Penang's lively market

Many estate agents and developers generating interests in primary and secondary markets

 

Popular locations: A section of George Town showing Komtar and the surrounding area. Properties in good locations are said to be still popular.

WHILE the property market in Malaysia may be subdued, Penang is still generating interests among buyers and potential investors.

Raine & Horne Malaysia senior partner Michael Geh says: “Although sentiment is generally cautious, both interest and transactions within the Penang property market is ‘still active’.”

“In the primary market, there are still a lot of estate agents and developers generating interests,” he tells StarBizWeek.

Geh says this is especially the case for affordable homes.

“For middle and upper-end properties, there are still a few projects that are generating interests from genuine buyers,” he says.

“The market is still active. There is activity but transactions have slowed down.”

In terms of the secondary market, Geh says properties in “good locations” are still popular.

“Within the secondary market, there are a lot of enquiries for properties in good locations. In the not-so-good locations, there’s stagnation in both price and activity.”

Geh says demand for landed properties in Penang is still strong.

 

Bridge boost: Housing project in Bukit Relau. Penang’s second bridge has spurred growth in Batu Maung, Sg Ara, Teluk Kumbar on the island and Batu Kawan on Seberang Prai.

“For the high-rise properties or those that are highly speculated on, there has been stagnation.”

Malaysian Institute of Estate Agents Penang branch state chairman Mark Saw says the property market has been slowing over the past two years due to the cooling measures brought about by the Government.

“Until year-end, things should be slow – assuming that the global economy does not tank. But the market is still active in certain areas.”

He says landed residential properties and the hospitality segment in Penang are “still doing fine”.

“Hotel operators are still looking at Penang as a potential location to set up operations,” Saw says, adding that it is “business as usual” for players within the industrial sector.

“Within the industrial sector, there has been no real slowdown. I mean, we’ve not seen any factory closures.”

For residential properties in Penang, Saw says there had been a “swing towards affordable housing” in the past couple of years.

“In the top end of the market, developers have been more cautious as loans have not been as forthcoming. However, those developers with good stock are still able to continue launching new products.”

Looking ahead, Geh feels the market will “swing” in the final quarter of the year.

“The third quarter tends to be a little bit quiet. It’s in the fourth quarter that I think things will swing, and I believe it can go either way.

“This will depend on various factors, such as sentiment, or if Bank Negara comes out with an announcement that could affect the local property sector. But I think it will swing for the better.”

Saw meanwhile believes that the rental market will remain competitive for the rest of 2016.

Geh: ‘There is activity but transactions have slowed down.’ >>

“For those speculators and investors who purchased their properties some five years ago, looking to flip (for profit), those properties are coming into the market now and they might have problems selling, especially those having difficulties in servicing their loans.

“So instead, they will try to rent it out. But with a lot of these stocks coming in, it will be more of a tenant’s market than a landlord’s one.”

Penang in 2015

According to the National Property Information Centre, residential property transactions recorded a marked decline in market activity in 2015 by 16.9%.

The state saw a substantial decline in new launches by 47.5% or 2,348 units.

According to Rahim & Co in its Property Market Review 2015/2016, completion of Penang’s second bridge (Sultan Abdul Halim Muad-zam Shah Bridge) in 2013 has spurred growth in Batu Maung, Sg Ara, Teluk Kumbar and Batu Kawan areas.

“A new project to be launched in 2016 is the RM10bil Eco Marina project in Batu Kawan. Eco Marina, by Eco World Development Group Bhd, will include high-rise and landed properties on a 299.64 acres with a golf course adding prestige to the area.

“The development will be gated and guarded. Other projects by the same developer are Eco Terraces in Air Itam, Penang island and Eco Meadows, Bukit Tambun near Juru/Batu Kawan area.”

Other upcoming projects it cited are the Straits Garden Condominium, Platinum III (from RM428,000), D’Zone Condominium and three-storey detached houses in Baymont Residences (RM3.18mil) in Teluk Kumbar.

“There are also The Tamarind@Seri Tanjung Pinang, Raintree Park 2 comprise of two-storey terraced, two-storey semi-detached houses and Avenue Garden, a 17-storey serviced apartment by Tambun Indah and several others.

“An international school has recently been completed at Simpang Ampat within Pearl City development by Tambun Indah Land Bhd.”

According to CH Williams Talhar & Wong (WTW) in its Property Market Report 2016, 287 units of landed properties came into the market in 2015 in Penang Island alone.


<< Saw: ‘Hotel operators are still looking to set up operations in Penang.
It said prices of newly-launched houses continued to increase, reaching a new benchmark in their respective locations.

WTW added that terraced and semi-detached houses in established neighbourhoods such as Seri Tanjung Pinang in Tanjung Tokong and Island Park & Island Glades in Greenlane, still command strong demand in the secondary market despite the increasing prices.

“Transacted prices of 2½-storey terraced houses and three-storey semi-detached houses in Seri Tanjung Pinang have surpassed RM2mil and RM3mil per unit, respectively.

“However, the hike in prices is expected to taper off in the near future with more new houses entering into the market.”

On the mainland, WTW said demand of landed residential developments remained strong in 2015 underpinned by the improved infrastructure.

“A number of major property players venturing into Seberang Perai for the first time has excited the local market with new housing products. For instance, Ecoworld, positioned as a pioneer in sustainable and green developments launched its maiden residential project known as EcoMeadows in Bukit Tambun.

“With its lush green landscape, gated and guarded concept as well as proximity to the expressway, a typical terraced unit was priced at RM700,000 per unit, a new price benchmark to the market.”

As for high-rise residential properties, WTW said a number of projects were completed in first half of 2015. These included The Address at Bukit Jambul (124 units), Vertiq at Gelugor (318 units), Sierra Residences at Sungai Ara (300 units), Gardens Ville at Sungai Ara (476 units) and The Latitude at Tanjung Bungah (218 units).

Luxurious condos

“A newly completed luxury condominium development located at Batu Ferringhi, known as By The Sea, was developed by Selangor Dredging Bhd.

“It comprises 138 units with floor areas ranging from 1,037 sq ft to 3,012 sq ft.

For new projects launched in 2015, one luxury condominium project that was launched was Shorefront Residence by YTL Land.

“Situated along Lebuh Farquhar which is within the city of George Town, the luxurious condominiums offered 115 units with floor areas ranging from 1,400 sq ft to 3,400 sq ft.”

It said average transacted prices of condominiums in the sub-sale market increased marginally in 2015.

“Moving into 2016, the market is likely to experience slower growth with transaction activities expected to slow down.

“With more affordable flats and apartments being launched and under construction, a spike in the existing supply of high-rise residential units is expected within the next three to five years.”

WTW notes that high-rise residential developments make a strong inroad in Seberang Prai over recent years, with the majority being in the town area especially Butterworth in Seberang Prai Utara.

“Existing condominiums developments that are actively transacted in the secondary market in the past five years included Habour Place and Casia Condominiums.

“Bukit Mertajam is emerging as the next hotspot for high-rise residential developments with a majority of projects in the pipeline and due for completion.”

Condominiums developments remained as the main development trend in Seberang Prai, says WTW, with a number of serviced residences and Soho (small office home office) projects being proposed that are pending approval.

“Prices of a typical condominiums unit have increased around 9% since 2014 to RM370 per sq ft on average.

“The coming few years will see the mushrooming of skycrapers in Butterworth and Bukit Mertajam as several property players plan to develop integrated developments comprising condominiums, serviced residences or Soho together with shopoffices and hotel in these locations given their robust and established business sentiment.” - By Eugene Mahalinggam The Star

It says take-up rates of newly-launched projects are likely to taper off as the rental market in Seberang Prai is less demanding in comparison with the island.

KL firms bullish on Penang sales

 

Goh: ‘The City Residence and City Mall is expected to contribute RM40mil while The Wave will contribute RM90mil GDV.

Kuala Lumpur-based property development companies in Penang are expecting sales contributions from the state to increase significantly for their upcoming financial year amid a tough property market environment.

Eco World Development Group Bhd, Eastern & Oriental Bhd (E&O), IJM Land Bhd and Mah Sing Group Bhd are some of the Kuala Lumpur-based property companies expecting strong contributions from the state.

Mah Sing, for example, is projecting for Penang to contribute 9% of its revenue for the fiscal year ending Dec 31, 2016 compared to 1% for the previous financial year.

Says group managing director Tan Sri Leong Hoy Kum: “With no project launches in 2015, our properties in Penang contributed 1% or RM26mil to our total sales of RM2.3bil last year, leveraging on the take-up for projects launched before 2015.

“The group has set a target of RM2.3bil for 2016 for all our properties (throughout the country) and Penang is expected to contribute 9% of the revenue for the (current financial) year.

“With the value of the ringgit at an attractive level, we foresee strong buyer interest, particularly from foreigners, who represent 30% of our purchasers in Penang, as well as locals,” says Leong, who is also the CEO of the group.

Ferringhi Residence in Batu Ferringhi and Southbay Plaza in Batu Maung, both on the island, performed well in 2015, says Leong, with take-up rates of 92% and 96%.

Mah Sing plans to launch Ferringhi Residence 2, a high-end condominium project in Batu Ferringhi, in the second half of 2016, while the Southbay Plaza, a mixed-development project, will be completed this year.

Toh: ‘The group is targeting RM240mil sales this year in Penang.>>

Eco World expects its projects in Penang to generate about RM600mil this financial year ending Oct 31, 2016, compared to RM200mil in the previous year.

Its general manager Khoo Teck Chong says the targeted revenue for the 2016 financial year is RM4bil, compared to RM3bil in 2015.

“The contribution in Penang would come from Eco Terraces in Paya Terubong, which is 40% sold, Eco Bloom, scheduled to be launched in June, and the first phase of Eco Marina, scheduled for launching in October 2016.

“The Eco Terraces and Eco Bloom are priced respectively at over RM850,000 and below RM400,000, which are still considered as affordable by the locals, given the strategic locations of the projects,” he says.

IJM Land is expecting its projects in Penang to generate RM240mil to the revenue for the current financial year ending March 2017, compared to RM168mil in the last financial year.

Its senior general manager Datuk Toh Chin Leong says the projects planned for launch this year are The Trehaus (with a gross development value or GDV of RM64.7mil) in Bukit Jambul, The Senjayu (RM69mil GDV) in Jawi, South Seberang Prai, and The Waterside Residence (RM260mil GDV) for the second phase of The Light Waterfront.

“These projects should help the group realise the targeted RM240mil sales,” Toh says.

E&O also expects the contribution from Penang to improve significantly this year compared to a year ago.

Its marketing and sales general manager (Penang) Christina Lau says that given the strong sales of the last financial year in excess of RM1bil, the group believes that there will be sustained interest in its Penang projects comprising existing launches such as 18 East at Andaman, The Tamarind, and its landed super-luxe terraces Amaris and Andorra, which collectively tally an estimated GDV of RM1bil.

“The sale of these properties coupled with upcoming launches on the remaining plots within Seri Tanjung Pinang Phase 1 (STP1) will keep us busy, as STP1 approaches its maturity, evolving since the maiden launch of the Ariza courtyard terrace homes in 2005. “Now in its eleventh year, STP1 has developed into one of Penang’s most preferred addresses with a vibrant community of more than 20 nationalities,” she adds.

Ivory Properties Group Bhd is carrying out RM1.8bil worth of projects on the island this year.

These are the first phase of Penang WorldCity called Tropicana Bay Residences with a GDV of RM933mil, The Wave with a GDV of RM494mil, and The City Residence and City Mall with a GDV of RM313mil.

Group chief operating officer Goh Chin Heng says The City Residence and City Mall and The Wave will be the main contributors to the group’s current fiscal year revenue ending next March 31.

“The City Residence and City Mall is expected to contribute RM40mil, while The Wave, RM90mil.

“Both projects have done very well and should enable the group to achieve better results for the current fiscal year.

“There are only a handful of units left for both projects,” he adds.

Ideal Property Development Sdn Bhd plans to undertake RM2.723bil worth of condominium projects on the island this year.

Of the amount, the group has already launched the RM378mil Summerskye Residences in Bayan Lepas in January 2016.

The upcoming projects, comprising 3,648 units to be launched between May and November 2016, are strategically located in Bayan Lepas in the south-west district, which is close to the Penang International Airport and the first and second bridges.

The projects are Forest Ville (RM495mil GDV) in May, Bukit Ayun Development (RM1bil GDV) in August, Queens Residences (RM550mil GDV) and Amarene (RM300mil GDV) in August.

Besides the Queens Residences and Bukit Ayun Development projects, which will be priced between RM600,000 and RM900,000, the rest of the schemes are priced between RM450,000 and RM600,000.

“Some of these projects are among those that will be injected into Ideal United Bintang Bhd (IdealUBB) this year,” says Ideal Property executive chairman Datuk Alex Ooi. Ideal Property is the parent company of IdealUBB.

Ooi said that while most developers were holding back launches, the group has decided to go ahead with a variety of property products priced between the RM450,000 and RM900,000 range.

According to Ooi, properties within such a price range are still the most marketable, especially if the location is very strategic. - By David Tan The Star

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Everybody wins when the world invests in girls and women!

A good economy starts with healthy girls

 

Among the many provocative ideas that emerged from last week’s “Women Deliver” conference in Copenhagen, perhaps the most memorable was the concept that today’s most significant development is not taking the form of superhighways, skyscrapers and other massive structures, but rather the health and well-being of girls and women. And yet, it was stressed, much more development is needed in this regard.

The slogan for the gathering in Denmark – the biggest global conference on women’s health and rights in a decade – was “When the world invests in girls and women, everybody wins!”

In a video address opening the meeting, United Nations Secretary-General Ban Ki-moon declared, “It is time to put women and girls at the heart of development.”

That’s part and parcel of the UN’s Sustainable Development Goals approved by world leaders last year, aimed at ending extreme poverty and shrinking inequality.

In the modern age, women’s rights have been mooted, debated and battled over for more than a century and shared centre stage during the democratic revolution of the 1960s and early ’70s, but only now is the movement’s rhetoric – so often unintentionally exclusive to women – being replaced with a message that embraces all of society.

As Princess Mary of Denmark pointed out at the conference, the “women’s agenda” is in fact a united and unifying agenda of benefit to humanity as a whole.

And this, added World Bank Group president Jim Yong Kim, is why governments should not balk at investing money in the wellbeing of girls and women.

They are forever seeking World Bank loans to build infrastructure, he noted, and yet women “are their most precious infrastructure”.

There are good arguments backing up this claim. As an example, it is frequently overlooked that countries with more women in the workforce enjoy or are closer to achieving sustainable development. A study by McKinsey Global concluded that having as many women as men in the workforce would |add US$28 trillion to the world’s |gross domestic product every year.

Men nevertheless remain dominant in the workforce, the result of patriarchal tradition that erects barriers to full economic participation for millions of women around the planet. In underdeveloped regions the disparity routinely leads to tragic consequences, such as preventable deaths.

The mortality rate among women giving birth in Africa is one in six, compared to one in 9,000 in Europe. One African woman dies every two minutes due to preventable complications in pregnancy and childbirth.

Every year around the world 15 millions girls become child brides and as such are denied education and job opportunities. Thus they too cannot contribute to the economy.

The solution, said Jim and other global leaders speaking in Copenhagen, lies in investing in women and girls, a strategy that is crucial to meeting those Sustainable Development Goals that will benefit the entire human race. “It starts with a healthy girl,” he said, making the message as plain as could be.

Healthy girls are better equipped for education and work. Healthy young women have healthy pregnancies and are better able to be good mothers.

The simplicity of the notion doesn’t disguise the scale of the challenge beyond birth. Access to healthcare, including the full range of sexual- and reproductive-health services, must be financed and delivered. In 2014 around the world 22,000 women died while having unsafe abortions, and 80 per cent of those pregnancies resulted from lack of contraception. This too was preventable.

If women, and particularly teenage girls, can avoid unwanted pregnancy, the positive impact on their lives and thus on society is profound. Gone is a major obstacle to proper education, better economic opportunities and healthier lives. The same applies to child marriage.

Policymakers have to stop overlooking such proven arguments. Investment in the welfare of girls and women must continue to grow, especially in the areas of education and adolescent health. The return on the investment will extend beyond economic prosperity, to the happiness of society in general.


Source: The Nation/Asia News Network

This British monster paedophile defiled Malaysia's kids

Huckle pleaded guilty to 71 charges of sexual offences against 23 children aged between six months and 13 years from an impoverished Christian community in Kuala Lumpur.

Court takes over an hour to read out list of charges against Huckle

LONDON: Britain’s worst paedophile who attacked hundreds of children in South-East Asia and used the dark web to crowd-fund his abuse is facing 22 life sentences.

Huckle, 30, targeted a poverty-stricken Christian community in Malaysia, where he posed as a photographer and English teacher to win the trust of his victims’ parents.

The man from Kent took pictures and videos of himself raping and abusing young children and even a baby wearing a nappy.

Huckle bragged of the attacks in online blogs and penned a sick 60-page “handbook” titled Paedophiles & Poverty: Child Lover Guide.”

During his nine years of offending, he forced victims to pose with horrific slogans advertising his foul images, which he sold for Bitcoins on a notorious paedophile website on the dark web – the encrypted version of the internet.

As part of an international network, Huckle awarded himself “PedoPoints” for carrying out the attacks and used a paedophile crowdfunding website to finance the abuse. Between November 2013 and November 2014, he had a “score” of 1,305.

The case could only be reported now after Judge Peter Rook QC lifted reporting restrictions at the start of a three-day sentencing hearing at the Old Bailey.

It took more than an hour for the charges to be put to Huckle at an earlier hearing, in what is believed to be the worst case of its kind.

He appeared in the dock yesterday wearing a black shirt, with his long hair tied back into a ponytail and sporting a goatee beard.

The paedophile sat with his head in his hands in the dock as the court heard how he set up a website to crowdfund his sickening acts.

The charges relate to the horrific sexual abuse of 23 girls and boys aged between six months and 12 years. Some 22 victims are from Malaysia while one is Cambodian.

Huckle started abusing children after spending his gap year teaching in Malaysia in 2005.

He later returned to the region and spent years carrying out some of the most horrific abuse investigators have ever seen.

He took indecent images of a three-year-old child while staying with a Cambodian family the following year.

He then returned to Malaysia where he abused and took photographs of two sisters, aged four and six.

In 2007 he came back to stay with their family and he took up a teaching post in their village and continued to abuse the girls until his arrest.

Huckle gained the trust of a poor Christian community in Kuala Lumpur through his English tuition where he was able to use his perceived status as a rich westerner to “groom” victims and their families with impunity.

Huckle even boasted that he’d “hit the jackpot” by grooming a three-year-old girl to be “as loyal to me as my dog”.

In another sickening posting, he said it was amazing that he had stuck with the same child lover for so many years and watch her body develop from a five year old to a 12-year-old.

On the dark web, Huckle documented every step of his child abuse and hoped to make paedophilia a paying profession.

He turned to online paedophiles to crowdfund the abuse, allowing those who paid him in Bitcoins access to videos of him raping his victims.

Huckle wrote: “Impoverished kids are definitely much, much easier to seduce than middle class Western kids. I still plan on publishing a guide on the subject sometime.”

He added: ‘Would love to make a small income off selling child porn.’

Huckle was arrested at Gatwick Airport on Dec 19, 2014 when he returned to the country to visit his family for Christmas.

Police found 20,253 indecent images of children on his laptop and hard drives, many of them showing Huckle abusing children. - The Daily Mail.

Huckle’s journey of depravity

Paedophile travelled widely in Malaysia, photographing kids every step of the way

PETALING JAYA: Paedophile Richard Huckle had a penchant for photos of young children. He would not only photograph them but would also visit photography community website Trek Earth and post comments there.

Huckle, 30, went by the moniker “huckool” and his comments were mostly on pictures of young children from Malaysia, Cambodia, India, and Japan.

According to Trek Earth, its members provide photographs and useful critiques for each other and the entire Internet community.

On a picture of a boy fully clothed and another clad in an oversized shirt which covered his private parts, Huckle said in June 2005: “I did wonder about his ‘private parts’ until I read the caption, though I (personally) feel there’s little offence in natural nudity.”

On a picture of a young Indian girl half-clad in a saree, Huckle said: “This is a nice photo of someone so special to you. I have a close relationship with some kids in Malaysia, I miss them very much. Have fun with her.”

Checks by The Star showed that the last time he critiqued a photo was in August 2006 and his page was viewed 5,962 times.

Huckle also posted pictures from many Malaysian states on his account.

A quick glance shows albums of photos at the Petronas Twin Tower, the Butterfly Park in Kuala Lumpur, Pahang, Langkawi and Negri Sembilan, among other places.

He took pictures of children frolicking on the beach, titling the picture as “Perlis”.

Huckle seemed to frequent children-centric places. In a shot of an indoor roller coaster, a young girl’s silhouette can be seen, while another titled “Muslim Dance” showed a stage full of school-goers.

Similarly, another picture of a classroom with Malaysian flags showed young children in primary school uniforms. He also enjoyed photographing children from the Sunday school where he taught, with one picture showing a smiling group posing with the peace sign.

In the Travelogue section of his account, Huckle wrote: “I spent most of my time in Malaysia on my travels, living with the Indian Christian community in Kuala Lumpur. I also took trips to Port Dickson (Malaysia), Brunei, Singapore and Cambodia, meeting and making many friends along the way.” - The Star

The devil that hid in the church

PETALING JAYA: He was a monster who posed as a good, religious person.

Middle-class British boy Richard Huckle was baptised at the age of 17, visited churches, helped out at Sunday schools and was an average student when he left school.

But it was in church that he gave release to his vile side.

SkyNews said Huckle spent three months on a placement at a church in Kuala Lumpur and returned regularly to Malaysia, offering to help teach at schools and churches.

He even started to groom children while doing voluntary work in Kuala Lumpur. All the while, he was also abusing the children in the church.

In 2008, Huckle took a short English teacher training course at the British Council’s offices in Kuala Lumpur. He also appeared in a promotional video.

Huckle, 30, has admitted to a string of paedophile offences, ranging from raping babies and toddlers to girls and boys, from 2006 to 2014. His victims were aged between six months and 12 years.

SkyNews said Huckle “is one of the most prolific paedophiles ever to have been brought before a UK court”.

It was reported that Huckle filmed and photographed much of the abuse. He even shared it with other paedophiles on the Internet.

He also posted commentaries to accompany the images.

“It’s quite amazing to have stuck with the same child lover for so many years and I hope, from the images you have seen, enjoyed watching her grow.

“It’s not often in child porn you can compare the bodies of a 5yo and a 12yo that are the same girl. I’m sure I’ll have plenty more sex with (her) in the future,” Huckle wrote.

Over 20,000 indecent photographs were found on his computer when he was caught at London’s Gatwick Airport in 2014 as he came home to Britain from Malaysia for Christmas.

His arrest came after Australian authorities alerted Britain’s National Crime Agency to his crimes.

It was reported that Huckle wrote a paedophile manual called “Paedophiles And Poverty: Child Lover Guide” and also kept a series of notes in which he detailed rapes and other sex acts.

The encrypted manual was on Huckle’s laptop, ready for publication on the “dark web”.

At his first plea hearing at the Central Criminal Court of England, it took more than an hour to read out all the charges.

In January, Huckle pleaded not guilty to all 91 charges. But ahead of his trial in April, he admitted to 71 of the offences over the course of five more hearings.

According to one charge, Huckle had bragged: “I’d hit the jackpot, a 3yo girl as loyal to me as my dog and nobody seemed to care.”

He faces 22 life sentences. His sentencing will be done today.

Huckle appeared very normal, says KL pastor

PETALING JAYA: Huckle seemed like a “normal human being”, said a Kuala Lumpur church pastor.

The pastor, who only wanted to be known as Paul, said Huckle started visiting his church in 2011 but was an infrequent churchgoer.

“He came to the church off and on. Maybe only around five or six times,” said Paul.

When asked how Huckle was like, Paul described him as a “normal human being”.

“He would sometimes take pictures, but it wasn’t anything out of the ordinary,” he said.

“Sometimes when we saw things we did not like or behaviour that we did not like, we would scold him. But I can’t go into specifics.”

However, he said none of the children in the church were harmed by Huckle.

Paul said that when news broke about Huckle, he was shocked and “felt really rotten about the whole thing”.

“I will still pray for him. But that doesn’t negate his errors,” he said.

Huckle is said to have spent six years at another church in Kuala Lumpur. He taught in Sunday school, attended services and took many photographs of children.

A priest in the church said: “He hardly spent any time here (in the church). Very short period. He was in Malaysia for some years but he was hardly here (in the church).”

Huckle’s school friend, Scott Chapman, was shocked to learn that the “loner” he had known could “change so quickly”.

“He never seemed off or anything like that. He just seemed like a normal person. Just like a very, very quiet person. Didn’t really talk about hormonal things like that,” said Chapman.

Huckle’s parents sold their house and moved away as soon as they found out about Huckle’s crime.

Meanwhile, his older brother refused to speak about it to SkyNews.

“None of his family will speak about him. None of us ever want to see Richard again,” Huckle’s sisterin-law told SkyNews. Previous StoryNext Story

The ones we trust are the ones who betray us

PETALING JAYA: Paedophiles are usually trusted individuals such as teachers or spiritual leaders.

Consultant psychiatrist and a member of the Health Ministry’s mental health promotion council Datuk Dr Andrew Mohanraj Chandrasekaran said Malaysians were a trusting people.

“We assume adults who become close to children show genuine affection. It is in our culture to promote physical closeness between adults and children,” he said.

Dr Mohanraj added that paedophiles are individuals who have failed to complete the normal sexual development process.

“Paedophiles tend to dominate or control their victims to compensate for their powerlessness during their childhood.

“Sharing their exploits online is a way to get fulfilment in a twisted way – by demonstrating their power and control over their victims, and getting admiration from like-minded individuals,” he said.

Dr Mohanraj said some signs of sexual abuse parents can look out for in their children are signs of physical pain or discomfort, emotional changes like temper tantrums, becoming withdrawn or very clingy, changes in eating habits, self-harm or unexplained personality changes.

“Children can also start acting out in sexual ways because they feel it is normal behaviour, but these are actions they learnt from the abuser.

“Bed wetting, nightmares or sleeping problems are also signs that something is wrong. If parents notice several of these signs in their child, they should talk to the child or seek help,” said Dr Mohanraj.

Criminologist and psychologist Dr Geshina Ayu Mat Saat said paedophiles were mostly men and that most sexual child abuse cases involved men known to the child.

“A trend analysis of the past decade in Malaysia indicates that more than 60% of such crimes were perpetuated by the child’s father, followed by the uncle and stepfather.

“In many cases, other relatives are also victims or know of the crime, especially the mother,” she said.

She also said it was more common to find a child who was sexually abused three or four times before a report was made.

“This type of abuse by a male relative makes a child believe sexual intimacy with male family members is how men express their parental or family love to a child,” she said. The Star

‘He started with nude pix’

Child victim recalls abuse began when she was just four   

<< Something needs to be done to address paedophilia in Malaysia. Mahi Ramakrishnan

PETALING JAYA: Shy, quiet and completely withdrawn – that was Maria (not her real name), a victim of convicted British paedophile Richard Huckle when journalist Mahi Ramakrishnan first met her.

“She did warm up a bit to us, when we made it very clear that she was safe and that she could stop the interview at any time,” said Mahi.

“But when she recounted the abuse she suffered, she seemed completely numb.”

As the BBC’s local contact, Mahi received a brief from journalist Angus Crawford in late January – the channel was doing an investigative piece on Huckle, 30, who was on trial in Britain for sexually abusing children in Malaysia.

Posing as an English and Sunday School teacher, he had targeted the children of a poor community in Kuala Lumpur.

Mahi and Crawford finally traced some of the victims, and managed to convince 14-year-old Maria to share her harrowing story.

“Maria lives in a shelter. She told us that the abuse began when she was four,” said Mahi.

On the video, Maria recounts how her grandmother told her to be careful with Huckle, but as a child she did not understand the caution – until he began taking nude photos of her and her younger sister.

“There was more, but she made us agree not to share any more than that. We did find other children whom we believe were abused – one admitted that it had happened, but would not say any more,” she said.

Mahi made sure that during all her meetings with Maria, a female counsellor was present.

“After the interviews, we didn’t just want to be journalists who got the story and then left, so Angus said he would sponsor the first 10 sessions of counselling for her.

“But it is taking a lot of work to convince the caregivers and families of the victims that counselling is necessary. Mostly, they just want to forget that it happened,” she said. Mahi isn’t giving up. She will continue trying to get the kids and families on board with counselling. The journalist and filmmaker isn’t the type that shies away from ugliness.

For her documentary on child prostitution, Mahi spent time in brothels in the city.

She has written on baby trafficking and militants. But the mother of two called this “one of her most difficult stories”.

“Something needs to be done to address paedophilia in Malaysia,” said Mahi.

“I don’t condone what Huckle did, and he deserves his punishment, but who knows if he was also a victim of abuse, and how can we stop it if we don’t look at all these questions?

“Malaysia has no specific law on paedophilia. We need a sex offenders registry too.” - The Star

World's first Quantum communication satellite to be launched in China against hackers

China is poised to become the first country to send encoded information from space that cannot be hacked. Scientists are making final adjustments to China’s first quantum communication satellite. The project chief describes it as a revolution in communications.

 China will launch its first experimental quantum communication satellite in July, according to the Chinese Academy of Sciences.

 

BEIJING, May 28, 2016 (Xinhua) -- Deputy chief engineer Zhou Yilin (3rd L) discusses with other technicians beside the quantum satellite at Shanghai Engineering Center for Microsatellites, under the Chinese Academy of Sciences, in Shanghai, east China, May 25, 2016. China plans to launch the world's first quantum satellite that can achieve secure communication in July. The satellite is dedicated to quantum science experiments. (Xinhua/Cai Yang)

China is poised to become the first country to send encoded information from space that cannot be hacked. Scientists are making final adjustments to China’s first quantum communication satellite. The project chief describes it as a revolution in communications.

A quantum photon cannot be separated or duplicated, which means if someone tried to decode information, the encryption would change, and the receiver would know that his letter was opened by someone.

Scientists hope the new technology will protect China from future cyber issues. In 2015, cases involving information technology in China rose by more than 120 percent, according to survey by a non-profit cybersecurity institution. China plans to use its quantum satellite system to cover the planet by 2030.

On the ground, China is also building its own quantum information sharing network for use in national defense and security. At some point, China plans to connect the ground network to the quantum satellite system.

It has taken five years for Chinese scientists to develop and manufacture the first quantum satellite. In June, it will be transported to the Jiuquan Satellite Launch Center in southwest China for final preparation and launch in July., 2016

China wins space race to launch world's first 'quantum communication' satellite in fight against hackers

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No room for an Islamic State (IS) and the racists in multiracial Malaysia

Let not the first brick be laid

 

The tabling of the Private Member’s Bill in Parliament by PAS president Datuk Seri Abdul Hadi Awang.

THREE issues that have surfaced over the past week have terribly disturbed me and I am sure many Malaysians who are rational, reasonable and fair-minded feel the same way. More than that, these actions are slowly eroding the Malaysia that we know.

Minister in charge of Islamic Affairs Datuk Seri Jamil Khir Baharom told Parliament that unilateral conversions are lawful and gua­ranteed under the Federal Constitution.

This writer does not know if Jamil understood what he was reading out, which was presumably prepared by an official, or if he had referred to the Cabinet papers or read up on the Federal Constitution.

There is a 2009 Cabinet directive on uni­lateral conversion and early this year, a five-member Cabinet committee on unilateral conversion also decided that no child can be converted to another religion without the consent of both parents.

The 2009 Cabinet directive also stipulated that children must follow the practised religion of the parents at the time of marriage in the event that one of them converts.

Surely Jamil must be aware of the committee because he is also a member. Among the others in the panel are Transport Minister Datuk Seri Liow Tiong Lai and Minister in the Prime Minister’s Department Tan Sri Joseph Kurup.

The other members of the committee are Tourism and Culture Minister Datuk Seri Mohamed Nazri Aziz, de facto law minister Nancy Shukri, and Health Minister Datuk Seri Dr S. Subramaniam.

Jamil and his officials cannot read the Federal Constitution – specifically the provision for conversion – in isolation.

The argument of the singular meaning for “parent” does not hold water as the Interpretation Act 1948 & 1967 clearly indicates otherwise; the term “parent” in Article 12 (4) must necessarily mean both the father and mother.

To construe otherwise would mean depriving, for example, a mother of her rights as a parent to choose the religion of her infant under Article 12 (4), if the father alone decides. In simple English, the Interpretation Act stipulates “parent” to mean plural, not singular.

The Interpretation Acts of 1948 and 1967, which generally apply to all Acts of Parliament, state that words in the singular shall include the plural. Therefore, the Constitution ought to be interpreted in like manner.

Jamil should also put himself in the shoes of other Malaysians, especially non-Muslims. He may be in charge of Islamic Affairs but he is also a leader of all Malaysians.

I don’t think Jamil will be a happy man if his spouse makes a decision without telling him, and we are not even talking about religious issues.

Lest we forget, the Federal Court has ruled that Hindu mother M. Indira Gandhi is allowed to challenge the validity of the unilateral conversion of her three children by her Muslim-convert ex-husband Muhammad Riduan.

The ruling is the culmination of the interfaith custody battle between Indira and Muhammad Riduan that began in 2009. They were married as Hindus and today, no one has been able to trace the whereabouts of Muhammad Riduan (formerly K. Pathmanathan), who had converted the couple’s three children – then aged 12, 11 and 11 months – to Islam without their presence or Indira’s knowledge, just six days before he obtained a custody order for all three in the Syariah Court on April 8, 2009.

Another big surprise last week was the Government’s decision to allow PAS president Datuk Seri Abdul Hadi Awang to table a Private Member’s Bill in the Dewan Rakyat to amend the Syariah Courts (Criminal Jurisdiction) Act 1965.

On Thursday, it was at the bottom of the day’s agenda but it was prioritized by two Federal Ministers. It came as a surprise because PAS has brought the Private Member’s Bill four times since 1995, and has never succeeded. On Thurday, Hadi got this first step.

We can be sure that Hadi will repeat his mantra that the Bill only seeks to empower the Syariah Courts and it only involves Muslims.

When tabling the Bill, he said it seeks to amend Section 2 of the Act to state that the Syariah Courts will have jurisdiction over Muslims, and in the case of offences on matters listed in Item 1 of the State List under the Ninth Schedule of Federal Laws.

He said it is also to include Section 2A, which states that in the conduct of criminal law under Section 2A, the Syariah Courts have the right to impose penalties allowed by Syariah laws related to offences listed in the said section, in addition to the death penalty.

What Hadi is pushing for is unacceptable. We live in a plural society. Those who argue that the Syariah law is only for Muslims may have missed this point – can anyone in Malaysia guarantee that crimes would only involve Muslim criminals and victims?

Many kinds of criminal acts affect non-Muslims, including rape. If we follow what Hadi is preaching – we will have to find four male witnesses of repute to testify in a rape case. Women witnesses are not accepted and we wonder where we are going to find four men of good reputation in relation to a rape case.

If non-Muslims already find that judges in civil courts are reluctant to adopt a firm stand on the civil rights of the aggrieved non-Muslim party, we wonder how the Syariah Courts can defend the interest of non-Muslims.

There cannot be a parallel criminal justice system with Muslims and non-Muslims subjected to two different laws. This is not about Islam, as advocated by Hadi and PAS, but simple common sense. But of course, common sense is not that common in PAS but we hope there will be a sense of fair play from Umno, and not the agenda dictated by the likes of Jamil. Sometimes we wonder if Jamil is really from Umno or PAS.

The third disappointment must be a speech made by Datuk Seri Ismail Sabri Yaacob, the controversial Rural and Regional Development Minister, who is well known for his communal remarks.

Last week, he reminded his listeners that Malays must unite to prevent non-Muslims from becoming Prime Minister because the Federal Constitution is silent on the racial origin of the top boss.

First of all, I cannot imagine any non-Malay aspiring to be the PM because, accept it, realistically it is not going to happen in my lifetime. It took 200 years in the United States for a black man to become president, even when the whites and blacks are mainly Christians and speak English.

But it is sad that in this age and time, Ismail is still looking inward and seeing things through his racist lens. Surely, he must have applauded when a Muslim became the first mayor of London, and for that matter, the first mayor in a big Western city.

Even in Jakarta, the capital of the world’s largest Muslim country, a Christian Chinese has been voted in as the city’s governor.

The non-Malays, especially the Chinese, are aware of their position as a minority in Malaysia. Politicians like Ismail should stop using phrases like “they” and “us” in his speeches, because we are all Malaysians.

What he has said serves little purpose, except to hurt feelings unnecessarily. A true mature Malaysian leader will talk about the strength of all Malaysians, regardless of their race and religion, coming together and not going separate ways.

As one lawyer put it aptly in his article, Malaysia is represented by at least 45% of the population who have faiths other than Islam. The important question one needs to address is the line between maintaining social stability and securing individual rights of religious practice and freedom of religion.

He further added, “this needs to be re-evaluated – where the politicisation of the Muslim rights over the non-Muslim citizens and fear mongering has had considerable effect in defining the parameters of the fundamental rights afforded to the citizen by the Constitution.”

Three months from now, Malaysia will celebrate its National Day. As we replay the old visual of Tunku Abdul Rahman raising his hand at Stadium Merdeka, let us not forget that the Alliance created Malaysia as a secular democracy.

Tunku would have been horrified at the thought of what Hadi and his PAS theolo­gians want to do with Malaysia.

He would have also reminded a few Umno leaders, who have no sense of history, that our Independence was made possible because of the unity of Umno, MCA and MIC, and that without Sabah and Sarawak, there would be no Malaysia.

So please think carefully of the hearts and minds of the rest of Malaysians who do not live in Kelantan and do not want to see Malaysia turned into an Islamic State. Let not the first brick be laid.

By Wong Chun Wai The Star

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.


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How do we get out of the debt trap without printing more money?

The policy options open to major economies, including China, to reduce debt, before another global crisis hits

 

Pedestrians crossing in Tokyo. Quantitative easing stopped a debt implosion, but its initial success enabled politicians to avoid structural reforms, The result was slower growth from declining productivity, even as companies and governments continued to borrow. In short, we are in a debt trap! 

ALL of us are worried about growing global debt as a precursor to another round of crises. After the last global financial crisis, 2007-2009, global debt rose to more than US$200 trillion or US$27,000 for each person in the world.

Since 2.8 billion or nearly 40% live on US$2 per day, there is no way that the debt can ever be repaid. The bulk of debt owed by governments, banks and companies will be repaid by creating more debt.

If we are happy to create money, we should be happy to create more debt. Right?

Wrong. The right question is not the size of the debt or liability, but where is the net asset? Individually, we can always repay the debt if we spend less than what we earn, or invested in an asset that generates sufficient income to pay the interest.

Collectively, the government can always borrow to repay, because it can always tax to repay, if not principal, at least on the interest. Countries only get into trouble when they owe foreigners and cannot raise enough foreign exchange to repay their debt.

High levels of investment – and debt – are good for China’s economy

Charles Goodhart, Emeritus Professor at London School of Economics and one of the foremost thinkers on money and banking has written a series of important articles for Morgan Stanley, analysing the current debt crisis.

Emerging markets

The reason we ended up with more debt than ever is due to three factors since 1970 – the willingness of the financial sector to lend, the increase in global savings relative to investment and the demand for safe assets. Professor Goodhart attributed the structural increase in savings to favourable demographics in the last forty years – particularly as emerging markets like China increased their savings from growth in their labour force that engaged in international trade.

The increase in savings relative to investments created a global savings glut, which meant lower real interest rates.

The willingness of emerging markets to park their excess savings in advanced countries in the form of official reserves and the banks willing to extend credit at lower interest rates created the boom in financialisation. Lower interest rates encouraged speculative activity (funded by debt) rather than investments in long-term productive projects.

When the bust occurred, the advanced central banks wanted to avoid a debt implosion and added to the bubble by lowering interest rates and flooded the markets with short-term liquidity.

The quantitative easing (QE) stopped the widening of the crisis, but its initial success enabled politicians to avoid taking tough action in structural reforms. The result was further slower growth from declining productivity, even as companies and governments continued to borrow, affordable only at near zero interest rates. In short, we are in a debt trap – more debt, little growth.

China lacks urgency about its debt problem, IMF says

Negative interest rates are causing a major problem in the global economy

 Central banks charged with reviving growth using only monetary policy are now actively using negative interest rates and desperate enough to think about helicopter money.

Negative interest rates as a policy tool was invented by small countries like Sweden and Switzerland to discourage large capital inflows that created excessive currency appreciation.

But for the eurozone and Japan to try that would actually destroy their banks’ profitability, which is why bank shares dropped after these were introduced. If banks think they will lose money, they will cut back lending to the real sector further, negating the objective of QE to stimulate growth. Banks receiving QE funds faced the double prospect of being punished for taking credit risks and also the need to increase both capital and liquidity due to the tighter bank regulations.

Helicopter money

Helicopter money is not about central bankers jumping out of helicopters to atone for their mistakes, but about central bank financing a massive increase in fiscal expenditure – truly monetary creation on a large scale. If this happens, watch out for a rise in gold prices.

Prof Goodhart has carefully analysed the three options for deleverging or getting out of the debt trap. The first is to deleverge by swapping debt for equity, being tried by China.

This is feasible when the country is a net lender and both borrowers and lenders are state-owned entities. The second option is to use inflation to reduce the real value of debt. As the recent experience showed, getting inflation even up to target was tough to achieve.

The third option is to address collateral by inducing lenders and borrowers to renegotiate their debt or make the debt permanent. This is both painful and difficult and is unlikely to be adopted unless other options are tried.

China’s banking regulator moves to contain off-balance-sheet risk

In my view, the true result of the Bank of Japan’s negative interest rates is a tax on the older generation, because they are the ones not spending.

Japan tried Keynesian fiscal spending, which failed to sustain growth but created a huge debt overhang.

The Japanese older generation and the corporate sector keeps on saving because they are worried about the future, not surprising given an aging population and sluggish demand for exports.

So if you can’t increase the inflation tax, or corporate taxation to reduce the fiscal debt, use negative interest rates to reduce the value of savings of retirees and the corporate sector. Only Japanese savers would not revolt under such inequity.

For countries that have net savings and large public assets, like China, there is a fourth option to get out of the debt trap, and that is to re-write the national balance sheet. Most foreign analysts who worry about China’s debt overhang forget that after three decades of growth, the Chinese state has also accummulated net assets (net of all liabilities) equivalent to 166% of GDP.

That can be injected as equity into the overleveraged enterprises and banks if and only if the governance and return on assets can be improved under better management.

In the short-run, a clean-up of the over-leveraged enterprise sector and local government debt, embedded in the official and shadow banking system, will help sustain long-run stable growth. How to do this technically will be explained in the next article.

By Tan Sri Andrew Sheng who writes on global affairs from an Asian perspective.

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Free trade in rhetoric, not in practice by Western countries

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WESTERN countries commonly proclaim the great benefits of free trade and the evils of protectionism.

 

Globalization Of Trade Without Globalization Of Law Results In Plutocratization. This Is Exactly What Happened To The Roman Republic, & Why It Faltered

In reality, many developed countries practise double standards, insisting on free trade in areas where they are strong, whilst using protectionist measures in sectors where they are weak.

In the worst case, within the same sector they have designed rules that impose liberalisation on developing countries but allow themselves to maintain high protectionism.

An outstanding example is in agriculture, in which the rich counties are not competitive.

If “free trade” were to be practised, a large part of global agricultural trade would be dominated by the more efficient developing countries.

But until today, agricultural trade is dominated instead by the major developed countries.

For many decades they got an exemption for agriculture from trade liberalisation rules.

This exemption ended when the World Trade Organisation (WTO) was crea­ted in 1995 and the rich countries were expected to open their agriculture to global competition.

But in reality, WTO’s agriculture agreement allowed them to have both high tariffs and high subsidies.

The subsidies have enabled far­mers to sell their products at low prices, often below production cost, yet allowed them to get adequate revenues (which include the subsidies) that keep them in business.

This has four negative effects on developing countries.

Firstly, those countries that are agri­­culturally competitive cannot pe­­netrate the rich countries’ markets.

Secondly, the developing countries are deprived of other markets because the United States and Europe can export the same farm products at artificially cheap prices. This is a complaint of African cotton-producing countries.

Thirdly, by exporting a product cheaply, the developed country reduces the demand for a competitor substitute product. If the US did not subsidise its soybean, enabling soybean oil to be cheaper, Malaysian or Indonesian palm oil would have a bigger market.

Fourthly, these cheap products (such as chicken from US and Europe) have entered many deve­loping countries, damaging the livelihoods of their local farmers.

In 2001, the WTO launched a Doha development agenda whose chief goal was to liberalise the agriculture of developed countries.

Much energy was spent over many years to devise methods and formulae to liberalise agricultural trade, and a high degree of consensus was reached.

However, the US, backed by Europe, has now made it clear they do not intend to conclude the Doha Round.

Future WTO negotiations have to be on a new basis, and not based on existing texts.

An article by Chris Horseman in the bulletin Agra Europe (May 12) analysed why the US now cannot accept the existing text.

A reduction in the maximum limit of one type of allowed subsidies (called de minimis) would have pushed the US to increase by 58% another type of disallowed subsidies (known as AMS).

This partly explains “why the US is keen to move away from the formulae on the table and to negotiate a fresh approach,” said the article.

Due to its powerful farm lobbies, the US will not change its domestic policies (embodied in its 2014 Farm Bill) to meet the Doha agenda’s new limits on the allowed amounts of domestic subsidies.

The same article also shows how the European Union has meanwhile changed the types of subsidies it provides, in order to better comply with WTO rules. This also allowed the EU countries to maintain their total domestic subsidies at around €80bil (RM356bil) annually from 2004 to 2013.

Two decades after the WTO was set up, the rich countries have continued the high level of their agricultural protection.

There is little prospect that they will agree to changes in the trading system that will effectively eliminate or reduce the massive subsidies that keep their farming systems afloat.

The poorer countries simply do not have the money to match the subsidies of the rich.

If they want to defend their far­mers and their food security, they can only put up tariffs to levels that keep out the cheap subsidised pro­ducts.

But those developing countries that sign free trade agreements with the US and the EU have to cut their agriculture tariffs to zero or very low levels.

At the same time, at the insistence of developed countries, agricultural subsidies are kept off the FTA agenda. Thus, the rich countries can keep their subsidies and swamp developing countries with their farm products.

The US and EU are also taking protectionist measures in other areas against developing countries.

For example, the US successfully filed a case against India at the WTO, that the latter’s National Solar Mission favours local firms through its domestic content requirements for solar cells and modules.

This kind of objection makes it extra difficult for India or other developing countries to take action against climate change.

The European Parliament recently voted to refuse giving China the status of a market economy in the WTO, although WTO members are obliged to recognise China as a market economy by December 2016, 15 years after it joined the WTO in 2001.

By denying China this status, it is easier for other countries to suc­­­­­­c­e­ed when taking anti-dumping cases against China, and thus to place extra tariffs on Chinese exports.

China and India are fighting back.

India last week announced it will file 16 cases against the US for violating WTO rules when providing subsidies under its renewable energy programmes.

China won a case against the US in the WTO for wrongly imposing countervailing duties against 15 Chinese products including solar panels, steel sinks and thermal paper.

However, the US has not complied with the panel decision to withdraw the duties, and China is now starting action at the WTO to get the US to comply.

It seems impossible to prevent or reduce the rich countries’ high protection of their agriculture. And it also seems they will continue using protectionist measures against products or policies of developing countries.

There is indeed a big gap between the rhetoric and practice of free trade.

By Martin Khor Global trends

Martin Khor (director@ southcentre.org) is executive director of the South Centre. The views expressed here are entirely his own.

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Landed residential properties much sought after with resilent demand, Market insights

CBRE|WTW managing director Foo Gee Jen (pic) said that in spite of confidence issues among property buyers, there was still good demand for “the right products,” especially for landed units.

PETALING JAYA: Demand for landed residential units is still promising despite the current property glut, said an official from a local real estate services provider.

CBRE|WTW managing director Foo Gee Jen (pic) said that in spite of confidence issues among property buyers, there was still good demand for “the right products,” especially for landed units.

“Despite the issue with the confidence levels, some developers are still registering good sales for landed and affordable homes. High rise developers meanwhile are having to offer a lot more freebies, with some even offering their own financing.

“But you don’t see that for landed property as the demand is still there,” he said at a press conference announcing the joint venture (JV) between real estate agencies CH Williams Talhar & Wong Sdn Bhd (WTW) and CBRE last week.

He emphasised that one of the biggest issues facing the current property sector is not oversupply, but instead a mismatch of supply and demand.

“Developers are putting the wrong products in the market and this is not what the masses want. The demand is there but it’s not the correct product. So the question is, how long will the market take to absorb (these products)?”

As an example of a mismatch between demand and supply, Foo cited low-cost housing in areas that were not accessible to the proper target audience.

“For instance, there are low-cost properties built in Bukit Beruntung. But the daily toll and fuel cost of travelling to Kuala Lumpur for work is heavy for the type of people living in such homes.

“Also, there are so many high-end shoebox units now and Malaysia is unlike Singapore or Hong Kong. We still have plenty of land. If you’re putting the right property in the right location - you’ll still see a long queue of people attending the launches.” CBRE, the world’s largest commercial real estate services firm and a Fortune 500 company, announced yesterday that it had acquired a significant interest in Malaysia’s largest real estate service provider, WTW, WTW Real Estate Sdn Bhd and WTW Property Services Sdn Bhd.

The business will rebrand as CBRE|WTW effective immediately, with WTW holding a 51% stake in the JV. WTW network of 13 offices in Peninsula Malaysia.

CBRE Asia Pacific chief executive officer Steve Swerdlow said the collaboration was consistent with the firm’s strategy to grow in South-East Asia.

“At a time when planning is underway to link Malaysia and Singapore via high speed rail and with the Asean Economic Community and the Trans Pacific Partnership facilitating greater collaboration for both countries and their wider partner countries, this offers many opportunities for cross border activities when they arise.”

With CBRE as a strategic partner, Foo said the firm can now help its clients expand their activities beyond Malaysia, providing them with more options through a diverse means of expertise. “Conversely we can be a party to help bring greater meaningful inbound investments into the Malaysian market via the CBRE global network.”

By Eugene Mahalingam The Star

Top Story -market insights
		An outlook on Malaysia's property market May 26, 2016 According to PropertyGuru’s Malaysia Property Market Sentiment Survey Report H1 2016, things are expected to improve in 2016 as people are warming up to the idea of purchasing properties.   Read full story

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