Middle-income trap makes owning homes near impossible

January 29, 2013

http://www.themalaysianinsider.com/malaysia/article/middle-income-trap-makes-owning-homes-near-impossible/

Demand for decentralised office space outpaces KL city centre

28 January 2013

KUALA LUMPUR - The growth of office buildings or space located at the fringe of Kuala Lumpur have been outpacing those in the city centre over the past few years and the trend is expected to continue with increasing demand for decentralised office locations, said Knight Frank Malaysia managing director Eric Ooi.

"There is a sustained and growing demand for decentralised office space in line with more active office and integrated developments, especially in the localities of KL Sentral, Bangsar and Pantai as well as those located along the Mass Rapid Transit (MRT) route," he said in his presentation on "Office Market Performance and Outlook" at the Sixth Malaysian Property Summit 2013.

Ooi said a growing number of companies are looking to relocate from the city to decentralised office locations, especially shared service operations that favour such locations.

"There is a growing opportunity for Malaysia as a preferred destination for shared service operations as Malaysia has competitive advantages when compared with other countries in the region like Thailand, the Philippines, Singapore and India," he said.

Ooi estimates there will be a supply of 14.2 million sq ft of office space in the city and city fringe between 2013 and 2015.

"By 2015, office space in Kuala Lumpur is expected to total some 80 million sq ft from 65.8 million sq ft currently, depicting an increase of 21.5% over three years and 53.4% of this incoming supply is expected to come from the city fringe, mainly from the locality of KL Sentral," he said.

This year, the bulk of incoming supply will come from the city fringe with a total net lettable area (NLA) of about 4.1 million sq ft from buildings such as Menara LGB, Bank Rakyat headquarters, Menara Shell, CIMB headquarters, Menara 1 Sentrum and Nu Towers (Lot G of KL Sentral).

In the city, two buildings are due for completion this year, namely Menara Hap Seng 2 and Crest Sultan Ismail with a combined NLA of about 580,000 sq ft.

The existing supply of purpose-built office space currently stands at about 65.8 million sq ft, with about 7.5 million sq ft of "Prime A+" office space. Of this, 73.4% is in the city and the remaining 26.6% is in the city fringe.

However, supply from the city fringe has been outpacing supply in the city since 2005, with average growth of 11% to 13% per year.

"Kuala Lumpur city fringe continues to record marginally higher average occupancy at 82% in comparison with the city's 80%, indicating growing demand for decentralised office space," said Ooi.

He said the achieved rental rates in the city fringe continue to hold steady at between RM4.50 per sq ft and RM7.30 per sq ft.

"The popularity of Kuala Lumpur city fringe as an alternative office location is supported by improved infrastructure which provides easy accessibility and connectivity to various parts of the Klang Valley as well as the availability of good grade office space at attractive/competitive rental rates."

-thesundaily

TTDI condo buyers duped, slam ministry for allowing 'Datuk' to resell their units

Wednesday, 16 January 2013

PETALING JAYA - Thirty-seven buyers who purchased units at the Maskiara Condominium in Taman Tun Dr Ismail, Kuala Lumpur, in 1995 are still waiting for their homes.

The 37 buyers – now known as Maskiara Residents – are claiming that their units had been sold to other buyers by the developer, Intan Permata Properties Sdn Bhd, without their permission.

The units at the condominium are now priced at RM520,000 from the original price of RM180,000.

A spokesman for the buyers, who wanted to be known as Muhammad, said the project's original developer, Pinggir Kiara Sdn Bhd, had abandoned the project in 1998 and was later wound up by the courts in 2003.

Muhammad said Intan Permata was granted permission in 2008 by the Housing and Local Government Ministry to revive the project without contacting the original 97 buyers of the 300-unit, two-block condo developed on Malay reserve land.

He said the permission was granted although the buyers had objected to Intan Permata's involvement as it is owned by the same person who had owned Pinggir Kiara.

"The ministry officials told us since the name of the Pinggir Kiara owner – a Datuk – was not listed as a shareholder in Intan Permata, it was permissible for him to revive the project.

"Despite being able to revive the project, the owner continued to victimise us as Intan Permata had sold the units we had purchased to new buyers without consulting the original buyers," Muhammad said.

In April last year, 37 out of the 97 buyers sued Intan Permata at the Kuala Lumpur High Court to get back their units and the case is pending. Muhammad said only 37 buyers took the legal action as the rest did not have the means to join the suit.

-thesundaily

http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=46592:ttdi-condo-buyers-duped-slam-ministry-for-allowing-datuk-to-resell-their-units&Itemid=2

The worst landlord ever?

Saturday, 12 January 2013 06:58

This news is really "strange".

http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=46410:the-worst-landlord-ever?&Itemid=3

Hap Seng to build RM355m luxury condo

11th Jan 2013

Hap Seng Land Sdn Bhd, a wholly-owned subsidiary of publicly listed Hap Seng Consolidated Bhd, has unveiled its new project, The Horizon Residences Kuala Lumpur. The project has a gross development value (GDV) of RM355 million.

"To be fully completed in July 2015, The Horizon Residences is a 335-unit luxury residential development encompassing two 26-storey towers," said Datuk Edward Lee Ming Foo, Group Managing Director of Hap Seng Consolidated Bhd.

The Horizon Residences Kuala Lumpur is a stone's throw from the upcoming Tun Razak Exchange, a multi-billion ringgit world-class international financial district, while a planned Mass Rail Transit station is only 500 metres away.

Edward said the location of the project provides an opportunity for investors to take advantage of significant potential value appreciation, resulting from the infrastructure developments and investments taking place within its surrounding vicinity.

He said 40 per cent of the residential units had been sold even before the launch, with 30 per cent taken up by the locals and 10 per cent by foreigners.

"The foreigners are mainly from Asian countries like China, Taiwan, Korea and Singapore.

"Hap Seng is seeking the best contractor for the project, so that the residences built will be of high quality," he told reporters after unveiling The Horizon Residences Kuala Lumpur, here today.

Edward said those with a discerning taste and lifestyle for homes equipped with the very best in contemporary urban living, can also enjoy the facilities and amenities that have been incorporated in the Horizon Residences.

Designed to attain the Green Building Index certification once completed, The Horizon Residences Kuala Lumpur offers eight types of layout ranging from 549 sq ft to 4,316 sq ft.

Prices start from RM700,285 and the show gallery for the project is on the ground floor of Menara Hap Seng in Jalan P.Ramlee here.

"We have a few new projects on hand for this year and are looking for new land mainly in the Klang Valley and Sabah," Edward said.

Hap Seng Consolidated Bhd has a diversified business interest in

plantations, property investments and development, credit financing, trading of fertilisers and the automotive sector.

-- Bernama

M'sian property: The man on the street SPEAKS

5th Jan 2013

QUICK POLL- After we have heard from the industry leaders and experts, it’s time we hear from the people on the street on what they think about some issues in the property industry. We decided to do a quick poll among some friends, associates, friends of friends, and some strangers on the street whom we feel represent a good cross-section of Malaysians. Here is a summary of the results:

Affordability rules

The most newsworthy result that stood out was that 95.8 per cent of the approximately 100 respondents polled during December 2012 viewed property prices in Malaysia as expensive while the remaining 4 per cent think it is average or affordable. This view is shared among professionals and business people earning above RM15,000 per month as well as young workers just entering the workforce and all those in-between. More than half of them zeroed in on affordability as the single most important improvement that they would like to see happen in the property industry in Malaysia.

This is not entirely surprising as the affordability issue has hogged the headlines for the better part of 2012 with almost everyone who has a stake in the industry giving their two cents’ worth on the issue.

Despite the government’s efforts to cool down the industry, almost three quarters of the respondents feel that property prices will rise in the first half of 2013. This could be one of the reasons why 83 per cent of those polled have plans to purchase a property in the next 12 months. Most of them are likely to feel that property is the best hedge against inflation and that before prices go up any further, they want to ensure that they lock in the properties at the current prices. This thinking runs counter to what most experts in the industry believe – that prices will in fact stay flat or decrease in 2013 due to a potential oversupply situation when many properties launched two to three years ago are due for completion.

Another reason for a flattish outlook for property prices this year is the slowing down of loan applications and approvals due to the stricter bank lending guidelines. The effect is that there are fewer property purchases now meaning prices won’t be going up and up forever.

A lot of potential buyers are now wondering whether their loan applications would be approved whereas previously, the confidence level is higher. For this poll, almost half of the respondents (46 per cent) are unsure whether their loan applications would be approved while a surprising 20.8 per cent feel that they would encounter some problems with their loan applications.

Some 42 per cent of respondents are thinking of purchasing property worth RM300K and below. Most of these are new entrants to the job market who are earning under RM3,000 per month and are seeking to buy their first homes. Bear in mind that the majority of the people polled here are residing in the Klang Valley (83.3 per cent), and hence are responding to the poll based on property prices in the Klang Valley which are among the highest in the country.

For the remaining others thinking of purchasing their properties within the next six months, about 25 per cent are thinking of spending between RM300K – RM500K while 30 per cent are thinking of forking out between RM500K and RM1 million for a property. Less than 4 per cent are interested in properties worth RM1 million and above.

Most first home purchasers are limited to high-rises (due to its relative affordability) with 42 per cent opting for apartments or condominiums, while some older respondents with higher income from RM6K onwards prefer landed property especially one, two or three-storey terrace/link houses. Among the respondents, there are a number of property investors who plan to buy such high-rise units for rental income. Many of these property investors already own at least two or three properties.

About 17 per cent expressed the intention of purchasing a semi-dee or bungalow while some 8 per cent are looking at commercial units. These respondents already own their first homes and are diversifying their portfolio. Very few of those we polled are looking to purchase overseas properties (13 per cent). Of those who do, most are looking at Europe, ASEAN, New Zealand and Canada.

Newly built preferred

Purchasers across the board prefer to buy new properties (92 per cent) instead of properties in the secondary market. This is good news for developers but almost 80 per cent prefer them built. Come 2015, if the planned Build-then-Sell (BTS) system is implemented, it would be good news for property buyers (but not developers). We will have to see how it plays out when the time comes.

Speaking of which, a number of events in the future hinge on the outcome of the general election which is just round the corner. For one, prices may be affected and even some policies. There will be winners and losers. Certainly, most people prefer to play it safe by deferring their decision to buy until after the general election (75 per cent).

In terms of renovation post-purchase, almost 60 per cent plan to do so. This is good news for contractors doing renovation work. On the flipside, it’s also an indication that properties in Malaysia are built in such similar design and configuration that most people would rather have it renovated to reflect their own individualism and lifestyle. In fact, 13 per cent of the respondents listed “Variety and design” as the single most important factor that needs improvement in the property industry in Malaysia after of affordability (51 per cent) and quality (17 per cent).

The safety issue is also of concern to some with 13 per cent listing it as an issue that requires the most improvement. The recent attempted looting/burglary of the Puncak Setiawangsa bungalows that were ‘evacuted’ is a reminder that there are always opportunists out there ready to swoop in on houses perceived to be filled with valuable items.

A surprising result of the poll is that 42 per cent indicated that they would buy properties from an auction. Contrary to the general perception that proceedings of an auction is a bit of a mystery to the ordinary man on the street, this figure perhaps is an indication that people are generally getting more open to auction properties which is likely also due to the below market price tags of these properties.

In general, most of the participants (59 per cent) obtain their information on property from online portals and forums. This is good news for the burgeoning online property portal business and is also an indication that the new generation of property buyers between the ages of 20 – 40 are generally internet-savvy and are comfortable using the internet for their property-related search. Some portals/websites are even testing the water on whether internet purchases of property can take off. The jury is still out on this one.

Finally, participants of the poll were asked which area they think would take off as the next property hotspot in Malaysia. Bearing in mind that most of the respondents are from the Klang Valley, their choices mostly centred around the sub-urban and fringe areas of KL city centre. This includes Puchong, Kajang, Bangi, Seri Kembangan, Semenyih, Nilai, Sepang, Cyberjaya, Hartamas and Bangsar Southcity. Most of these areas extend towards the southern part of the country which confirms what several property gurus have said – that the area south of Greater Kuala Lumpur would gain in prominence and popularity.

In fact, Iskandar Malaysia, which is located about 300kms south of Greater KL is predicted to lead in the property hotspot rankings on account of its many completed and soon-to-be completed catalytic projects this year as well as the influx of big Singaporean investors including Singaporean billionaire, Peter Lim.

- New Straits Times

40-year home loan feasible, but ‘challenging’

5th Jan 2013

KUALA LUMPUR- The long tenure of up to 40 years to repay loans under the My First Home Scheme is feasible but it comes with some challenges, analysts said.

The scheme helps to lessen house buyers' burden and gives them greater opportunity to own their first house in the Klang Valley, they said.

But finding a decent house costing RM200,000 to RM400,000 there will be tough for young adults, they pointed out.

The home scheme, launched by the Prime Minister Datuk Seri Najib Razak in March 2011, is part of the government's efforts to help young adults own a house, with 100 per cent financing from banks.

Under the scheme, individuals with a monthly income not exceeding RM5,000 (previously RM3,000) will be eligible to buy their first house of up to RM400,000 without paying the 10 per cent down payment.

The government, via Cagamas, will guarantee the initial 10 per cent of the loan.

For joint borrowers, the income limit has been increased to RM10,000 per month.

The higher income limit of purchasers is effective this year.

The loan repayment period is up to 40 years, or when the buyer reaches 65 years old, whichever is earlier. This means, a buyer needs to be 25 years old or younger, if he wants to apply for a 40-year loan.

A research head from a local brokerage said the scheme can be a catalyst for the property industry as it spurs young adults to be first-time house buyers.

"Property developers can also take advantage of this by building more affordable houses as there is a group of ready buyers.

"However, as cost to build a house has increased, the government would need to figure out a way to solve it before you can see many developers jumping on the bandwagon," he added.

Based on dipstick calculation, a buyer earning RM5,000 a month would be in a "borderline situation" if he were to purchase a RM400,000 house via a 40-year loan under the scheme.

"The new lending guidelines require banks to look at a borrower's net income," said a bank officer who declined to be named.

"This would mean that by default, his net income would be about RM4,500, that is without factoring in his car loan.

"A 40-year loan period would mean that he has to pay up about RM1,790 a month (based on an interest rate of 4.5 per cent).

"Under the new lending guidelines, the approval or rejection of the loan would depend on his other commitments, like personal loan or car loans. It's going to be borderline.

While the longer tenure for loan repayment may have its benefits, it does have some "loopholes".

"Today, getting a RM400,000 property in the Klang Valley will be a challenge. So, you can imagine if one were to look for a decent new development under RM300,000 or RM200,000.

"Let's assume that the supply of properties worth RM400,000 are in abundance. How many young adults will have a monthly income of RM5,000 a month at the age of 25 years?

"I guess the likelihood of individuals aged 25 or below buying a RM400,000 property will be low, but if they opt to buy a property as joint borrowers, it is still very much possible," said an analyst.

The good news is, the government has established the Perumahan Rakyat 1Malaysia Bhd (PR1MA) with the sole purpose of developing and maintaining affordable and quality houses, specifically for the middle income group. These houses are expected to be priced between RM100,000 and RM400,000.

Currently, PR1MA is accepting applications for one of its projects in Nusajaya - a double-storey link house (1,384 sq ft and above) for as low as RM199,000. Its website stated that more projects are underway, in Penang and Seremban.

-btimes.com

More should be able to own homes, tweets Najib

5th Jan 2013

http://www.themalaysianinsider.com/malaysia/article/more-should-be-able-to-own-homes-tweets-najib/

Standardised loan pact to benefit house buyers

4th Jan 2013

ABM- Easier for customers to understand contract terms and shop around for loans

THE standardised template that all commercial banks in Malaysia have been made to adopt for housing loan agreements will make it easier for customers to understand contract terms and shop around for loans, says the banking association.

Chuah Mei Lin, executive director of the Association of Banks in Malaysia (ABM), said Malaysia is probably the first in the world to have standardised banking loan documentation for the benefit of consumers.

Such a move is not construed as anti-competitive practice, she added.

Bank Negara Malaysia (BNM) late last month announced that all commercial banks would have to adopt a standardised template for the description of key terms and conditions for housing loans or home financing agreements from January 1 this year.

The template only applies to loans for individuals with a principal amount of RM500,000 and below.

Chuah explained that this will cover the bulk of housing loans out there as a survey done last year for 2011 showed that 80 per cent of ABM banks' straightforward housing/mortgage portfolio were RM500,000 and below.

The template was developed by ABM in consultation with BNM.

"With standardisation, key terms are presented in a manner which is consistent, clear and easy to understand. We're seeking to de-mystify terminology," she said, adding that it will also help consumers make a more direct comparison of the financial products and services offered out there.

The standardisation will take the form of a three-part agreement - Parts A, B and C - with only Part A containing the standardised terms. Part A will cover key aspects such as payment and calculation of interest, repayment and pre-payment, conditions precedent, and events and consequences of default.

The ABM's 13 bank members, which include foreign ones like HSBC Bank and OCBC Bank, have already adopted the template, while the remaining five banks in the country that offer housing loans - Bangkok Bank, Bank of China, ICBC Bank, Bank of Tokyo Mitsubishi and Bank of Nova Scotia - are expected to do by the first quarter of this year.

According to Chuah, banks are free to adopt the template for other types of loans, or for housing loans of above RM500,000, if they wish. "Customers just need to ask their bank if they will do it," she remarked.

The template does not apply to Islamic banks.

The introduction of the template won't necessarily cut the process time for loans, Chuah said, adding however that the ABM will undertake a survey next year to see if the turnaround time has actually improved.

As it stands now, for a straighforward housing loan, banks generally take a minimum of 45 days from the time a customer submits documents to the loan being disbursed.

"This is the existing timeline, but some banks are more efficient than this," she noted.

The template will also be made available in Bahasa Malaysia no later than October 30.

-btimes.com

Property speculation still rife: HBA

4th Jan 2013

PETALING JAYA - There has been a lack of concrete measures by the government in tackling speculation in the property market as speculators are still acquiring multiple properties to be subsequently sold at huge profits with only minimal real property gains tax (RPGT), said National House Buyers Association (HBA) secretary-general Chang Kim Loong.

"As a result, property prices remain high and beyond reach for many Malaysians, especially young people just entering the work force and those starting a family. It (RPGT) was a blatant letdown to control a spiraling increase of house prices," he told SunBiz in an email interview.

The increase in RPGT in Budget 2013 was revised from 10% to 15% for properties sold within two years and from 5% to 10% for properties sold between two and five years.

The association also expressed its concern over talks that the 1Malaysia Housing Programme (PR1MA) will not be governed under the Housing Development (Control & Licensing) Act, 1966 and its regulations.

Chang said if PR1MA is not governed under the Act, developers of PR1MA will not be regulated under the prevailing legislation and buyers will not be protected under the statutory sale and purchase agreements and will be unable to seek legal redress through the Tribunal for Home Buyers Claims.

"Why shouldn't PR1MA be under the Ministry of Housing and Local Government? Has the government lost confidence in their own ministry or has lost faith in their effectiveness?

"We hope government can take strong measures to curb speculation and bring orderliness to the property sector rather than allow PR1MA be exploited," he added.

Nevertheless, HBA supports the government's move in amending the Housing Development (Control and Licensing) Act, saying it gives more protection to house buyers in the form of 'criminalising abandoned housing projects' and imposition of 3% as deposit to the controller of housing in the developer's application for a developer's licence.

"Another good move is the amendments to the Strata Titles Act which provides for delivery of vacant possession of stratified units together with the Certificate of Completion and Compliance and strata titles. Also, the enactment of the new Strata Management Bill is an excellent piece of legislation that provides comprehensive guidelines for the maintenance and management of strata properties," said Chang.

As opposed to developers, Chang said the Build Then Sell (BTS) (10:90) system, which is mandatory from 2015, will significantly reduce home buyers' risk of big financial loss and hardship arising from stalled, abandoned and shoddily constructed projects.

"More important, we hope the government will see through these events to their completion and allow these laws to come into force soonest. Also, we urge that a roadmap for BTS (10:90) be finalised so as to allow a 'gradual phasing in' instead of an abrupt change into BTS (10:90) when 2015 comes," he added.

The Master Builders Association Malaysia, meanwhile, is calling for a quick implementation and award of mega projects such as the second mass rapid transit line for the Klang Valley as well as the Wawasan Merdeka, Tun Razak Exchange and River of Life projects in Kuala Lumpur this year, noting that bureaucracy can sometimes delay the physical implementation of projects.

"The outlook for the construction sector for 2013 will continue to be positive with the government and the private sector playing their respective roles," said its president Matthew Tee.

"I am also sure everyone is very anxious to know the result of the upcoming general election, which would have a bearing on the status and implementation of government projects."

But Tee is aware that the implementation of mega projects will worsen the shortage of skilled labour faced by the industry.

"Last year, the ultimate challenge faced by the industry was the shortage of skilled workforce which continues to be a problem (in 2013)," he added.

MBAM had previously appealed to the government to allow the construction sector to secure skilled workforce from more source countries.

-thesundaily

Don't let your personal data get carted away

2nd Jan 2013

You are for sale.

Or at least your personal data is. This may include where you live, how much you spent for dinner or even your mobile number. All of it is mined and harvested.

Your data is later sold to businesses which contact you about buying their services. Data mining is big business, with global estimates bordering on billions of dollars, said one New York Times report in February this year.

Locally, data miners have also been enjoying a boom, says one industry observer, Ms Angie Tay from Teledirect.

She recalls a study done about four years ago stating that the data industry here is "worth millions".

Says Ms Tay, a country director: "If you ask database companies for a name, home phone number and address, it would cost between $5 and $10 for each contact. "Add a person's NRIC number (and the) data costs more."

Some data base providers also sell information in bulk.

Residential addresses costs $500 for 20,000 listings depending on whether it's HDB, condominium or landed property.

According to some data mining websites, mobile numbers are costlier at $500 for 2,500 personal numbers.

E-mails go for $1,000 for 10,000 listings. One data miner posted online in January: "I have leads of high net worth clients as well and leads can be tailored to individual targeted audience.

"Guaranteed high contactability rate as it (the database) has been recently updated." The data these websites get can be from a variety of sources, such as lucky draw forms, survey forms and those name cards you drop in a bowl at product launches. In the last few years, people posting personal information on social networking sites have made it easier for data miners.

Says Mr Vincent Tay from Balanced Consultancy: "Most people ask for it when they display personal information openly on social media.

"There are also some apps that monitor everything you do online and collect data from you without you realising it.

"These companies protect themselves legally by putting a disclaimer which most people don't read or understand." On some websites, companies even openly declare that they will share your details with their partners. But could a person get sensitive data if he wanted to?

Information on a person's banking or salary details would be hard to come by, says Mr Tay.

He adds: "But it would not be impossible if you have some friends in the industry. It's illegal and people normally do not dare collect sensitive material because you can always trace who has been accessing the data."

And more protection is on the way. The Personal Data Protection Act kicks in on Jan 2.

The Act seeks to prevent the misuse of personal information - on how businesses collect, use, protect and provide access to personal data.

Adds Ms Tay, who is also the vice chairman of Contact Centre Association of Singapore: "People (contact centre members) are getting worried of the $1 million fine (for misuse of personal data).

"We do have some interactions with Infocomm Development Authority (IDA).

And it's not as complicated as what some of our members fear."

Under the new Act, what some database companies have been hawking may be seen as illegal.

Selling personal e-mail addresses can be seen as a breach if no permission had been obtained from you.

Says a spokesman for the Ministry of Communications and Information: "An e-mail address would be considered 'personal data' if an individual can be identified from the address, or from a combination of the e-mail address and other information to which an organisation has or is likely to have access."

Personal data end-users like a marketing executive, who gave his name only as Mr Tan, have already stopped as their e-mail blasts missed their targets.

Says Mr Tan: "They end up in the (e-mail) trash bin. The best business model has always been the point of referral or client recommendation."

Baffled how info is traded

It's about time.

That's the response of people on the receiving end of junk e-mails and calls.

Receiving unsolicited e-mails or telephone calls can be a nuisance, says Mr Ong Kim Hua, a motorcycle distributor.

"Up until 2011, I keep getting SMSes and international phone calls about investment products or credit card memberships.

"I scold them and tell them not to call again. Yet a few days later,somebody from the same company but from a different department calls me." He adds: "One of them even had the cheek to return my call simply to scold me for hanging up."

Mr Ong is baffled about how his personal information is traded around.

He adds: "I don't recall giving away personal details to anybody but they seem to know how much I earn or how to get me on my private line."

Lawyer Satwant Singh, 48, says, it all boils down towhat an individual considers personal.

"A person may even regard his mobile phone number as personal or private data.

"In this modern day, a mobile phone is a person's lifeline and some just don't want any intrusion."

But financial and other sensitive information must be kept confidential, he says.

"I would be shocked if somebody has access to my financial information. "Only those in the financial industry possess such information, which they are bound by law not to disclose."

What others can find out about you - for free or at a price

Free

- Personal information that can be retrieved for free include those from SingTel Yellow Pages, where names, home addresses and home telephone numbers are listed.

- Contact information available on social networking sites. This depends on the individual's privacy settings.

- Marriage details can be accessed on a limited basis for free via the Registry of Marriages. But the seeker needs to use his SingPass.

- LinkedIn is another resource that's free. A person's employment history can be retrieved. The company claims that 175 million professionals use its networking site.

Paying a small fee for information

- Details like who owns a landed property can be obtained through the Singapore Land Authority web portal.

- More detailed information about an individual is available via the Accounting and Corporate Regulatory Authority (Acra).

For a fee, you can get an individual's name, NRIC number and home address.

This search, also known as a due diligence search, reveals information on the businesses owned by an individual.

More expensive and extensive search

- Hire a private detective to get an individual's valuable secrets. Prices are in the region of a few thousand dollars, says one private investigator who declined to be named.

Sensitive personal information could be obtained. However, there's no guarantee and it may be illegal.

The same private investigator found this reporter's NRIC number in just four hours, without elaborating on how he found it.

A data security expert who was given the same challenge managed to find only data that's publicly available.

The security expert found no personal data of this reporter.

The Act explained

The Act regulates the collection,use and disclosure of personal data by organisations.

It also aims to prevent the misuse of personal information and will kick in by Jan 2.

An important part of the Act involves these organisations seeking permission from individuals before any data is collected.

The Act was passed in Parliament on Oct 15 this year and gives companies a transition period of 18 months to comply with the new laws.

The Personal Protection Data Act will be implemented in phases to allow businesses time to fine-tune their data management policies and procedures.

However, exceptions may apply.

Business or contact information such as an individual's business address or business e-mail address that is publicly available,maybe collected, used or disclosed without an individual's consent, says a spokesman for the Ministry of Communication sand Information.

A Do Not Call (DNC) registry will be set up in early 2014.

People can then register their phone numbers, preventing businesses from contacting them for commercial purposes.

Firms violating the DNC rules can be fined $10,000 for each offence.

Organisations that break data protection laws can be fined up to $1 million.

- The New Paper

With promise of real estate boon, property investor clubs boom

By Opalyn Mok

January 02, 2013

http://www.themalaysianinsider.com/malaysia/article/with-promise-of-real-estate-boon-property-investor-clubs-boom/

Reflections and expectations

2nd Jan 2013

THEN AND NOW- Industry leaders look back on the year that was and outline their plans for the times ahead

BASED on the strategic roadmap, 2012 was the tipping point for Iskandar Malaysia and we have reached that as most of the catalytic projects that we planned have been completed.

The next stage of development is to make the Iskandar region a metropolis of international standing, comparable to London, New York, Auckland and Singapore, in a bid to become among the world's 10 most liveable cities.

The investment put in by the federal government in building new infrastructure and improving existing infrastructure, coupled with catalytic projects, have equated to the current situation we're seeing in Iskandar Malaysia, which is buzzing with activities.

Perhaps, we shouldn't have been too 'cautiously optimistic' in developing Iskandar Malaysia. We should have built more five-star hotels. We have shortage of rooms now in Johor.

OUR Bank Negara Malaysia governor (Tan Sri Dr Zeti Akhtar Aziz) has reiterated her optimism that the economy will continue to do well in 2013 despite challenges in the global economy.

The growth of the Malaysian economy is expected to be in the region of 5.0 per cent this year and this would be made possible by the resilience displayed by the domestic economy, which was fuelled by domestic private investments.

The local property market is very much domestically-driven. So long as it is a good concept in the right location and the products cater to the market's demand, it will do well.

We expect the residential market to continue being the main driver for property sales this year, similar to previous years' trends.

For Mah Sing, we are focusing on landed residential projects and niche size high-rise projects.

In the commercial segment, retail offices in good schemes, smaller SoHo and SoVo properties should do well due to the affordable price points and the lack of such supply in selected locations, especially in integrated development projects.

We are particularly confident about mass market housing for the middle-income class where there is pent-up demand for basic shelter.

THE Malaysian Real Estate Investment Trusts (M-REITs) industry is seeing exciting times ahead. The current total market capitalisation of RM24.1 billion is projected to exceed RM35 billion with the proposed formation of KLCCP Stapled Group.

The growth of M-REITs in the last two years has enhanced the visibility and prominence of M-REITs among international investors.

From a relatively small and unknown market in Asia, M-REITs is now ranked fourth (by market cap) in Asia after Japan, Singapore and Hong Kong. In Southeast Asia, M-REITs is ranked second (by market cap) after Singapore.

For acquisition purpose, the use of debt financing is timely due to the availability of "cheap" financing.

In essence, the environment is conducive for M-REITs to embark on acquisition trail. But vendors may be equally demanding in their asking price.

CERTAINLY, deepwater capabilities are key to accessing some of the significantly liquid resources that are available worldwide. And in Malaysia, we expect to have four sanctioned projects coming online that will deliver up to 75,000 barrels a day of production by 2016.

We are spending about US$500 million a year right now on these projects that have up to 20 per cent types of returns. And they provide a strong liquids ramp in our portfolio.

We have additional opportunities in this complex that are being appraised and ready for sanction in the next few years to continue the growth and development of our Malaysian positions.

MALAYSIA'S economic resilience in 2012 was remarkable, especially against the backdrop of an European financial crisis and sluggish growth in China, but it drove domestic demand growth for energy that required the industry to draw on all its resources.

As an industry, we (Shell) have made investments to increase capacity over the years, so we are able to meet the demand growth.

The Gumusut-Kakap development - a deepwater joint venture between Petronas, Shell, ConocoPhillips and Murphy Oil Corp - is an example where its early production added 25,000 barrels per day of oil to the country's production.

For 2012, Shell Malaysia took the decision to invest and look for oil and gas, with the signing of several production- sharing contracts.

To address issues pertaining to the production decline, we will continue investing in new fields as well as extending the life of existing fields with the aim to maintain the production levels.

Our ongoing and new contracts underpin Shell's commitment to Malaysia as a heartland, where we already invest an average of around US$1 billion annually

Looking forward, more Malaysia's oil and gas will be produced in increasingly challenging conditions, and this requires us to bring high-end technology and innovation.

-btimes.com