Time to take fight against graft to the top, say group

Taking action against Corruption!

Political parties should disclose all of their financing and expenditure, says Transparency International Malaysia.

“Political funding must be stated in the parties’ bank accounts and a properly audited account financial report must be published annually,” said its president Datuk Akhbar Satar.

“All ministers and top Govern­ment servants should also declare their assets to the Malay­sian Anti-Corruption Commission (MACC), and the chief commissioner should declare these to the Parliament,” he said.

Akhbar was commenting on the call by MACC for the Government to declare corruption and abuse of power as the country’s No. 1 enemy.

He said these declarations would be in line with the belief that “transparency and accountability begin at the top”.

“The public must also help MACC by reporting corrupt practices and cooperating in court,” he added.

Inspector-General of Police Tan Sri Khalid Abu Bakar also supported MACC’s move.

“Such an honourable effort must be supported thoroughly,” he said. “The police always prioritise integrity and the war on corruption must be fought at all fronts.”

Asli Centre of Public Policy Studies chairman Tan Sri Ramon Navaratnam said reforms in corruption laws were needed to ensure that MACC could “act without fear or favour”

. “Our laws on corruption should be reviewed, revised and made up to date,” he said. “And follow best practices such as in countries like Denmark, Hong Kong and Singapore.”

The Government could set an example by making sure there was a cap on money politics, he added.

Malaysian Crime Prevention Foundation senior vice-chairman Tan Sri Lee Lam Thye said it was vital for the public to be proactive in helping MACC.

“MACC needs a free hand to take action in fighting corruption,” he said.

G25 member Tan Sri Mohd Sheriff Mohd Kassim said the best way to start would be to require all election candidates in the 14th general election to sign a pledge against corruption during the campaign.

Minister in the Prime Minister’s Department Datuk Paul Low said the Government’s commitment to fight corruption was already there “but the journey to deal with the problem takes time”.

Source: Star/ANN By Razak Ahmad, Fatimah Zainal, Andmelanie Abrahamby

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Xi's governance of China book a hot seller

Xi Jinping: The Governance of China _China.org.cn

A big hit: Xi’s book ‘ The Governance of China’ attracting a reader at the London Book Fair in this file picture. — Xinhua

After its debut in Thailand, Cambodia and Pakistan, Xi Jinping: The Governance of China has become a top seller and been well-received among local officials and scholars, with many hailing the value of the book for both its language and its outreach.

The book, which outlines the political ideas of the top leadership in China, has been released in Thai, Khmer and Urdu versions in the respective capitals of the three countries in the past two weeks.

A Thai publisher sold more than 2,000 copies of the book in a single day after its launch in Bangkok on April 7, with many readers inquiring on social media about ways to purchase the book, reported Xinhua news agency.

Thai Deputy Prime Minister Wissanu Krea-ngam, who had read the book, said it was written in beautiful language, even though it was not in the form of a novel or essays.

“I believe that to be a great leader, one has to be a good reader, good thinker, good speaker, good writer and good doer, and I found President Xi has achieved all of them after I finished reading this book,” he said.

In Phnom Penh, more than 700 officials, scholars and entrepreneurs, including Cambodian Prime Minister Samdech Techo Hun Sen and five deputy prime ministers, attended the launching ceremony for the book on April 11.

Chea Munyrith, director of the Confucius Institute of the Royal Academy of Cambodia, said publishing a Khmer version will enable the Cambodian people to better learn about China and Xi himself.

Chea, who assisted in the translation of the book into Khmer, said it offers insights for government officials and scholars on how to properly manage a country.

“That is why it is important for the officials, students and scholars in Cambodia to read through the book,” he said.

At the launching ceremony of the Urdu edition of the book in Islamabad on Friday, Pakistani Prime Minister Nawaz Sharif said the book is as much about the contemporary world as it is about China.

“What has touched me most is that this book is not just about high-level politics, but also about moving stories of common people, their lives and inspirations about hard work and family values,” he said.

“This book is as much about the “Chinese Dream” as it is about the global dream to have a peaceful, harmonious and connected world,” he added.

Building a community of shared destiny is an important concept embodied in Xi’s thoughts on governance of the nation, said Jiang Jianguo, deputy head of the Publicity Department of the Central Committee of the Communist Party of China and minister of the State Council Information Office.

“And this concept has been included in the resolutions passed by United Nations organisations,” Jiang said in Islamabad.

Source: China Daily/Asia News Network

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World Internet Conference 2015 Live from Wuzhen, China

Xi's governance of China book a hot seller

Xi Jinping: The Governance of China _China.org.cn

A big hit: Xi’s book ‘ The Governance of China’ attracting a reader at the London Book Fair in this file picture. — Xinhua

After its debut in Thailand, Cambodia and Pakistan, Xi Jinping: The Governance of China has become a top seller and been well-received among local officials and scholars, with many hailing the value of the book for both its language and its outreach.

The book, which outlines the political ideas of the top leadership in China, has been released in Thai, Khmer and Urdu versions in the respective capitals of the three countries in the past two weeks.

A Thai publisher sold more than 2,000 copies of the book in a single day after its launch in Bangkok on April 7, with many readers inquiring on social media about ways to purchase the book, reported Xinhua news agency.

Thai Deputy Prime Minister Wissanu Krea-ngam, who had read the book, said it was written in beautiful language, even though it was not in the form of a novel or essays.

“I believe that to be a great leader, one has to be a good reader, good thinker, good speaker, good writer and good doer, and I found President Xi has achieved all of them after I finished reading this book,” he said.

In Phnom Penh, more than 700 officials, scholars and entrepreneurs, including Cambodian Prime Minister Samdech Techo Hun Sen and five deputy prime ministers, attended the launching ceremony for the book on April 11.

Chea Munyrith, director of the Confucius Institute of the Royal Academy of Cambodia, said publishing a Khmer version will enable the Cambodian people to better learn about China and Xi himself.

Chea, who assisted in the translation of the book into Khmer, said it offers insights for government officials and scholars on how to properly manage a country.

“That is why it is important for the officials, students and scholars in Cambodia to read through the book,” he said.

At the launching ceremony of the Urdu edition of the book in Islamabad on Friday, Pakistani Prime Minister Nawaz Sharif said the book is as much about the contemporary world as it is about China.

“What has touched me most is that this book is not just about high-level politics, but also about moving stories of common people, their lives and inspirations about hard work and family values,” he said.

“This book is as much about the “Chinese Dream” as it is about the global dream to have a peaceful, harmonious and connected world,” he added.

Building a community of shared destiny is an important concept embodied in Xi’s thoughts on governance of the nation, said Jiang Jianguo, deputy head of the Publicity Department of the Central Committee of the Communist Party of China and minister of the State Council Information Office.

“And this concept has been included in the resolutions passed by United Nations organisations,” Jiang said in Islamabad.

Source: China Daily/Asia News Network

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Extraordinary man from Middle Kingdom

Open to ideas: Dr Huang (centre) listening to Country Garden Pacificview Sdn Bhd chief strategy officer Dr Yu Runze (right) during a visit to the Forest City project in Johor Baru. 

 Dr. Huang Huikang

China's top representative in Malaysia has made waves in a way that has earned much respect albeit with  raised eyebrows at times

DR Huang Huikang (pic) is no ordinary ambassador. This Chinese envoy has become one of the most-watched diplomats in Malaysia.

As China’s ambassador to Malaysia, he represents his country in important government and political functions here and works hard to promote bilateral ties, trade and investment between the two nations.

Like his predecessors, he mingles well with local Chinese leaders, praising the community for its sacrifices and devotion made over the decades in the development of Chinese education in Malaysia.

But unlike his low-key predecessors, this diplomat hands out cash donations to Chinese schools in a high-profile manner and celebrates Chinese New Year with locals.

The 62-year-old doctorate holder in international law and former law professor, who began his posting here in January 2014, has the poise of an envoy but stands out among his peers with his unconventional mannerism. While other ambassadors are usually more measured in their statements, he does not hesitate to make comments that may raise anxiety.

At official functions, Dr Huang is addressed as “ambassador extraordinary and plenipotentiary” – an ambassador’s official title in full. This may be no exaggeration.

Having served as vice mayor of Tangshan in Hebei province and completed stints as deputy consul-general in New York and minister counsellor-cum-deputy chief at China’s embassy in Ottawa, Dr Huang is a seasoned spokesman for China.

Late last year, he was re-elected as a member of the International Law Commission at the United Nations.

Here are snapshots of Dr Huang:

Role in vast investments

The role played by Dr Huang in bringing in large Chinese investments has put him in good stead.

Chinese Premier Li Keqiang’s visit here in 2015 was crucial to Malaysia and the Middle Kingdom.

When Prime Minister Datuk Seri Najib Tun Razak visited China in November last year, Dr Huang was also seen in Beijing. The trip resulted in the signing of deals and investments totalling RM144bil.

Of late, there has been quite a number of visits by China’s central departments, provinces and cities here to promote trade and forge closer ties.

The influence of Dr Huang is pervasive.

When China’s investments in Malaysia came under attack by some opposition politicians, he crafted a strongly-worded statement to these unnamed politicians, explaining how China could help the local economy and its people. But to these naysayers, China is stealing jobs, eating into the economic pie and depriving opportunities to small and medium businesses.

Once, during a nationwide tour of Malaysia, he cautioned that “slander, vilification and obstruction” could dampen the enthusiasm of Chinese firms.

Chinese investments in Malaysia

With investments from China coming to Malaysia in a never-seen-before scale, particularly under China’s Belt and Road initiative, Dr Huang has hinted that Malaysia should not take all this for granted.

Chinese enterprises are encouraged to venture into Malaysia because of the close ties between the two countries, he said.

Dr Huang spoke of how China would share the benefits from its economic growth with Malaysia, citing technology transfer and job creation.

Malaysian industries could become world class if they adopt advanced technology, he said.

Though not an economist, he predicted that the value ofthe Ringgit would rise in line with the increased foreign trade and foreign reserves.

To a large extent, Dr Huang’s remarks reflected China’s confidence as a superpower and its responsibilities on the global stage.

Even DAP – after criticising MCA for acting like “China’s agent” with the setting up of the Belt and Road Centre and MCA People’s Republic of China (PRC) Affairs Committee – paid Dr Huang a courtesy call in February.

And Dr Huang, ever the gracious, told the delegation that bilateral cooperation transcended political parties and race.

In the limelight

Dr Huang has gained substantial coverage in the Malaysian media, particularly in the Chinese dailies.

Last year, Dr Huang contributed RM40,000 to eight SJK (C) schools in Sembrong, Johor. Early this year, he gave RM100,000 to five schools in Nilai and Seremban, and another RM200,000 to 10 Chinese primary schools and one secondary school in Raub, Pahang.

While the recipients were grateful to him and possibly China, some saw this gesture as China flexing its financial muscle.

As usual, Dr Huang took it in his stride. He said the embassy would continue to support the development of Chinese education here.

More recently, he went on a high-profile trip within peninsular Malaysia to visit projects with Chinese investments, covering Negri Sembilan, Selangor, Kuala Lumpur, Pahang, Kedah, Malacca and Johor.

His visits were splashed across the Chinese dailies. The spotlight trained on Dr Huang has led to much feedback.

A Chinese community leader told Sunday Star: “He is grabbing so much limelight, even more than our own ministers.”

And a senior government official felt that it was “as though he is a politician on a campaign trail seeking re-election, or attempting to claim credit for the projects.”

Chinatown controversy

He did a Chinatown walkabout a day before the planned “Red Shirt” rally in September 2015 when a group led by Datuk Seri Jamal Yunos threatened a riot at the predominantly-Chinese trading area in Kuala Lumpur.

Accompanied by his wife, Dr Huang distributed mooncakes to the traders for the Mid-Autumn Festival celebration.

He told the media that China was against anyone resorting to violence to disrupt public order and that he would not stand idle if the interests of China’s citizens and firms were undermined. To him, it would be “a waste” if the harmony among the races in the area was jeopardised. However, his remarks were seen by some as an interference in Malaysia’s domestic affairs.

With all his fascinating activities and remarks, the diary of this diplomat will continue to come under the public microscope in the days to come.

Source: The Star by Tho Xin Yi

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Extraordinary man from Middle Kingdom

Open to ideas: Dr Huang (centre) listening to Country Garden Pacificview Sdn Bhd chief strategy officer Dr Yu Runze (right) during a visit to the Forest City project in Johor Baru. 

 Dr. Huang Huikang

China's top representative in Malaysia has made waves in a way that has earned much respect albeit with  raised eyebrows at times

DR Huang Huikang (pic) is no ordinary ambassador. This Chinese envoy has become one of the most-watched diplomats in Malaysia.

As China’s ambassador to Malaysia, he represents his country in important government and political functions here and works hard to promote bilateral ties, trade and investment between the two nations.

Like his predecessors, he mingles well with local Chinese leaders, praising the community for its sacrifices and devotion made over the decades in the development of Chinese education in Malaysia.

But unlike his low-key predecessors, this diplomat hands out cash donations to Chinese schools in a high-profile manner and celebrates Chinese New Year with locals.

The 62-year-old doctorate holder in international law and former law professor, who began his posting here in January 2014, has the poise of an envoy but stands out among his peers with his unconventional mannerism. While other ambassadors are usually more measured in their statements, he does not hesitate to make comments that may raise anxiety.

At official functions, Dr Huang is addressed as “ambassador extraordinary and plenipotentiary” – an ambassador’s official title in full. This may be no exaggeration.

Having served as vice mayor of Tangshan in Hebei province and completed stints as deputy consul-general in New York and minister counsellor-cum-deputy chief at China’s embassy in Ottawa, Dr Huang is a seasoned spokesman for China.

Late last year, he was re-elected as a member of the International Law Commission at the United Nations.

Here are snapshots of Dr Huang:

Role in vast investments

The role played by Dr Huang in bringing in large Chinese investments has put him in good stead.

Chinese Premier Li Keqiang’s visit here in 2015 was crucial to Malaysia and the Middle Kingdom.

When Prime Minister Datuk Seri Najib Tun Razak visited China in November last year, Dr Huang was also seen in Beijing. The trip resulted in the signing of deals and investments totalling RM144bil.

Of late, there has been quite a number of visits by China’s central departments, provinces and cities here to promote trade and forge closer ties.

The influence of Dr Huang is pervasive.

When China’s investments in Malaysia came under attack by some opposition politicians, he crafted a strongly-worded statement to these unnamed politicians, explaining how China could help the local economy and its people. But to these naysayers, China is stealing jobs, eating into the economic pie and depriving opportunities to small and medium businesses.

Once, during a nationwide tour of Malaysia, he cautioned that “slander, vilification and obstruction” could dampen the enthusiasm of Chinese firms.

Chinese investments in Malaysia

With investments from China coming to Malaysia in a never-seen-before scale, particularly under China’s Belt and Road initiative, Dr Huang has hinted that Malaysia should not take all this for granted.

Chinese enterprises are encouraged to venture into Malaysia because of the close ties between the two countries, he said.

Dr Huang spoke of how China would share the benefits from its economic growth with Malaysia, citing technology transfer and job creation.

Malaysian industries could become world class if they adopt advanced technology, he said.

Though not an economist, he predicted that the value ofthe Ringgit would rise in line with the increased foreign trade and foreign reserves.

To a large extent, Dr Huang’s remarks reflected China’s confidence as a superpower and its responsibilities on the global stage.

Even DAP – after criticising MCA for acting like “China’s agent” with the setting up of the Belt and Road Centre and MCA People’s Republic of China (PRC) Affairs Committee – paid Dr Huang a courtesy call in February.

And Dr Huang, ever the gracious, told the delegation that bilateral cooperation transcended political parties and race.

In the limelight

Dr Huang has gained substantial coverage in the Malaysian media, particularly in the Chinese dailies.

Last year, Dr Huang contributed RM40,000 to eight SJK (C) schools in Sembrong, Johor. Early this year, he gave RM100,000 to five schools in Nilai and Seremban, and another RM200,000 to 10 Chinese primary schools and one secondary school in Raub, Pahang.

While the recipients were grateful to him and possibly China, some saw this gesture as China flexing its financial muscle.

As usual, Dr Huang took it in his stride. He said the embassy would continue to support the development of Chinese education here.

More recently, he went on a high-profile trip within peninsular Malaysia to visit projects with Chinese investments, covering Negri Sembilan, Selangor, Kuala Lumpur, Pahang, Kedah, Malacca and Johor.

His visits were splashed across the Chinese dailies. The spotlight trained on Dr Huang has led to much feedback.

A Chinese community leader told Sunday Star: “He is grabbing so much limelight, even more than our own ministers.”

And a senior government official felt that it was “as though he is a politician on a campaign trail seeking re-election, or attempting to claim credit for the projects.”

Chinatown controversy

He did a Chinatown walkabout a day before the planned “Red Shirt” rally in September 2015 when a group led by Datuk Seri Jamal Yunos threatened a riot at the predominantly-Chinese trading area in Kuala Lumpur.

Accompanied by his wife, Dr Huang distributed mooncakes to the traders for the Mid-Autumn Festival celebration.

He told the media that China was against anyone resorting to violence to disrupt public order and that he would not stand idle if the interests of China’s citizens and firms were undermined. To him, it would be “a waste” if the harmony among the races in the area was jeopardised. However, his remarks were seen by some as an interference in Malaysia’s domestic affairs.

With all his fascinating activities and remarks, the diary of this diplomat will continue to come under the public microscope in the days to come.

Source: The Star by Tho Xin Yi

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Datuk Adam Rosly amassed so much wealth under scrutiny by corruption agency

Adam at the MACC office in Putrajaya today prior to his arrest by the anti-graft body. – BBX-Images

Anti-graft investigators looking into the case of Ampang PKR Youth chief Datuk Adam Rosly’s “unusual” wealth are trying to determine how the 29-year-old amassed a substantial amount of cash and property at his age.

Officers who went to Adam’s house, dubbed by many as “Disneyland castle” in Ampang, seized five cars – a Mini Cooper, a BMW 5 Series, a Mercedes C200, an Audi A6 and a Toyota Vellfire.

Eight accounts under Adam and his wife’s name, with money amounting to RM212,461.41, were frozen.

Adam, who was detained after his statement was recorded at the MACC headquarters on Thurs
day, has been remanded for five days to allow the commission to investigate him.

He arrived at the court complex at 9.30am yesterday, clad in the MACC orange lock-up attire and smiled to the waiting cameramen.

Lawyers Nik Zarith Nik Moustapha and Asyraf Othman, as well as his mother, wife, baby daughter and a group of friends were waiting for him in the courtroom.

Magistrate Nik Isfahanie Tasnim Wan Ab Rahman granted prosecutors’ request for him to be remanded until April 18.

The MACC is investigating the case under the Anti-Money Laun­dering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

Adam’s wealth came to the public’s attention after his political opponents questioned how he was able to afford his castle-style bungalow which they claimed cost RM7mil.

The special officer to Ampang MP Zuraida Kamaruddin, however, said he bought the house for RM1mil at an auction.

He also claimed that his money came from business ventures and family inheritance.

A source said the big question was whether Adam was actually involved in “proper” business ventures that brought him that much profit.

“Does he really have a business, did he really inherit a substantial amount of money or did he obtain it from ‘brokering’ or some kind of borrowings. We are sure there are ways for MACC to get to the bottom of this,” said the source.

MACC deputy chief commissioner Datuk Azam Baki said officers were still investigating the case.

“They are still finding more evidence and going through documents.

“Let them probe and we will see what comes out of it,” he added.

Source: The Star/ANN

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Adam at the MACC office in Putrajaya today prior to his arrest by the anti-graft body. – BBX-Images

Anti-graft investigators looking into the case of Ampang PKR Youth chief Datuk Adam Rosly’s “unusual” wealth are trying to determine how the 29-year-old amassed a substantial amount of cash and property at his age.

Officers who went to Adam’s house, dubbed by many as “Disneyland castle” in Ampang, seized five cars – a Mini Cooper, a BMW 5 Series, a Mercedes C200, an Audi A6 and a Toyota Vellfire.

Eight accounts under Adam and his wife’s name, with money amounting to RM212,461.41, were frozen.

Adam, who was detained after his statement was recorded at the MACC headquarters on Thurs
day, has been remanded for five days to allow the commission to investigate him.

He arrived at the court complex at 9.30am yesterday, clad in the MACC orange lock-up attire and smiled to the waiting cameramen.

Lawyers Nik Zarith Nik Moustapha and Asyraf Othman, as well as his mother, wife, baby daughter and a group of friends were waiting for him in the courtroom.

Magistrate Nik Isfahanie Tasnim Wan Ab Rahman granted prosecutors’ request for him to be remanded until April 18.

The MACC is investigating the case under the Anti-Money Laun­dering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

Adam’s wealth came to the public’s attention after his political opponents questioned how he was able to afford his castle-style bungalow which they claimed cost RM7mil.

The special officer to Ampang MP Zuraida Kamaruddin, however, said he bought the house for RM1mil at an auction.

He also claimed that his money came from business ventures and family inheritance.

A source said the big question was whether Adam was actually involved in “proper” business ventures that brought him that much profit.

“Does he really have a business, did he really inherit a substantial amount of money or did he obtain it from ‘brokering’ or some kind of borrowings. We are sure there are ways for MACC to get to the bottom of this,” said the source.

MACC deputy chief commissioner Datuk Azam Baki said officers were still investigating the case.

“They are still finding more evidence and going through documents.

“Let them probe and we will see what comes out of it,” he added.

Source: The Star/ANN

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Court rules land grab unlawful - Nation | The Star Online

 

Property tycoon 'Datuk Seri' and son remanded - The Sun Daily

 

Father and son with titles remanded - Nation | The Star Online

 

DAP rep insists Lim must step aside - Nation | The Star Online

 

Tan Sri's son held over DID probe - The Sun Daily

 

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Good time to invest in property now

Better upside: (from left) Knight Frank Sdn Bhd international project marketing (residential) senior manager Dominic Heaton-Watson, Knight Frank Asia-Pacific research head Nicholas Holt, Sarkunan and capital markets executive director James Buckley at the event

KUALA LUMPUR: The slowdown in the local property market has bottomed out, with prices seen picking up later this year, according to property consultancy firm Knight Frank Sdn Bhd.

“We predict a stable rate in 2017 and we will possibly see better upside towards the end of the year or early next year,” Knight Frank managing director Sarkunan Subramaniam said.

“The market has had a few years of contraction and we feel that this year, what will clear up one of the major concerns of most investors is the political uncertainty,” he said at the launch of Knight Frank’s 2017 Wealth Report here yesterday.

According to the report, “political uncertainty” was among the top concerns of its respondents in Asia at 25%.

“We’re going to have elections possibly this year. Once they have cleared, there will be positive movement in the market and that’s why I feel now is a good time to buy property in Malaysia.

“Once the elections are out, the economy will generally start picking up and sentiments will improve. Capital will also start coming in,” he said.

According to the wealth report, potential fall in asset values was the highest concern among its Asian respondents at 30%, followed by rising taxes and tighter controls on capital movement at 28% and 27% respectively.

Going forward, Sarkunan said affordable homes would primarily drive the local property market.

“Affordable homes will still be a driver to an extent, but medium-to-high end properties will also pick up again. Also, when the mass rapid transit (MRT) lines come into the city, it will drive the commercial market there as well.

“We’ve had a lot of decentralisation push over the last 10 years and the MRT will bring office workers to the city.”

Sarkunan pointed out that locations with light rail transit (LRT) and MRT lines, such as Damansara Heights, have bucked the trend in terms of condominium values.

“Prices have actually increased compared with some of the other areas in Malaysia. Transport hubs or transport-orientated developments, such as Kota Damansara, have also seen improvements in prices.”

The Knight Frank 2017 Wealth Report tracks the value of luxury homes in 100 key locations worldwide, including 19 destinations from Asia Pacific.

According to the report, values rose globally by 1.4% on average last year, compared with 1.8% in 2015. Asia was the second best performing world region last year, with prices rising 5.1%.

Australasia was the strongest performing world region with prices rising 11.4% year-on-year.

Source: BY EUGENE MAHALINGAM The Star/ANN

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Better upside: (from left) Knight Frank Sdn Bhd international project marketing (residential) senior manager Dominic Heaton-Watson, Knight Frank Asia-Pacific research head Nicholas Holt, Sarkunan and capital markets executive director James Buckley at the event

KUALA LUMPUR: The slowdown in the local property market has bottomed out, with prices seen picking up later this year, according to property consultancy firm Knight Frank Sdn Bhd.

“We predict a stable rate in 2017 and we will possibly see better upside towards the end of the year or early next year,” Knight Frank managing director Sarkunan Subramaniam said.

“The market has had a few years of contraction and we feel that this year, what will clear up one of the major concerns of most investors is the political uncertainty,” he said at the launch of Knight Frank’s 2017 Wealth Report here yesterday.

According to the report, “political uncertainty” was among the top concerns of its respondents in Asia at 25%.

“We’re going to have elections possibly this year. Once they have cleared, there will be positive movement in the market and that’s why I feel now is a good time to buy property in Malaysia.

“Once the elections are out, the economy will generally start picking up and sentiments will improve. Capital will also start coming in,” he said.

According to the wealth report, potential fall in asset values was the highest concern among its Asian respondents at 30%, followed by rising taxes and tighter controls on capital movement at 28% and 27% respectively.

Going forward, Sarkunan said affordable homes would primarily drive the local property market.

“Affordable homes will still be a driver to an extent, but medium-to-high end properties will also pick up again. Also, when the mass rapid transit (MRT) lines come into the city, it will drive the commercial market there as well.

“We’ve had a lot of decentralisation push over the last 10 years and the MRT will bring office workers to the city.”

Sarkunan pointed out that locations with light rail transit (LRT) and MRT lines, such as Damansara Heights, have bucked the trend in terms of condominium values.

“Prices have actually increased compared with some of the other areas in Malaysia. Transport hubs or transport-orientated developments, such as Kota Damansara, have also seen improvements in prices.”

The Knight Frank 2017 Wealth Report tracks the value of luxury homes in 100 key locations worldwide, including 19 destinations from Asia Pacific.

According to the report, values rose globally by 1.4% on average last year, compared with 1.8% in 2015. Asia was the second best performing world region last year, with prices rising 5.1%.

Australasia was the strongest performing world region with prices rising 11.4% year-on-year.

Source: BY EUGENE MAHALINGAM The Star/ANN

Related articles:

Upside seen in property market

Shining landmark of prestige

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Penang is best for property investment in Malaysia

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Singaporeans on buying sprees for Penang prewar houses; Residents see red

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