Given a choice, would you prefer to get a loan to buy an item that depreciates over a short period which is deemed as “bad debt” or commit on a “good debt”, which is to purchase a house or asset that will appreciate in the long term?
A car used to be a symbol of freedom and ease of mobility. I could understand the dilemma of having to choose between a house and a car a decade ago.
Even then, we should still have chosen a car within our means to manage our financial position.
Today, with public transportation and the availability of ride-sharing services such as Grab Car, we can now really have the option of buying a house first. This gives us both shelter and value appreciation.
This choice has just been made easier with Budget 2019 and the recent announcement by the Finance Ministry.
The government has rolled out several measures to assist homebuyers, including stamp duty exemptions.
Homebuyers will get a stamp duty waiver for memorandum of transfer (MoT) for the purchase of houses priced up to RM1mil, during the six-month Home Ownership Campaign (HOC) from January to June 2019. In addition, the stamp duty on loan documentation is fully waived up to RM2.5mil.
Besides that, the Real Estate and Housing Developers Association (Rehda) has also agreed to cut the prices of its completed and incoming units by at least 10%.
When I talk to potential homebuyers, they always ask about the right time to own property.
There is no perfect time to buy a house on foresight. If the price is within your means, and you plan to buy it for own stay or as a long-term investment, then anytime is a good time.
However, with the property market at the bottom half of the cycle now, this could be a good time to commit to a house with the attractive tax incentives rolled out by the government.
Homebuyers can grab the “duty-free” opportunity now to explore the property market. Those living in the Klang Valley will be able to find their dream home during the Homeownership Campaign Expo at the KLCC Convention Centre from March 1-3.
The campaign is jointly organised by Rehda and the Housing and Local Government Ministry. Besides having all developers under one roof, the ministry will also be featuring homes under RM300,000 by PR1MA, SPNB, PNB and others.
The Homeownership Campaign was first held in 1998 to lessen the burden of homebuyers and to encourage homeownership. It is re-introduced after two decades now with the same objective.
For homebuyers who don’t like the risk of buying a house under construction, there are plenty of completed units for sale in the campaign.
Buying a house can be emotional and uncertain for many homebuyers. However, in the long run, we can rest assured that we are buying an asset that will appreciate.
For homebuyers, always buy within your means as you can upgrade your house in the later stage of your life.
In this auspicious Chinese New Year, I hope you decide to prioritise a new house over a new car. Gong Xi Fa Cai!
By Alan Tong . . . Food for Thought
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
While young adults all over the world are renting homes, successful
Malaysians and Singaporeans prefer to own homes instead of cars, as soon
as they get their first pay cheque.
Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.
Under scrutiny: A photo of the Cambridge International University and logo taken from its website.
https://youtu.be/x90SmWqP2V4
Politicians having degrees and certificates from questionable higher learning institutions make for bad optics and show poor character, say political analysts.
However, many do it to raise social standing or to win over the masses.
Universiti Malaya law lecturer Assoc Prof Dr Azmi Sharom said that knowingly getting degrees from dubious institutions displayed a lack of confidence in oneself and a lack of good character.
Dr Azmi: ‘Maybe the politicians feel the need to justify their intelligence to the public by having some sort of degree.'
“To actually purchase your degree from these places, then to show off about it, for me it’s not a crime but a sign of poor character.
“Maybe the politicians feel the need to justify their intelligence to the public by having some sort of degree,” said Dr Azmi.
He was commenting on remarks by Deputy Foreign Minister Datuk Marzuki Yahya who said his degree was from the Cambridge International University in the United States, after previously saying he had a degree from the University of Cambridge.
Dr Azmi said he did not believe that Marzuki should lose his job over this matter but that it was done in poor form, adding that people cared more about politicians holding public office doing their job well rather than what certificates they possessed.
“It’s not necessary to have a degree to be a politician, but it would inspire confidence in the public if ministers were academically qualified in the field that they were working on.
“For example, the current minister in charge of environment (Energy, Technology, Science, Climate Change and Environment Minister Yeo Bee Yin) is very qualified in her field and it is very reassuring to know that,” he said.
However, Dr Azmi added that having a degree for a minister was not a “be all and end all” as they could still learn on the job.
Universiti Sains Malaysia political analyst Prof Dr Sivamurugan Pandian said politicians buy dubious degrees because they felt that this was important to boost confidence and trust among the masses.
Prof Sivamurugan: ‘Some who are interested to become politicians feel it’s a disadvantage without a higher education.’
“Some quarters of the public think they will be served better by having lawmakers with education credentials.
“In fact, some who are interested to become politicians feel it’s a disadvantage without a higher education.
“For those who don’t have one, they are willing to go to the extent of finding a dubious degree without realising the consequences in this new information world,” he said.
Prof Sivamurugan believed that politicians with dubious degrees should come clean or voluntarily resign to avoid further damaging the party’s image as the new Malaysia was about integrity.
“However, Marzuki’s case must not be politicised and his party must give him a chance to defend himself,” he added.
In 2017, there were suggestions to the Higher Education Ministry to vet lawmakers with fake credentials, said Prof Sivamurugan, adding that it showed that this was nothing new in Malaysian politics.
UiTM Sabah political science lecturer Mohd Rahezzal Shah said the people will question future decisions made by Marzuki as well as his character and integrity if it was proven that he knowingly bought a certificate from a degree mill.
“If knowing full well that these institutions are degree mills, yet they still get degrees from these places, then it really shows their characters.
“People will judge him (Marzuki) based on that and they will judge his judgment as a leader in the future,” said Rahezzal.
Marzuki, who is also a senator and Parti Pribumi Bersatu Malaysia’s secretary-general, also stood to lose credibility if he claimed that he did not know that the Cambridge International University was a degree mill as a simple Google search would have raised a lot of questions, said Rahezzal.
“As a deputy minister, he is involved in decision-making processes everyday. If he can’t even get the facts right for his degree then he will lose credibility,” said Rahezzal.
He added that many of those who have in the past been caught with dubious degrees were from among prominent businessmen and politicians who wanted to raise their social standing.
“They need to have degrees from foreign countries and the easiest way is to buy them,” he said. The Star
Profile photos of faculty members in question
Under scrutiny: A photo of the Cambridge International University and logo taken from its website.
Checks on the US-based Cambridge International University from which Deputy Foreign Minister Datuk Marzuki Yahya obtained his degree in business administration have raised more questions on its legitimacy.
The faculty members on the website listed one “associate professor”, Dr Patricia Powell, whose profile picture bears the watermark of international online dating site AnastasiaDate that predominantly features East European women.
The profile pictures used for five other women in the adjunct faculty members’ list also looked suspiciously like that of fashion models.
One “Mrs Josephine Fernandens” posed with a pout against a green backdrop while a “Dr Teressa Jane Bright” had bare shoulders and eye makeup fit for the runway.
Other faculty and adjunct faculty members also bore suspiciously low resolution profile pictures.
Attempts by The Star to email multiple faculty and adjunct faculty members for clarification failed when the mail delivery subsystem noted that these email addresses could not be found or the server was unable to receive mail.
The response from the remote server read: “550 No Such User Here”.
With 150 programmes offered, the institution, which claimed to have existed since 1990, only had 12 faculty members and only 13 adjunct faculty members listed on the website.
A Google search on the names of each faculty and adjunct faculty member turned up nothing, neither a LinkedIn profile nor research papers published under them.
Marzuki, who previously said he had a degree from the University of Cambridge pursued through a distance learning programme, admitted on Wednesday that his degree was actually from the Cambridge International University in the United States.
Since that admission, the institution has come under intense scrutiny and increasing suspicion that it is a “diploma mill” that awards degrees with little or no study.
According to higher learning websites, indicators that an institution may be a diploma mill: it is not accredited; doesn’t have a physical address or location listed on the website; admissions entirely depend on a valid Visa or MasterCard; and the website not having an (.edu) web domain.
On its website, Cambridge International University admits it has not been accredited by an accrediting agency recognised by the US Secretary of Education, adding that “accreditation is a strictly voluntary option in the US”.
“There is no mandate by federal law for a school, college or university to be accredited. Many good schools are not accredited,” it said.
There was also no physical address or location of the institution’s office listed on the website, which also does not have the (.edu) domain.
Cambridge International University has no affiliation with the prestigious University of Cambridge in the United Kingdom.
The US-based institution only offers “distance learning” programmes with degree courses costing as low as US$5,000 (about RM20,000) with fees payable via PayPal.
Read more at https://www.thestar.com.my/news/nation/2019/02/08/profile-photos-of-faculty-members-in-question/#0QSzO6Txyv7Bz2zo.99
In 2007, Mr Liew Mun Leong – then CEO of CapitaLand – received a staggering $20.52 million bonus for helping the property developer achieve a record profit of $2.76 billion that year.
He is a wealthy man, but wealth, he says, means nothing to him.
Now the chairman of CAG, he says he is contented with his home (a landed property in Chancery Lane) and his BMW 7 series. “But I don’t want to work on my money. I want to work on my grey matter and if possible, grow it,” he says with a chuckle.
It explains why he still holds not one, but several jobs. Besides CAG, he is chairman of Surbana Jurong.
He sits on several boards. In many ways, he says his career has been a case of opportunity and chance. “How many engineers get the opportunity to build airports? After more than two decades in the public sector, he took up the offer to steer engg and construction firm L&M Investments.... Continue Reading
Interview with Changi Airport Group's Liew Mun Leong: You've got mail - from the chairman
Mr
Liew, who used to be the CEO of CapitaLand, started penning his "Sunday
e-mails" back in 1998, initially for staff at the real estate giant and
now at the two firms he chairs. A collection of these e-mails has been
published over four volumes, with the most recent - Building People:
Sunday Emails From A Chairman - now out.PHOTO: LIANHE ZAOBAO
Staff of Changi Airport Group and Surbana
Jurong have much to glean from e-mails that their head honcho sends on
Sundays to share his reflections
Getting a note from the boss every few weeks, extolling the virtue of
pragmatism or sharing his observations on a Mount Fuji climb, is pretty
rare for most employees but it has been a regular occurrence for two
firms in Singapore.
Former CapitaLand chief executive Liew Mun Leong started penning his
"Sunday e-mails" back in 1998, initially for staff at the real estate
giant and now at the firms he chairs - Changi Airport Group and Surbana
Jurong.
A collection of these e-mails has been published over four volumes,
with the most recent - Building People: Sunday Emails From A Chairman -
now out.
Mr Liew, 70, told The Sunday Times: "I had embarked on a new hobby of
writing e-mails as a means of reaching out to my colleagues and
staff...
"It is a tool to influence their thinking, to curate their corporate
values, their sense of responsibility to the company and to society."
The communication goes both ways and staff are welcome to offer feedback.
Mr Liew, who left CapitaLand in 2012, believes successful leaders must be good communicators, which is why he continues to send Sunday e-mails to staff at Changi Airport Group and Surbana Jurong.
These notes are written in his characteristically candid and casual style, containing anecdotes, personal reflection and a good handful of quotable quotes.
In an e-mail titled Pragmatism In Business, Mr Liew urged the management not to be emotionally attached to the buildings they have acquired or built. "ROE is returns on equity, not returns on emotion."
He also shared the key ingredients of his career success - the 5Ps, which stand for paranoia, perseverance, perfectionism, passion and pragmatism.
"Being paranoid forces me to plan ahead to deal with even the most remotely possible adversity... the consequence of not doing so may be regretful and unforgiving," Mr Liew, a trained engineer, wrote in another note.
He spends four to five hours on a Sunday afternoon crafting the e-mails, drawing inspiration from his travels, business dealings and observations.
MANAGEMENT STYLE
Whether in his previous role as a chief executive or as a chairman now, Mr Liew takes a hands-on approach in overseeing the companies, be it in the hiring of senior staff or assessing an acquisition target.
"I am involved very much in interviewing senior people, for example, a vice-president or senior vice-president. I have the vetting right... I do turn down candidates who are recommended by management."
The topic of talent development and having the right core values takes up an entire chapter in his new book.
Mr Liew emphasises the importance of "eyeballing" candidates and asking them questions about their personal and education background to determine their aptitudes, attitudes and interests. For senior appointments, he would even personally run reference checks on a candidate's past performance by speaking to former employers.
Having the right troops is a key consideration in driving corporate growth but, beyond talent, being committed is also critical.
"They may have talent, but they can stay with you for two years and leave... I am a firm believer of building a lasting organisation. And an organisation can last only when people last," he said.
SURBANA JURONG
As chairman of urban-planning consultancy Surbana Jurong, Mr Liew aims to build the firm into Asia's consultancy powerhouse on the back of the region's growing needs in infrastructure.
The firm announced last month that it had acquired Australian-based SMEC Holdings for $400 million, a move that takes the consultancy's workforce to 10,000 staff members in 40 countries.
Surbana has also been appointed to draw up a masterplan to develop Chongqing into western China's logistics hub. This is part of the third bilateral project - Chongqing Connectivity Initiative - between Singapore and China.
Apart from China, the company is involved in more than 40 projects in fast-emerging Myanmar, including masterplanning, project management and engineering design.
Mr Liew is bullish about urbanisation and infrastructure prospects in China, Africa and South-east Asia, and he is not overly concerned about whether the firm has the bandwidth to handle the increasing workload.
"I have one business philosophy and that is 'I am not worried about not enough people, I am worried about not enough business'.
"You get me the business, I will find the people to do it," he said.
There is potential for more mergers and acquisitions ahead as Surbana Jurong seeks to grow its capabilities in underground development and environmental engineering. Mr Liew noted that these are areas in which European companies have an edge.
CHANGI AIRPORT GROUP
It is apt to say that Mr Liew's work at Changi Airport Group has come full circle. He was appointed to the board in June 2009 but his involvement with the world-class air hub had begun much earlier.
More than 40 years ago, he had requested a transfer to the Public Works Department to learn to be an airport engineer - a move that had him involved in the construction of Changi Airport in 1975.
Today, it is one of the world's busiest international airports, handling more than 55.4 million passenger movements last year and serving 100 airlines flying to more than 320 cities.
"Aviation is always competitive, that is the order of the game... But I think we have performed well... we have won over 500 awards," Mr Liew noted.
With increasing competition from Middle Eastern airlines and airports for the European market, he said Changi Airport can focus its strategies on capturing a larger share of the pie in Asia.
"We are positive that the Asian aviation business is going to be very big. Look at China, for instance... Its outbound this year is already 140 million people. It was looking at 100 million outbound in the year 2020. But now in 2016, it has already outgrown that number."
Mr Liew's enthusiasm about growing Surbana Jurong and Changi Airport Group is unlikely to wane with age. When asked if he would retire at some point, he quipped: "I don't retire, I die!"
He added: "Society has invested so much in you in terms of the experience that you have and to say just because you reach a certain age, you fall off the cliff into nothingness - I think that is a silly thing."
Related:
Jack Ma career advice: You don’t have to be smart to be successful
Jack Ma: I always try to find people smarter than I am
Stupid people get together easily but smart people can't, so my job is to manage and ensure them working together I made money in real estate in my 20s. Not rich, but my retirement is
more or less secured. I own a small business and the property that i
operate out of. Preparing to move to a small town and live off of rental
income, and probably open another small business there. I didn’t do
anything fancy or amazing in my life, but i am very happy with how
things turned out for me
