Amazing Race Asia 4

Today, I get away from politics and economy and turn to something light like The Amazing Race Asia 4 which is currently showing on AXN , Astro Channel 701.

I have just finished watching the Amazing Race Asia 4 and I am very sad that the Malaysian team of Ethan and Khairi is eliminated from the race. This pair of young man is a very good team with little weaknesses but made a BAD MISTAKE during a DETOUR in Bali when after choosing to carry a basket of vegetables on top of their head,they change their mind and carry out another task that is to find a chinese name written on a chinese tombstone in a cemetery. Finding the right tomdstone among the thousands in a cemetery is a very difficult task as what I have personally experience.Mant years ago during CHENG BENG or ALL SOULS DAY, I and my father was looking for the grave of a relative who passed away and buried at the Kwangtung Cemetery in Cheras.It was a difficult search and after a few hours,we gave up.I think Ethan do not have this experience or else he would not have choose this task.

After spending a lot of time and unable to find the name,they change their task to carry a baskets of vegetables.This caused them to lose a lot of precious time and in the end the phillipines duo was able to overtake them.

Over the years,Malaysian teams competing in the amazing race has performed very well especially Ter Joo Jer and Sabrina Fernandez who was the winner of the first amazing race.The Chong sisters came in second in the secong race with Ida and Tania came in third in the third race.

Hopefully,in the 5th race,a malaysian team will emerge as CHAMPION.

MALAYSIA - PROPERTY BUST.

Recently,Bank Negara imposed the loan to value ratio in which those who purchase a THIRD PROPERTY will only be entitled to borrow 70% of the value of the property.

In my opinion,Bank Negara is wasting its time and effort in implementing this ruling as it does not help to COOL the local property market. In order to avoid a collapse of the property market, Bank Negara should imposed a loan to value ratio of 75% on the purchase of a SECOND property in which bank can only finance 75% OF THE VALUE OF THE PROPERTY FOR THOSE WHO BUY A second PROPERTY.

Thus,this ruling will not penalise the FIRST TIME BUYER and it will cool down the current hot property market to AVOID A SUB-PRIME in Malaysia.

I have a property developer friend who is selling 3 blocks of Studio Apartment totalling 1080 units of 650 sg ft for RM 360,000 each in Jln Kelang Lama.Even without Launching, SEMUA HABIS DI JUAL,all the 1080 units fully sold .

His marketing strategy is that the purchaser only pay RM 5000 on booking. On signing of the S & P agreement, the purchaser need not pay the 10% as required as he is given a 10% DISCOUNT and the balance 90% is finance by the bank and all the legal chargers,stamp duty and other expenses are covered by the developer. The purchaser will start paying the bank when he or she receive the keys to the apartment. The RM 5000 will be use to pay for utilities deposit like water and electricity.

All the purchaser needed is to come up with RM 5000 and this encourage a lot speculators for this property and when the apartment is completed,the value will go up and they will be a lot of speculators ready to SELL for a profit

They are a lot projects in the Klang Valley which is selling like hotcakes and this is due the speculators who are able to get cheap and easy financing from the banks.As the bank have a lot of liquidity,they just lend to cover their interest cost and if Bank Negara is not tough in using its monetary policy to control this HOT property market,Malaysia will face a sub prime mortgage problem like the US.

To all my loyal readers,if you want to purchase a property,make sure that you are investing or staying and NOT SPECULATING as I strongly belief that if things are to continue like this ,our property market will collapse in SEPTEMBER 2011.