Should we park and ride?

Published on 14th April 2012

By DATUK ALAN TONG

RECENTLY, one of my long-serving staff decided to give up her job. In most cases, people leave a job for greener pastures. Her case was different.

She lives at one end of Kuala Lumpur (KL) and works at the other end of KL. It would be reasonable to believe that travelling within KL should be a breeze. Yet, on average she spends up to three hours each day on the road to travel to and from work. While she loves working with the company, the tiring years of spending many hours on the road has worn her down and her family time has been greatly shortened.

To many, the announcement of the Klang Valley My Rapid Transit (KVMRT) project is like a timely rain to ease the drought. The development of public transportation dictates the ease of mobility and connectivity in a city, which is a key factor for KL to become a world-class city, and for Klang Valley to elevate to the next level.

Attractive line

Being an architect and a developer, creating quality lifestyle has always been my keen interest, and I do look forward to the development of KVMRT. The first Sungai Buloh-Kajang line that has 51km in total length is expected to generate great benefits along the route once it is completed.

It will attract more people to move into Klang Valley, achieving the mission of growing the Greater KL's population, and eventually spurring the development of the country.

As the MRT project shoulders the important role of changing lifestyles of a huge population, it is important to be prudent in every single detail right from the planning stage to ensure the desirable outcomes are achieved, to the benefit of all, including the owner and operator of the MRT, as well as its end users.

Serving its purpose

Based on the plan, the Sungai Buloh-Kajang line is targeted to serve a catchment of 1.2 million people with 31 stations in total. Thirteen of these stations are expected to have the park-and-ride facilities. How viable are these facilities? Will they do more harm than good in solving the issue of traffic congestion, scarcity of land for housing and preservation of environment?

Before we delve further, let's ask ourselves this question: “How far are we prepared to walk under Malaysia's tropical weather?”

Answers may vary but the average acceptable distance will be 300m to 500m. If this is the comfortable distance for people to walk to the MRT stations, how many cars can we accommodate within the neighbourhood of this radius? How big a space should be allocated as parking bays next to the stations?

If one acre is allocated, it can only accommodate 150 cars, which is too few to satisfy the demand.

If the car park area is increased to three acres for 450 cars, it will be a huge waste of valuable space as the land next to the MRT station is a prime property. The construction and maintenance costs of these car parks will result in high parking fees for the users. Unlike shopping complexes which can charge reasonable parking fees to attract more shoppers and in turn, subsidise its car parks' maintenance cost.

In some developed countries, the same piece of land would be used to develop high rise dwellings or commercial buildings.

For example, instead of constructing a car park, the same three acres can be utilised to build 450 units of apartments of 1,200 sq ft each.

The idea of constructing 1,200 sq ft apartments will also attract more middle income group who can afford to own cars to use MRT instead. This will generate more volume to the MRT stations, increasing the economy of scale and thus lowering the price of ticket.

These stations will eventually become centres of attraction for commercial activities, creating more business and employment opportunities for the areas.

In addition to constructing high-rise buildings nearby the stations, feeder buses can be used to increase the accessibility to the MRT station. The MRT operator must ensure the feeder buses are frequent and timely in delivering reliable services to MRT commuters. Another option is to build covered walkways to encourage more people to use the MRT facility.

Riding quality

In order to attract people to stay near the MRT stations, noise and pollution from the MRT system should be reduced. One of the most effective ways of doing so is to go underground.

We should have more underground stations to ensure the quality of living for those who stay around the stations. Such areas can later on be expanded to become commercial hubs, complementing the existing business activities on the ground, such as what have been practised in Singapore, Hong Kong and Taipei.

Going underground may be expensive. Nonetheless, one has to consider the economic and social impacts of MRT stations in the long run. If it is not viable to go underground, are there any other options that are worth considering? What about building an elevated tunnel enclosed with fiberglass (similar to our KLIA's Skytrain) to cut down noise pollution?

There are many possibilities that can be explored with the development of MRT system. With proper planning, MRT system can ease the traffic flow and enrich quality of life for the people living in Klang Valley. However, with park-and ride stations, the concern is, does it serve the purpose of easing traffic congestion within if MRT commuters still need to drive to MRT stations?

Datuk Alan Tong is the group chairman of Bukit Kiara Properties. He was the FIABCI world president in 2005-2006 and was named Property Man of The Year 2010 by FIABCI Malaysia.

http://biz.thestar.com.my/news/story.asp?file=/2012/4/14/business/11082004&sec=business

Buying a second property

Published on 22nd May 2012

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Peter Yee

Our property investment consultant Peter Yee is the author of the books, You Can Become Rich in Property and The Certain Way to Life’s Riches.

Formerly an educationist, he has also been a management consultant, stockbroker, restaurant owner, property investor and investment coach.

Yee has a doctorate and master’s degree in business administration as well as a bachelor of science degree. He runs workshops on How to Make Money from Residential, Commercial and Auction Property in Malaysia.

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Question

I am a senior banker, aged 29, with a monthly salary of over RM10,000 (excluding my annual bonus). I am staying with my parents.

I bought a terraced house in Bandar Mahkota Cheras (Kuala Lumpur) for RM500,000. It is in a new development and will be ready by the end of the year. Currently, I am servicing the bank interest which is gradually increasing. When the house is completed, I would need to pay a monthly housing loan of RM2,000.

The proposed MRT project by the MMC-Gamuda joint-venture company will eventually link Sungai Buloh with Kajang. This will shorten the distance and travel time and create more business opportunities. Thus, I foresee that the property value of the surrounding areas will appreciate when the project is completed.

However, the project has yet to start and the notorious traffic jams in Cheras still remain unresolved. Initially, I planned to move to Cheras but could not bear the long distance - 33km to the KL city centre - and the traffic jams. Thus, in my plan to buy a second property, I am still undecided whether it should be for own stay or for investment. And which location in KL should be preferable - Bukit Ceylon or Mont’ Kiara? My budget is capped at RM650,000.

What should I consider in my buying decision? How should I start my research? How should I plan for the payment?

More importantly, what would be the most crucial point?

Home Buyer (via e-mail)

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Answer

Congratulations on being a senior banker earning a high salary at such a relatively, young age. I guess you may still be single as you are staying with your parents and still undecided on the purpose of buying your second property.

Your terraced house in Bandar Mahkota Cheras has probably appreciated in value even though it would only be handed over at the end of the year. Despite the traffic jam and travel time to your work place, the capital appreciation of your first property may have influenced you to invest in a second property.

When the first property is handed over, you will start servicing the monthly repayment of RM2,000 - which is approximately 20% of your monthly income. As such, you still have room, financially, to invest in another property.

Infrastructural developments such as the MRT link between Sungai Buloh and Kajang may reduce traffic jams in KL, as well as become a factor in the increase in property prices along the route.

However, no one knows the future for certain. The future of the property market will be influenced by Government policies. And Malaysia's economic well-being is also influenced by the world market situation.

In general, property prices have appreciated 20% to 80% over the past few years. Most people who bought property a few years ago have made money and feel lucky. The entry point or timing of purchase can be crucial point in property investment.

One of the factors fuelling this upward trend in demand, has been people who have not invested in property and who do not want to be left out from making money. This has caused a surge in property purchases.

As you are not certain about your second property investment objective, I will share three perspectives for you to consider. They are based on different objectives, such as:

(A) buying for your own stay

(B) investment purpose

(C) buying for own stay and later converting it into an investment

Factors you should consider, if buying for:

(A) Own stay 

1. Convenience - near your work place and parents. This will help you save time, money and avoid 

    stress from KL's traffic jams while helping you maintain closer ties with your parents.

2. Near facilities and amenities which you frequent such the supermarket, laundry services, food 

    outlets, banks, park and so on.

3. Located in a quiet, clean and safe place.

4. Neighbourhood, sun direction and view.

5. Feng shui factors.

(B) Investment purpose

1. Preferably ready-built so that you can collect rental income to offset the bank loan.

2. The return on investment or yield, should preferably be more than 8% for high-rise residential 

    property or more than 5% for landed residential property.

3. For rental income to be sustainable, the occupancy rate is preferably more than 90%.

4. Quality of tenants in the area.

(C) Own stay and investment 

This objective should consider all of the factors above (A + B).

You may search for the desired property by leveraging on the expertise and time of property agents by telling them what type of property you want. Property purchasers do not need to pay the agents commission. The agent's commission will be paid by the seller.

You may plan your monthly repayment based on an allocation of 30% of your monthly income for buying your property. For an investment property, it is preferable to have a positive cash flow. That means, after paying the monthly repayment with your monthly rental income, you should still have money left over. To increase the positive cash flow, you may choose to stretch your loan tenure longer to reduce your monthly repayment sum.

Crucial points to consider in property investment include factors such as the location, purchase price, timing of purchase, renovation and repair costs.

Peter

http://www.starproperty.my/PropertyGuide/Finance/21377/0/0

Semi-dee's chart highest price gains

Published on 21st June 2012

The residential property market in Malaysia has seen an overall price gain of 78% from the first quarter of 2000 to the third quarter of 2011.

According to recent market analysis by Oriental Realty and its Hong Kong partner, Zeppelin Real Estate Analysis Ltd, of the four main residential categories - high-rise, terraced, semi-detached and detached homes - the price gains are 50%, 91%, 103% and 79% respectively.

Simply looking at the gains, semi-detached property is the winner during the period stated. However, when one factors the market price volatilities or risks, into the equation, and using a “return to risk” ratio, terraced property has the best ratio of all.

Simple quantitative methods are applied to review, ascertain, and/or analyse, where feasible, the market performances and probable trends using available data:

a) Data source: www.jpph.gov.my
b) Scope: Kuala Lumpur Residential property categorised by high-rise, terraced, semi-detached and

    detached.
c) Period: 1Q 2000 to 3Q 2011
d) Method: the average and standard deviation of the data streams (quarterly in this case) are 

     calculated to assess their return and risk parameters

The results are reflected in the following charts and tables:

1) This chart shows the raw index figures of the four residential property types and the trends are plotted respectively.

2) This chart compares the price performances of the four categories via equating the 1Q 2000, i.e. the base year, raw index figures to 1.00 (visually, there is only a slight difference from the chart above).

Best performer

It is obvious that semi-detached property is the best performer with the highest price gain in 3Q 2011 while detached property, which has been in the lead for some time, falls even below terraced house property. High-rise property appears to be a laggard throughout the period.


Price volatilities

3) The charts below measure the price volatilities, or fluctuations, of the four property types and plot their price performances to their respective average levels and high and low standard deviation levels in order to ascertain which house types may be more volatile (riskier), price-wise, compared to the others. (High standard deviation level = average + standard deviation; low standard deviation level = average – standard deviation.)

Volatility is deemed a measurement of riskiness and the higher the volatility, the riskier. The high and low standard deviation levels represent the price bandwidth in which, generally, the prices of the house type vary.

Prices below or above this bandwidth can be viewed as being outside the norm so to speak. Note that this bandwidth can narrow or widen, and move up or down, as future data is added or current data is amended.

High side

The charts above share the same vertical scale and thus, it is easily observed that high-rise residential property tends to have the lowest volatility in terms of price performance while both semi-detached and detached property have similarly higher volatilities. This observation is based on the curves themselves and the bandwidths, bound by the high and low standard deviation levels, which go with them.

Note that the 3Q 2011 prices of all four residential property types exceed, in varying degrees, the high standard deviation level. This may mean prices are more or less on the high side.

The chart below plots the overall return and risk values for each of the residential property types.

Risks

Essentially, higher returns come with higher risks. For investors who are risk adverse, high-rise homes could be a suitable selection.

For investors who are ‘middle of the ground’ in risk adversity, terraced house property may be an option.

For investors wishing for the best possible price gain, a semi-detached house appears a better selection than a detached house, which not only lags behind semi-detached property in terms of return, but also terraced houses too, while incurring greater risk than all the others.

Again, such observations may change, as future data is added or current data is revised.
Semi-detached and terraced house types appear to show comparatively better price performances during the period, and up to, the last interval indicated.

Nonetheless, calculations only make up part of the consideration. Readers and prospective investors are also advised to consult competent real estate agents and professionals for the most current market conditions and for reality checks.

The Oriental Realty group offers real estate services in Malaysia. Zeppelin Real Estate Analysis Ltd is a Hong Kong-based consulting operation involved in real estate development, investment, and management in China including Hong Kong.

http://www.starproperty.my/PropertyGuide/Finance/22406/0/0

New KL mayor wants to bring DBKL closer to the people

KUALA LUMPUR: New Kuala Lumpur mayor Datuk Ahmad Phesal Talibwants to bring Kuala Lumpur City Hall (DBKL) closer to the people, especially the city folks, by ensuring they receive the best service.

He gave the assurance that DBKL would respond to all their complaints.

“We also want the society to help us by giving us suggestions on how to improve our services so that we can provide them with the best service,” he told reporters at the DBKL Tower Wednesday.

Ahmad Phesal, who started work as the 10th Kuala Lumpur Mayor Wednesday, was giving a rousing welcome by his staff.

Ahmad Phesal Talib being welcome by DBKL Staff.

The former Federal Territories and Urban Wellbeing secretary-general replaces Tan Sri Ahmad Fuad Ismail, whose term expired last July 15.

Ahmad Phesal said he would focus on town maintenance, like cleanliness, lamp posts, billboards and road maintenance, to provide a better environment and living condition for the people.

He called for cooperation from the media and non-governmental organisations (NGOs) to help DBKL to provide the best service for the people.

“We need the assistance of all quarters to serve the people,” he said, adding that Kuala Lumpur had a population of more than 1.6 million people and is expected to increase to four million people by 2020.

To meet the increase in population, he said DBKL had to continuously upgrade its delivery service.

"Kuala Lumpur now ranked 78th among the best cities in the world and we hoped to make it to be among the best 20 cities by 2020," he added.

Ahmad Phesal joined the civil service in 1977 and used to serve at the Economic Planning Unit of the Prime Minister's Department and the Labuan Municipal Council.

He obtained his bachelor's degree in Anthropology and Sociology from University Malaya and then pursued his master's degree in town and regional planning from the University of Wisconsin. - Bernama

http://thestar.com.my/news/story.asp?file=/2012/7/18/nation/20120718141603&sec=nation

Selling a haunted house

By EUGENE MAHALINGAM
eugenicz@thestar.com.my

SELLING a house, even in a stable property market, can be quite a challenge. But what if the home you’re trying to dispose of happens to be haunted?

It’s not a common occurrence, but once in a while, you (or someone you know) may end up running into a property transaction where the house was the scene of a horrific crime and is now home to some ghostly inhabitants.

According to an article by US-based Realtor Magazine, haunted properties fall within the category of “stigmatised properties,” or real estate that is not defective in any physical manner, but due to psychological or emotional factors, may have a reduced value.

Among the situations covered under the title of “stigmatised” is a property that was the site of a murder, suicide, alleged haunting, or “other parapsychological phenomenon,” it says.

And according to Reuters, stigmatised homes typically sell for 10% to 20% less than comparable homes.

On the local front, all of this is compounded by the fact that most Malaysians are generally quite superstitious, meaning that anything associated with the dead is considered taboo and should be avoided like a plague!

One local property realtor concurs that a haunted house is much more difficult to sell.

“It’s a known fact that it will affect the marketability of the property and may even take a long time to sell it.

“If it’s known in the market that someone was killed there, the price could be affected,” he says.

In a worst case scenario, if your home is haunted, it may never get sold, says VPC Alliance (Malaysia) Sdn Bhd director James Wong.

“There are many abandoned houses in Malaysia that are supposedly haunted and have been vacant for a long time because they are difficult to sell,” he tells StarBizWeek.

If you happened to own a house that has a macabre past and plan to put it on the market. What can you do to increase the marketability of this supposedly haunted dwelling?

Rumours and hearsay

A house could falsely be considered haunted due to rumours or inaccurate stories.

“Sometimes it’s all just a matter of hearsay. No one may have actually experienced anything eerie, but people just keep talking about it,” says Malaysian Institute of Estate Agents president Nixon Paul.

“They may say things like ‘don’t go to that place because it’s haunted,’ and then the story just stops there. Nothing supernatural is really experienced and the house (is stigmatised) due to a malicious rumour.”

Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng points out that people can get easily carried away by stories they read or movies they watch.

“Sometimes movies can have a psychological effect on people. But after they live in the house for a while and nothing bad is experienced, everything is fine.”

Sometimes, the imagination can play cruel tricks on the mind. If you’re convinced that you have spiritual squatters living with you, get an expert to examine the place.

“It’s always best to get to the bottom of things – just to be sure,” says Vincent Liew, a seasoned roof repairman who also does household repairs.

“The sounds you hear could be caused by the wind and the vibrations you feel from loose fittings or a heavy vehicle passing by. If you’re seeing shadows, check to see if they are caused by something external, like an overhanging tree branch or moving curtains, for example. Try recreating the sound yourself.”

If the house you own is looking a little dilapidated, giving it a ghostly appearance, all it may need is some sprucing up or a fresh coat of paint.

KL Interior Design executive designer Robert Lee says “a house looks like it is haunted” because of the lack of maintenance.

“If your house is overgrown with weeds, cut or trim the bushes. If the wall or fence is damaged, fix it. 

Some properties are so badly neglected, it can actually look abandoned or even haunted. This won’t boost your resale value,” he says.

If, after everything you’ve done and you’re still convinced that the property you have is haunted, then it’s best to get an expert to deal with it.

“Getting help from a priest or a medium can help deal with this,” says Lee.

Disclosure


If, after everything you’ve done and your spooky inhabitants refuse to go away, then the next thing you need to consider is whether to disclose to the prospective buyers that the house you’re selling is indeed haunted.

In certain countries, such as the United States, it is a legal obligation for the seller to disclose information about the property’s history, for example the house may have been the scene of a gruesome crime such as murder.

Fortunately for sellers, no such law exists in Malaysia.

“In this case, the doctrine of caveat emptor (which is Latin for “Let the buyer beware”) applies,” says one industry expert.

“Here, the onus is on the buyer to do research about the property’s history. There is no onus on the seller or agent to disclose anything,” he says.

Kuala Lumpur-based lawyer Dinesh Kanavaji concurs that there is no rule for a seller to disclose that his or her property is haunted.

“There is no legal obligation. But then, which seller would want to disclose that anyway? Of course, morally, you should disclose.

“Either way, a buyer should do the necessary research first if he’s heard things about the house,” he says.

Not a bad thing


To some buyers, a haunted house may be more of an attraction than a deterrent.

“Not everyone is superstitious or cares if a house is haunted. As long as they have a roof above their heads, that’s all that counts,” says one industry observer.

“In a hot property market where prices are sky-high, a haunted house, which would fetch a lower price, is more likely to attract prospective buyers in droves – assuming of course they’re not concerned about sharing their abode with some ghostly housemates,” he adds.

In an article last year, online business portal Business Insider reported that investors sometimes look to buy a haunted house in the hope of gutting the premises, building a new abode and reselling it for a larger profit.

“Other times, adventurous business owners purchase haunted houses in order to transform the properties into bed-and-breakfast, restaurants, or local businesses that will attract curious visitors.”

While many believe that it’s detrimental to own a haunted property, whether residential or commercial, some believe that the impact would be lesser if it’s the latter.

“If it’s residential property, it will have a bigger impact because people are living there. That’s not the case for retail premises because you’re not living there, so it’s not too much of a concern,” says Richard Chan, past president of the Malaysian Association for Shopping and Highrise Complex Management
and national committee member of the Building Management Association of Malaysia.

“Of course it does not help if the (commercial) property is haunted, but it’s not detrimental,” he says.
Chan adds that sometimes it’s best to not know what you’re buying into.

“What you don’t know won’t hurt you,” he says.

Another industry observer, meanwhile, believes one has to worry more about the living than the dead.
“It’s better to live next to a cemetery than an unruly neighbour,” he says.

Is there a real reprieve in prices?

By THEAN LEE CHENG
leecheng@thestar.com.my

NOW that we are in the middle of 2012, it is probably a known and accepted fact that the property market is taking a long-awaited breather, after a steep and breathless uphill climb in 2010 and last year.

Prices and rental in a most parts of the Klang Valley have come down. In some hotspots that have seen the steepest price increase the last couple of years, rental and prices have come down marginally since the last quarter of 2011 and this trend has continued until today. It is likely this trend will continue well into the second half of this year.

It is not that there is no longer demand for these properties. There is demand, but the prices have been bidded up to such a degree that potential buyers are beginning to ask themselves if they are over-paying. Some may even ask if there are fundamentals to support such high prices. In short, they have decided to walk away.

Whether they are prepared to over-pay or whether there are fundamentals to support these high prices are two different things. This is because buying a house is – or can be – an emotional affair.

Some are willing to over-pay because they really like the property, or its location and the amenities that come with it. Or they may be concerned that if they do not buy now, prices may go up further.

So, despite the suspicion that they may be over-paying, they decide to go ahead with the purchase. This is particularly so if they are renting.

As for whether there are fundamentals to support prices that go up, up and up, well often, there isn’t. The same infrastructure is there, and the environment has remained status quo. But prices have moved up and buyers wonder – what’s the rationale? Buyers are beginning to question and that is good.

The secondary market – where buyers buy directly from property owners – may be a more realistic gauge of the sentiment prevailing in the property market.

There is less speculation in the secondary market. Those who shop for a house in the classifieds would already know the purpose of his purchase. He would more or less know how he is going to finance it because he has to pay for the property in full, upon signing the sales and purchase agreement. He would also have to go about seeking the services of a lawyer, if he does not have one already, and the mortgage loan would also have to be sorted out.

In other words, the outlay would be greater – emotionally, financially and physically – as there is much running around after a decision is made for a particular property.

It is only in the primary market, where buyers buy directly from the developers, that the speculative element is more evident. Amid the razzmatazz and the party spirit of the moment, a buyer just pays the 10% he is required to and sits back with the availability of today’s interest bearing schemes. He need not think too much about what he is going to do with it, or how he is going to finance the purchase until two to three years later. If he does not want to begin his loan repayment, he can sell it.

It is here, therefore, in the primary market, that the speculative element is more evident. Last year, developers had multiple launches. Their intention was to lock in sales while the going was good.

This year, the situation has changed somewhat. There is a lot more caution, both in the secondary and the primary market, as evidenced by less launches by developers, and slower sales in the secondary market. Unlike last year, a developer has to do a lot more marketing and promotion in order to lock in sales now.

Nevertheless, despite the slower sales, there seems to be no let up in the prices as they remain high, with developers justifying their prices with increasing cost of construction.

As we enter the second half of 2012, the worsening crisis in the eurozone will cast some uncertainty over the market, although indirectly. Already, exports for April have contracted, although marginally. This may filter down to the property market.

Those who buy with a clear focus and objective will continue to execute their decision. Those who are more uncertain why they are buying may take a wait-and-see approach, or if they really like a property and are certain of its potential, may just take out the cheque book.

Deputy news editor Thean Lee Cheng wonders how the Greek election tomorrow will turn out as it may open up a new chapter for the eurozone. We in Malaysia will not be immune to what’s happening in Europe.


http://www.starproperty.my/PropertyScene/PropertyScene/22318/0/0

Hong Kong warns property bubble risk remains

HONG KONG, July 10 – Property prices in Hong Kong grew at a slower pace and sales fell in the second quarter as global stock markets weakened, but the city’s financial chief warned today that risk of a bubble will remain as long as interest rates stay low.

John Tsang told legislators that market sentiment had moderated in the past two months after a sharp rebound in February.

In May, prices grew by less than 1 per cent and in June registered transactions fell by 30 per cent to 5,890, but Tsang said the direction of the real estate sector was still unclear.

“The property market... is under the influence of the weak external economic environment and ultra-low interest rates and it’s difficult to predict its future direction,” Tsang said. “But as long as the low-interest rate regime remains unchanged, the risk of the property bubble remains.”

Low interest rates and a flood of buyers from mainland China have pushed up Hong Kong real estate prices in recent years, fuelling broader inflationary pressures in the territory.

Prices soared 94 per cent over the last five years to end-2011, according to brokerage Knight Frank.

In answer to widespread local anger at being priced out of the market, Hong Kong’s new leader Leung Chun-ying has proposed a number of countermeasures, including selling land for developments that would be restricted to Hong Kong residents only.

The risk of a sharp correction in the city’s property market has grown as Europe’s debt crisis deepens and as the global economy sputters, reducing demand for goods from China and Hong Kong.

Hong Kong’s private sector output fell for the second straight month in June, with new business from mainland China declining for the third consecutive month and at the sharpest rate since last November, according to a purchasing managers survey released last week.

Hong Kong’s domestic exports fell 26 per cent in January-April compared to the same period in 2011. For the month of April alone, domestic exports fell 23.4 per cent compared to a year earlier.

China’s Customs administration announced today that imports rose 6.3 per cent in June from a year earlier, less than half the 12.7 per cent increase forecast in a Reuters poll as domestic demand flagged in the world’s second biggest economy.

The uncertain economic environment may have also dampened developers’ appetite for new projects.

Yesterday, Hong Kong’s subway operator MTR Corp withdrew its tender of a site on top of a railway station in the New Territories after bids from three major developers came in below expectation. – Reuters

http://www.themalaysianinsider.com/business/article/hong-kong-warns-property-bubble-risk-remains/