election, possibly due to the uncertain outlook and potential policy changes after an election.
“As the next general election is due by July 2023, we think speculation will be rife in the coming months on the timing of the event.”
Rising building costs
HLIB Research notes that building materials costs have been rising persistently since 2021.
“From what we gathered, key raw materials such as steel and cement have risen more than 20% on a year-on-year basis.”
Under such a rising cost environment, the research house says property developers that will fare relatively better are those that outsource their construction work to third parties.
“This is as their construction cost will be locked in at a lower cost (amid the rising cost environment) when the job is outsourced.”
For new launches, HLIB Research says developers will likely be able to outsource the jobs at competitive prices.
Competitive job tenders
“This is because new job tenders among contractors will likely be very competitive (due to fewer job tenders available), as developers are more cautious in their launches due to the subdued property sentiment.”
In order to secure jobs to ensure positive cash flow, HLIB Research says contractors may be willing to sacrifice some margin to win job tenders from developers.
“Besides this, developers that enjoy high take-up rates in their launches are also those that are likely to have better pricing power, enabling them more flexibility to adjust selling prices to sustain their margins.”
RHB Investment Bank also acknowledged that major commodity prices, such as crude oil, steel bars, copper and aluminium saw significant price hikes.
“The resulting price increases in cement, sand, tiles and related products collectively added to the surge in total construction costs.”
Assuming the uptrend in commodity prices persists over the next six-to-nine months, RHB Investment Bank says developers will tend to be more prudent with their launches.
“Developers will likely resize or redesign, as well as maintain the selling prices and affordability of their products or look for alternative construction materials that are cheaper in an effort to mitigate cost pressure.”
Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value
very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples.
The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes. `
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IF you have savings of RM100,000 or Rm1mil, how would you utilise this amount of money to preserve your wealth? `
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It is a legitimate question but increasingly pressing as globally, countries around the world are facing inflationary pressure due to the effects of loose monetary policies for the past two years. `
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While not everyone is passionate about the financial markets or macroeconomics, most would be concern if they were to know the value of their money or hard-earned savings are increasingly eroded daily through no fault of theirs. `
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The common method adopted by most would be to assess how much ringgit is worth against foreign currencies like US dollar, Singapore dollar, British pound and the likes. Another would be the actual purchasing power of your money. Combining both, it becomes the formula of purchasing power parity. `
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I have written an article in this column last year using the Big Mac Index to illustrate inflationary effects. Today, as inflation is already here, I prefer to dwell into how individuals can protect their savings from inflation itself. `
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Some would argue, they live in solitary and would hardly be impacted even if the ringgit weakened substantially. However, even one who does not travel abroad and lives entirely within the domestic ecosystem cannot run away from the impact of inflation. `
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As the world economy is a huge interlinked web, connected via global trades, inflationary pressure can be imported through the transaction of goods or the fact that our country has foreign debts. There is no absolute way of shielding in entirety. `
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Ceiling price for necessities and list of controlled items are what government of the day do to ensure some level of protection for the citizens but if market forces react otherwise, government intervention in itself is not sufficient to push back. This is proven even in the strictest communist or socialist regime around the world, such as North Korea. `
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The only way to hedge against inflation is to engage in some form of investment. In the past, real estate has always been recognised as one of the best asset classes to preserve wealth and hedge against inflation. This ageold wisdom has survived through thousands of years and civilisations. `
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New asset class
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As the society evolves and modern economy takes shape, there is now the creation of new asset class which in the past either simply do not exist or wouldn’t make sense to invest substantially. The more common form of investments are the likes of bonds, gold, fixed deposits and equities.
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Then came mutual funds and index-linked funds. Exchange-traded funds in recent years became wildly popular, especially when active investment returns did not provide the same kind of returns it once did.
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This gained traction for those who are mostly passive investors or do not have the time to do individual stock picking. Yet, despite all the asset classes mentioned above, these are all considered relatively acceptable to most people.
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With the millennials and Gen-z being in the workforce, technology have taken centrestage in every part of our lives even when it comes to asset classes. Cryptocurrency, non-fungible tokens (NFTS) and digital assets have made its way into mainstream financial markets where investment banks, which traditionally scoffs at such assets, have now become a part of the frenzy. `
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Advocates of cryptocurrency, for instance, goes as far as calling it a hedge against inflation or hedge against “fiat currency” or the “new gold”. `
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Traditional asset classes highlighted above are seen as out-of-date by the new crop of investors, whoever they are and wherever they may come from. I do not wish to debate the utility and viability of cryptocurrency, NFTS or digital assets. However, the big question to me though is, what truly constitutes a hedge against inflation? `
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For an asset class to constitute a hedge against inflation, the more fundamental aspect is for the asset class to consistently outperform annual inflationary pressure. For example, if the inflation rate is 4% per annum over 10 years, the asset class that one invest in must outperform 4% per annum consistently across the same period. `
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This asset class will then effectively hedge and protect the value of your money over a substantial duration of time. `
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The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes. ` `
Bonds and gold are good for those with low-risk appetite but do not expect spectacular returns from these asset class. In fact, many have questioned whether bonds and gold can still preserve value although this has been proven in the past during wars and turbulent times.
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Luxury items `
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Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples. `
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An unopened Lego set delivers an average annual return of 11%. A Hermes Birkin has seen an average annual increase in price of 14% from 1980 to 2015. This is in comparison to the returns of gold at -2.1% and S&P 500 at 11.7% over the same period. `
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For the Chanel Classic Medium Flap bag, the price has increased over the past 31 years, from US$1,150 (RM4,817) in 1990 to US$8,800 (RM36,858) in 2021. This gives an average annual return of 21.4% and a compound annual growth rate of 6.8% throughout the period. `
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If we look at watches, the retail price of stainless steel sports watches have gone crazy in recent years. A Phillipe Patek Nautilus, which retailed at US$3,100 (RM12,985) in 1976 when it was first introduced, is retailing at today US$35,000 (RM146,485) `
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What is more frightening is the secondary market or grey market pricing for these luxury goods due to the sheer difficulty of getting one at retail price. `
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A standard Hermes Birkin sized 25 retails at around US$10,000 (RM41,885) but in the secondary market, it can fetch as high as US$25,000 (RM104,713). The Patek Nautilus in a grey market commands close to US$175,000 (RM733,000). The classic Rolex Submariner date steel, which retails at US$10,800 (RM45,236), commands a huge premium in the grey market at around US$20,000 (RM83,770). `>
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Some may argue that these are the tactical strategy by the ultra-luxury brands to restrict supply and cause a demand shortage in order to drive up the price, making it a highly desirable product.
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However, the counter argument is the fact that these top range luxury brands are handcrafted and requires the hours to produce the finish product. The limited resources coupled with the need to ensure quality also limits supply.
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In the face of a rising affluent class and burgeoning upper-middle class globally, naturally these luxury brands become highly sought after. Once the second-hand market is able to preserve the value, it becomes a hedge against inflation.
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My biggest takeaway though is not which asset class would be the best hedge against inflation. Rather, even within each asset class, it requires homework, due diligence and careful selection in terms of investment to preserve wealth. Making the right decision to purchase or invest needs time and effort `
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Not all that glitters are gold and in this case, selected steel watches may be worth more than a pure gold watch. So, choose the asset class that you can best understand and would be happy to hold over time in the face of inflation.
NG ZHU HANN
Ng Zhu Hann is the author of “Once Upon A Time In Bursa”. He is a lawyer
and former chief strategist of a Fortune 500 Corp. The views expressed
here are the writer’s own.
RCEP will promote and facilitate international trade among the 15 participating countries in the Asia-Pacific region and the expected increase in free trade will have a significant impact on the Malaysian property market. -NST/file pic.
The signing of the Regional Comprehensive Economic Partnership (RCEP) signifies the world's largest trade agreement and will contribute towards sustaining Malaysia as a preferred trading hub and investment destination.
RCEP will promote and facilitate international trade among the 15 participating countries in the Asia-Pacific region and the expected increase in free trade will have a significant impact on the Malaysian property market.
Higher trade and economic activities will impact on the occupation, investment and development sectors of the property market. Real estate space is a local input in the production and supply of goods and services. Increased exports lead to the expansion of domestic production.
Increased domestic production increases the demand for industrial space. Imports also have an impact on demand for real estate space. Goods imported need to be stored and distributed through warehouses and logistic properties.
These goods are then displayed and marketed at various outlets points thereby increasing the demand for retail spaces in retail malls.
Regional trading bloc and trade liberalisation will encourage foreign direct investments (FDI). These FDIs will create demand for industrial land and buildings. New capital investments will spur demand for more financing activities from the banks.
Once the plants and machines are in operations, it will create employment and demand on other factors of production. Higher economic growth will drive the capital market which will attract more foreign investment fund flows investing into local equities.
With increased economic activities, occupation demand for real estate space will cause rental increase. With inelastic new supply, potential future rental growth and prospective capital appreciation, investors will start to invest in real estate leading to an active investment market with the more participation from the institutional investors.
Developers will react to prevailing rents and capital values when they appear to signal a profitable opportunity. If prices rise, more developers will respond to these signals, the aggregate flow of supply into the market increases.
These new spaces will meet the requirements of the occupiers and investors e.g. floor plate size, specification and network connectivity requirements
Real estate service providers such as property consultants played an important role in the whole process by aligning their service standards to the requirements of the regional and global clients.
It is envisioned that the RCEP will open up markets and help in the recovery post Covid-19 pandemic. With increased economic activities, it will give rise to more derived demand for various real estate spaces thereby leading to an improved property market performance in the future.
Millennials now make up over a third
of the workplace and overwhelmingly value flexibility in where, when and
how to work. And top talent has been increasingly clustering in dense
urban areas and has been unwilling to commute to suburban office parks
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