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Showing posts with label family. Show all posts
Showing posts with label family. Show all posts

Thursday, February 11, 2021

CNY reunion dinner: Toss the fish for an ox-spicious start

 An Ox-spicious Spring at Furama this Chinese New Year


That’s something we can do at home to welcome the Year of the Ox and still have ‘din-dining’ fun with a bit pre-recorded help.


IT’S going to be a cheap Chinese New Year. For one thing, I haven’t even gone to the bank to get new notes for ang pow. Since I won’t be visiting or expecting visitors, there’s no point in preparing the red envelopes.

Despite the amended SOP allowing 15 family members within 10km radius to attend, my reunion dinner will be kept to just seven of us – including my maid – living in the same house. My sisters will not be able to return from Sydney or Singapore this time.

I have hung up my red lanterns, traditional decorative knots, set up vases of pussy willow, silk peonies and peach blossoms and bought baskets of mandarin oranges to make the house more festive.

But there is a hollowness to it. No one has been feeling bullish ever since our infection rates spiked dramatically and the movement control order was reimposed and now extended.

As for the reunion dinner, no one feels like having the traditional steamboat which is best eaten with lots of people. So we will tapau salted egg crabs from our favourite seafood restaurant and I will add a few home-cooked dishes.

Our lou sang dish will be made with the store-bought pickled and preserved ingredients as well as freshly grated daikon, carrots, pomelo and Korean pear. Instead of raw salmon, I am going to try it with unagi, Japanese grilled eel.

This is the thing I miss most this CNY: not being able to meet friends for lunch and dinner and noisily toss the fish. In previous years, I could happily lou sang at least half a dozen times.

My sister who lives in Singapore told me the government has taken a different approach. Dining-in at restaurants is allowed but with strict instructions how it should be done.

She says diners aren’t allowed to remove their face masks except to eat and drink. They put the masks back on to chat after the eating is done.

That is actually the right thing to do. We relaxed our restrictions to allow dining and we assumed we were somehow safe to strip off the mask because we are eating and or drinking. Well, serves our ignorance right. That is probably one of the causes of infections going up and spreading into the community.

I learned of a case in Seoul involving two Covid-19 positive people sitting in a coffee outlet. They were asymptomatic and were in the shop for hours, working on their laptops, sipping their coffee with their masks off.

By doing so, they became super-spreaders to many others who were also unmasked and sharing the same enclosed space. What is interesting and telling is that none of the waiters and staff who were masked all the time got infected.

That’s why Singapore’s Health Ministry’s SOP for diners this CNY is as follows:

“Those who are dining out should make sure they wear a mask if they are not eating or drinking. We already do not allow singing (including by diners) and other live performances at F&B establishments and work-related events where food is served.

“Diners should also avoid raising their voices, at all times. This also means that face masks must be worn during the tossing of yusheng (raw fish), and that the lohei (tossing of the fish and the other ingredients in the dish) should be done without any verbalisation of the usual auspicious phrases.

“F&B establishments and enterprises serving lohei must ensure that both the staff and patrons comply with these requirements.”

That does take the joy and fun out of the lohei ritual because we loud, noisy Chinese do love “din-dining” but there is a good reason for the ban. Research already shows that when we sing or shout, our spit droplets fly much wider and further.

But an enterprising Singaporean vlogger has loaded a video on YouTube entitled Auspicious Lohei Sayings and Prosperous Wishes With One Minute of Huat Ahh! that you can play for some festive noise.

I think it’s a good idea to resort to playing the video even when we lohei at home with family members.

If you are not happy with the video’s sound effect, I suppose you can prerecord your own auspicious phrases with CNY music in the background and maybe the sound of firecrackers going off too.

Singapore’s SOP goes further: Since Jan 26, “To further mitigate the risk of large community clusters arising from infections that spread within a household and through them to all their contacts, we will impose a cap of eight distinct visitors per household per day. Individuals should also limit themselves to visiting at most two other households a day, as much as possible.”

As my sister mused, is this enforceable? Probably not. That’s why the SOP appeals to everyone to cooperate with the new measures.

That’s the best all of us, whether in Singapore, Petaling Jaya or Sydney, can do. Respect proper mask wearing, maintain physical distancing and spend as little time as possible in one place, especially if it’s an enclosed space. Avoid crowds and wash those hands frequently!

Meanwhile, like everyone else, I will breathe a sigh of relief on Friday when we see the last of the Rat and we usher in the Year of the Niu. Niu is the Chinese character that generally refers “to cows, bulls, or neutered types of the bovine family, such as common cattle or water buffalo”, says Wikipedia.

Somehow, when it comes to naming the Chinese new year, the English translation of niu is ox and not cow or bull. We don’t say “year of the cow” or “bull”.

Yet, the popular image of the niu depicted on greeting cards and ang pow envelopes, of mall decorations, is that of a bull poised to charge with mighty horns, full of power and virility.

Indeed, the bull figures in many cultures, worshipped as a god and the ancestor of kings in several ancient civilisations.

But it is the domesticated, humble cow/bull/ox that has served humankind much more. For thousands of years, as oxen, they have been harnessed to plough fields, thresh and grind grain, pull carts and other heavy loads. For that purpose, oxen are usually castrated – and therefore more docile – cattle. As cows, they provided milk and as cattle, were slaughtered for their meat and hides.

In Chinese culture, the niu is seen as good-natured, hard-working, dependable and associated with good harvests and fertility. It has been anthropomorphised to have the qualities of gentleness, loyalty and trustworthiness.

According to Jupiter Lai, a Chinese astrologer quoted by The Japan Times, 2021 is the Year of the Metal Ox with the earth element, “representing stability and nourishment” which is exactly what the world needs now.

The world was driven crazy by the devious Rat whose year was fuelled by its yang energy. The Ox will bring in much needed yin energy to calm things down. At least that’s what the fortunetellers are saying. And very carefully at that.

I actually find it quite amusing that all the feng shui and Chinese horoscope websites seem to be very cautious in predicting what’s in store in 2021. I know of none who got it right for 2020.

Even without the soothsayers telling us, we know there will be long and difficult months ahead. But for the next week or two, let’s try to uplift our spirits, give thanks for a brand new year and pray for everyone’s health.

Stay vigilant! Gong Xi Fa Cai!

By June H.L. Wong -The views expressed here are the writer’s own.

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Wednesday, September 16, 2020

All steady on the home front in Penang residential properties

Sales done: According to Knight Frank Malaysia, there are pockets of success by some developers reporting bookings and sales for their affordable homes during the movement control order period despite the fact that physical viewings were disallowed.

DEMAND for residential properties in Penang is expected to remain steady during the second half of 2020, especially if the homes are from renowned developers with good quality products.

Knight Frank Malaysia executive director Mark Saw says there are pockets of success by some developers reporting bookings and sales for their affordable homes during the movement control order (MCO) period (from March 18 to May 3), despite the fact that physical viewings were disallowed.

“In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver.

“These factors will play a critical role in determining the success of developments. It has become a buyer’s market and many deals are being offered by developers to attract first-time buyers as opposed to investors who have been temporarily sidelined, ” he tells StarBizWeek.

Due to the Covid-19 pandemic, Saw says buyers’ preferences and timings may change, with decisions being put on hold due to job security, ample choices and rentals being more competitive.

CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).

CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).

“As housing is a necessity and with the bank loan moratorium, the residential property sector has been cushioned from the worst impact.

“Hence, the residential market is expected to remain resilient for the second half of 2020. Significant growth is not expected yet as the issue of property overhang, lack of spending confidence by consumers and stringent lending policies by banks are expected to still linger for the remainder of the year.”

Additionally, both Saw and Peh agree that the reintroduction of the Home Ownership Campaign (HOC) was a much-needed boost to the local property market. The government reintroduced the HOC in June under the Short-Term Economic Recovery Plan (Penjana).

Mark Saw: In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver. 
Mark Saw: In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver.

Peh says the HOC is expected to continue to spur the buying momentum for residential properties in Penang over the short term.

“Developers are experiencing a pick-up in bookings by buyers compared with the first half of 2020, which was mainly affected by the MCO.

“However, the encouraging bookings have yet to be fully translated into good actual sales, due largely to stringent lending policies by the bank and the challenges and uncertainty in the economy and job market.”

Saw also believes the HOC will be a short-term reprieve for the local property market.

“The HOC initiatives will only be a temporary measure. For the long term, developers should carry out proper feasibility studies to determine the marketability of their products before commencing developments and ending up with unsold units.”

According to Saw, the volume of residential transactions in Penang decreased 19.7% to 2,748 units in the first quarter of 2020 compared with 3,422 units in the fourth quarter of 2019.

“The value of transactions in the residential sub-sector during the first quarter (RM1.06bil) indicated a drop of 17.2% compared with RM1.28bil in the fourth quarter of last year, ” he says.

Under the HOC, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of houses priced between RM300,000 and RM2.5mil.

Meanwhile, the exemption on the instrument of transfer under the HOC is limited to the first RM1mil of the home price, while full stamp-duty exemption is given on loan agreement effective for sales and purchase agreements signed between June 1 and May 31,2021.

The government has also announced real property gains tax (RGPT) exemption for Malaysians for the disposal of up to three properties between June 1,2020 and Dec 31,2021.

The HOC was kicked off in last January to address the overhang problem in the country. The campaign, which was initially intended for six months, was extended for a year.

It proved successful, generating total sales of RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

Meanwhile, Knight Frank in its Real Estate Highlights Research for the first half of 2020 says that amid the current global recession, Invest Penang has revised downwards its foreign direct investment (FDI) target for 2020 to RM5mil.

“This will be supported by the shift towards Industry 4.0 and the various tax incentives and reinvestment allowances as announced under Penjana that seeks to promote Malaysia as a choice destination for FDIs.”

To clear RM2.6bil worth of 3,043 overhang units in the state, Knight Frank says the Penang local government, housing, town and country planning committee has announced that the state will reduce the minimum price threshold for foreign property ownership by up to 40% starting from June 11,2020.

“Ceiling prices for stratified properties on the island will be reduced by up to 20% from RM1mil to RM800,000 and on the mainland, from RM500,000 to RM400,000.”

In the high-end condominium segment, Knight Frank says IJM Perennial has put on hold the development of The Light City.

“Prior to the Covid-19 pandemic, the group had indicated that it would resume development in August 2020. To be developed over a period of more than four years, Phase 1 will feature a mall with 680,000 sq ft net lettable area, the Penang Waterfront Convention Centre, a four-star hotel with 500 rooms, offices and the ‘Mezzo’ residential condominiums.

“Meanwhile, for Phase 2, there are plans for a 300,000-sq-ft mall, a five-star hotel with 250 rooms, offices, the ‘Essence’ residential condominiums and possibly an experiential theme park. It is worth noting that the commencement of Phase 2 will be determined by the sales of the Mezzo condominiums and the occupancy of the mall.”

As for the office sub-sector in Penang, Knight Frank says the average occupancy rate for four prime buildings monitored in George Town remained stable at 89%.

“According to the latest National Property Information Centre report, the average occupancy rate in the state continued to hold steady at 81.4% in the first quarter of 2020 (compared with 81.3% in the fourth quarter of 2019).”

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Friday, August 7, 2020

Young buyers flock to property market

Why millennials are flocking to real estate

Interest rate cuts, govt incentives spur buying interests


“We believe the strong growth in our young buyers is both a natural evolution and as a result of a conscious strategic effort we have made to appeal to this important customer group,"-
Datuk Chang Khim Wah
 
Eco World Development Group Bhd president and chief executive officer Datuk Chang Khim Wah told StarBiz the increase in younger buyers was due to a conscious strategic effort made by the group to appeal to this target market.


Property developers are seeing a pick up in sales, especially from younger buyers, as the numerous interest rate cuts and government incentives have spurred buying interest.

Eco World Development Group Bhd president and chief executive officer Datuk Chang Khim Wah said the increase in younger buyers was due to a conscious strategic effort made by the group to appeal to this target market.

“During our initial years of operations (circa 2015) the percentage of young buyers (below 40 years old) was around 43% and today it is more than 70%.

“We believe the strong growth in our young buyers is both a natural evolution and as a result of a conscious strategic effort we have made to appeal to this important customer group, both through the products we are offering as well as the way in which we engage them via social media and digital channels, ” he told StarBiz.

Of the 70%, Chang said around 50% are in their 30s and the remaining 20% are in their 20s. “We are particularly happy that a good number of these buyers include children of our own customers and residents in the vicinity of our development. This validates our efforts over the last few years to make a strong pivot to serve the needs of this market segment and the wider M40 group.

“Our upcoming launch of the new Duduk series of vertical townships offering semi-furnished apartments priced below RM400,000 at Eco Ardence and Eco Sanctuary, as well landed homes starting from RM500,000 at Eco Botanic 2, will enable us to further capture the hearts and minds of this very important market segment.”

Chang said the prolonged movement control order (MCO) period has really made many young people realise that the quality of home and living environment matters greatly.

Mah Sing Group Bhd chief executive officer Datuk Ho Hon Sang (pic below) said as the bulk of its projects comprised units within the affordable range segment, the majority of its buyers comprised those below 35 years of age.


“For Mah Sing, 84% of our target sales for 2020 are for residential properties priced below RM700,000 with key focus in the affordable segment. We typically see about 65% of buyers who are 35 years and below, for most of the affordable projects were launched in recent years. Hence, the majority of our buyers are first time homeowners.”

Despite the challenging market environment in view of the Covid-19 pandemic, Ho said demand continues to be resilient as property remained one of the safest forms of asset class for long-term capital protection and appreciation.

“Malaysia’s population is still very young with 66% below 40 years old and as such, household formation continues to be strong. Affordably-priced properties of good quality and at strategic locations remain highly sought after.

“This is especially for first-time home buyers, which augers well for Mah Sing’s product composition.”

Sunway Property said it is seeing increasing interest from younger buyers from 25 years to 35 years in its properties that are transit-oriented and have good facilities nearby.

“For example, our developments such as the transit-oriented Sunway Avila in Wangsa Maju, the integrated and transit-oriented Sunway Velocity TWO and the youth-focused development of Sunway Grid in Sunway Iskandar has seen enthusiastic response from younger purchasers, ” it said.

Property data, analytics and solutions provider MyProperty Data chief executive officer Thor Joe Hock said the median age for residential property transactions has gradually dropped over the years.

“When we look at the over 2.5 million residential property transactions, including serviced apartments, it appears that the median age of buyers from 2000 to 2019 has remained largely unchanged at between 34 to 35 years of age.

“However, when you break it down into landed and non-landed transactions, we start to get a clearer picture. The median age for non-landed properties has fallen from 40 years in 2000 to 28 years in 2019; while the median age for landed property purchasers marginally decreased from 40 years to 37 years over the same period.”

MyProperty Data manages a property data portal called PropertyAdvisor.

Meanwhile, Lagenda Properties Bhd managing director Datuk Jimmy Doh said more than half of its buyers are below 39 years of age.

“We believe as young people start new phases in their lives, for example getting a job or starting their own families, they prefer to stay independently and have their own space, granted that the properties are within their price range.

“Over the past few years, we have been seeing an increase in buyers. Our properties are priced below RM200,000, ” he said.

MIDF Research in a recent report said the aggressive overnight policy rate (OPR) cuts have improved home buyers’ purchasing power.

“Bank Negara cut its overnight policy rate for the fourth time this year by 25 basis points (bps) to a record low of 1.75% in July due to the severe impact of the Covid-19 pandemic on the global economy. The aggressive OPR cuts this year are positive to the sector as it improved home buyer’s purchasing power by reducing loan installments.

“We estimate monthly installments to reduce by 14%, after 125 bps cut for RM500,000 loan with a loan repayment period of 30 years, which is quite significant in our view. Hence, we think the record-low interest rate will partly help to alleviate home buyers’ issue of securing home financing, as the record low yield has boosted the affordability of home buyers.”

MIDF Research also said it expected loan demand to recover in the second half of 2020.

Citing Bank Negara’s statistics, it said total applied loan for the purchase of property improved sequentially by 52.9% month-on-month to RM13.1bil in May, after plunging by 64.8% month-on-month in April.

“Note that total applied loan recorded steep decline in April due to the disruption to business activity following the commencement of the MCO.

“Nevertheless, total applied loan in May was lower by 61.8% year-on-year while cumulative total applied loan in the first five months of 2020 was lower by 33.6% year-on-year, indicating buying interest was subdued.”

Looking ahead, the research house expected buying interest to recover in the second half of this year, spurred by incentives introduced by the government.

Under the Short-Term Economic Recovery Plan (Penjana), which was announced in June, the government reintroduced the Home Ownership Campaign (HOC). Under the HOC, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of home priced between RM300,000 and RM2.5mil.

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Saturday, May 18, 2019

How to make living more affordable?


IN my previous article I asked the question, Do you earn enough to sustain your lifestyle?

The feedback received was consistent. People told me that they worry about the situation, some even wrote in to share their concern.

A reader by the name of Yap wrote me an email about his observation after reading my article.

“I always doubt how a family with a median household income can survive in KL. Based on my calculation, there is no way a family with two children can survive in KL with RM6,275 without accumulating bad debt or spending 4.5 hours to travel on the road. Housing is one of the factors, but not the only one,” he wrote in his email.

Belanjawanku, an expenditure guide launched by the Employees Provident Fund (EPF) in early March states that a married couple with two children spend about RM6,620 per month on food, transport, housing, childcare, utilities, healthcare, etc.

However, the median household income for Malaysians in 2016 was RM5,228. While the median income of M40 group (Middle 40%) was RM6,275, which means five out of 10 households in this category received RM6,275 per month or less. This is far below the RM6,620 required for a family with two children to stay in the Klang Valley.

Another alarming fact is... Belanjawanku compiles only core living expenses without including long-term financial planning tools such as education funds or investments. The actual budget constraint can be more severe if we take them into account.

The living cost in major cities is inevitably higher than in small towns or suburb areas.

As such, when we discuss housing affordability in the cities such as Kuala Lumpur and the Klang Valley, we shouldn’t impose the same benchmark of RM300,000 as everything else is more expensive in the city. Affordable housing should benchmark against the cost of living of the area.

Based on the research for Belanjawanku, even if housing was provided for free, a household of four would still need RM5,750 to sustain their lifestyle.

The transportation cost alone is RM1,040 for a family, higher than the RM870 allocated for housing.

Therefore, if a family is looking to lower their cost of living, moving to suburb areas would allow them to have a more affordable budget.

According to a news report which quoted information from brickz.my, the housing prices in KL are five times higher than in Seremban, with median housing price of RM1mil (RM940 psf) in the KL city centre, versus RM200,000 (RM210 psf) in Seremban.

Suburbs which are nearer to KL such as Klang and Shah Alam also offer attractive housing prices with a median price of RM340,000.

For families who stay in the city centre and plan to reduce their cost of living, they can consider moving to suburbs to enjoy a better quality of life, and leverage on the improved public transportation which offer hassle-free travelling from suburbs to city centre.

Although high living cost is a concern for many Malaysians, KL is ironically found to be the cheapest city to live out of the 11 major cities in Asia, according to the 2018 Wealth Report Asia.

We are “cheaper” or ranked lower than our neighbouring cities, including Bangkok, Manila and Jakarta. KL, Manila, and Jakarta are also the most price competitive cities when it comes to the residential properties segment.

Why are we still facing the challenge of high living costs despite being the “cheapest” city in the region? The underlying factor is because of the low household income earned by most Malaysians, as the previous government failed to transit us to a higher income nation.

In his email, Yap mentioned that “I always imagine what Malaysia can be if there were no leakages. Hundreds of billions could be spent to stimulate various industries. Our GDP per capita could be close to if not similar to Singapore’s”.

That is the vision and sentiment shared by a majority of Malaysians. With the new government that promises to be more transparent and efficient, we hope that one day, we can afford to live comfortably in any city we wish to, with a higher household income.

Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email bkp@bukitkiara.com

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