May 11th, 2009
Recently, our prime minister visited some streets of Kuala Lumpur and commented that traffic was bad and he wanted congestion to be cleaned up. The authorities decided to build a new multi-level parking lot in a particular location. The problem is, this isn’t going to solve the problem!!!
Parking problems in Kuala Lumpur are a direct result of poor parking management and enforcement!!! People park anywhere and everywhere because they can get away with murder!!! I always tell myself, if I could have the license to book every single errant parker on the streets of KL, I would be a rich woman. Just take Bandar Utama as an example near the malls of One Utama or Ikano. Despite having parking bays within the buildings, cars are parked everywhere along the road. This has been going on for years, even when parking fees were as low as RM1 for the whole day. Malaysians are such.
It is really a matter of strict enforcement that DBKL needs to look into and not building more parking lots!
Posted in Kuala Lumpur | No Comments »
May 11th, 2009
Many Malaysians are not aware that we all need to be at least Millionaires when we retire at 55 years old in order to at least feed and keep ourselves alive for the next 20 years. Assuming we didn’t depend on our children to support us and we only live within our means, this still means that we need to become cash millionaires when we retire assuming an inflation rate fo 3.5%. Forget the assets. You need cash.
If your monthly expenditure is now RM3,000, you would need RM1.6 million cash to sustain that lifestyle for a further 20 years after retirement. Of course, if from this money you are able to get a 10% annual return, then you would probably need just under a million cash to sustain that same lifestyle.
If your current lifestyle allows you to spend more on a monthly basis and if you wanted to maintain that lifestyle, then you would have to save even MORE cash. If you want to enjoy the same RM10,000 per month lifestyle now, then be prepared to have RM5.3 million cash for your retirement!!!
So when yuo do make your first million in cash, don’t go wasting it buying that new car or that new property. Save it and invest it in safe investments because you WILL be needing it for yor retirement or for that rainy day.
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May 11th, 2009
I’ll tell you why it is always better to hire an independent designer or architect even though many designers and architects these days claim you can get a better deal by dealing with them only for both design AND construction. This is called a Turnkey construction where the person who designs the space is also in charge of constructing the space.
I was appointed as a designer once upon a time to perform a bungalow renovation of 5,000 square feet in PJ and I advised the client that after design completion, she should really tender out the design to a few contractors and then decide which contractor should be awarded the job. Unfortunately, the client already had a recommended contractor through friends and didn’t want to go through the tender process. Fair enough. But I warned her then that since I didn’t know this contractor from apple, then I’d rather not be involved in the project management because he could well turn out to be the typical nightmarish contractor. She agreed that she wouldn’t pay me a project management fee and I would stay out of it. My job was done as a designer.
Unfortunately for her, her recomended contractor was only out to cheat her. His prices quoted to her was way above market rate and only as a friend, I highlighted these points to her (I really had no business to do that). When she complained to the contractor that his prices were too high, the contractor started slacking and then not long after, he completely abandoned the job and disappeared. He thought she was an easy target as most people are who need to save the money in appointing an independent architect to advise them on proper procedures.
The lady was pregnant and she had to have her house completed before the baby arrived so what did she do? She couldn’t hire a new contractor because no contractor wanted to pick up after another contractor unless you were to pay him phenomenal amounts of money. The lady scoured construction factories and houses under renovation and hired one or two Indonesian men to help her rebuild her entire house. This meant that SHE ultimately became the project manager. It was very hard work especially for a pregnant lady. She’d visit the plaster ceiling factory to choose her cornices, then get her workers to install it. Then she would visit the marble tile factory to choose her floor tiles, get them delivered and get her workers again to install those floor tiles. This also took a lot of her time as she had to be there to watch her workers perform the work, come in early to open the doors for them to work, buy them lunch etc.
In the end, she really regretted my initial advice and invited me to a family dinner once she completed the project. I helped her as much as I could through the phone and email but there was no way I was going to stand in the heat as a contractor or a project manager after the mess that the initial contractor had started!
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May 11th, 2009
With the increasing occurrences of crime and petty theft in Kuala Lumpur and even all around Malaysia due to the economic slowdown, Malaysians are turning towards buying property that offer more security. I, for one, used to want to live in a house. Any house…..as long as it had a garden where my kids could run around in. Now, I no longer have that option unless we live in a house contained in a gated community where you have to pay monthly installments of a management fee to hire security guards. Alternatively, I’ll have to continue living in an apartment where security is included. It just isn’t fair, is it?
Whatever happened to the safe streets of Kuala Lumpur? As a kid, we lived in a bungalow on a hill and we could just walk up to 200 meters to visit our friends and neighbours freely. We can no longer do that without risk.
Even the rich have become more paranoid about property. Houses are now built with extra high gates and perimeter walls, security guards are hired, CCTV cameras are installed at every point…..I’m just watching what the Government is going to do to help the city and the country to curb crime.
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May 10th, 2009
I bought my first property 8 years ago and having not ever done it before, I did my research on housing loans very thoroughly. Apart from reading all the information on the respective banks websites and their marketing collateral, I called 10 banks in to see me at my office. The response from the various banks were interesting. Some were ever willing to serve, some had the attitude of who the hell do you think you are? If you want a housing loan, you come to the bank! You can be assured that that bank never got my business nor the business of any of my friends.
My advice to you is, if you need a housing loan, it is really worth the effort in meeting with every single bank (that you’re interested in), reading all the documents and comparing all of them through an excel spreadsheet. That is exactly what I did. And of course, I even put how much I appreciated each one’s service level which really counted for a lot because at the end of the day, the difference in interest rates is so little that it’s really not worth pulling hairs over. What’s more important is great service. Believe me, it counts for a lot over the years when circumstances change!
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May 3rd, 2009
A very, very old development in the old section of Bangsar (a well known prestigious location with many expats), Bangsar Heights consist of a tower block and some low rise units. Prices are very reasonable considering its location but it is hardly the hip and happening residential spot in Bangsar. If you don’t want to pay Bangsar prices but want to say you live in Bangsar, then this would be a great option.
The building needs a paint job and better maintenance. Security is quite good but there is a pigeon problem, as in pigeons just love perching themselves on the balconies which makes cleaning an arduous task. Unless you take preventive mesures, pigeons love this building.
Although situated in a quiet residential area, it can get very noisy with crows cracking their heads off in the evenings.
It’s still a value buy in a superb location.
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May 1st, 2009
RSGC View is located at the perimeter of the prestigious U-Thant area and Desa Pandan. It is probably the best value for money apartment location-wise as it is close to the city centre i.e. you can be at KLCC within 5 minutes without a jam and 10 minutes with a moderate jam. It is also easily accessible towards Ampang, Sungai Besi, Cheras, Kampung Pandan and the Golden Triangle.
The apartment used to overlook the prestigious RSGC golf course but since then, a new apartment now blocks part of the view.
Although their security is round the clock, I am suspect of the stringency of visitors entering and leaving the premises. Plus only one parking lot is allocated per apartment unless you pay for an extra. Visitor bays are also limited. But if you want a location that is close to all amenities for a great price, this would be it.
You can view a picture of it here.
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April 30th, 2009
Seri Duta 1 was developed in the luxurious enclave of Taman Duta amidst lush foliage preserved as the green lung of Kuala Lumpur in 1994. More than 10 years on, this property of 113 units still remains the only luxury condominium together with its sister, Seri Duta 2 (96 units built in 1997), in the high end location of Taman Duta.
The biggest selling point of this property would have to be its serenity amidst jungle surroundings. Security is high with many CCTV cameras strategically placed around the property compounds. Facilities include a man-made waterfall swimming pool, squash courts, childrens playroom, public lobby where parties can be held, function rooms that spill out onto the lobby area, saunas, gymnasium, outdoor garden with some childrens play equipment and a games room.
Internal and external finishes at Seri Duta 1 are significantly of better quality than most new residential developments that are available in Kuala Lumpur today, which is why most property owners at Seri Duta 1 are hesitant in releasing their properties for sale. The interior finishes provided by the developer is possibly outdated for some, but a quick face job would put this property up as a great investment. If you’re lucky enough to snag a unit, that is.
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April 28th, 2009
I recently read that the above was opening again for public consumption and got excited as it was a sure way of getting better returns than the lousy savings and even fixed deposit interest rates that we are getting these days from banks in Malaysia. So I seriously contemplated waking up super early to start queuing up to get a sniff of these units. Alas, thank goodness I chickened out the night before as people had started queuing as early as 4am. I had no chance. All 2 billion units in the entire country had been bought up before noon.
What irked me was the amount of information that was available on the release of the units. Why couldn’t the individual banks posted more information on their websites? It would have helped so much if we knew how many units each particular bank had or whether or not there was a maximum quantity that could be allotted to any single person……then there was confusion that all units that were allocated for the Chinese race had been sold out and only Indian units were left. Why is information so hard to get in Malaysia?
I have had an account with them for many years now and had been waiting for the opportunity to add on more units ever since but now I’ve given up. With the desperation that comes with wanting to make more returns, I now have to find other ways to invest my money.
Bye-bye ASW2020.
Posted in Banks, Investment | No Comments »