KUALA LUMPUR, Oct 10 — Prime Minister Datuk Seri Najib Razak unveiled Malaysia Budget 2015 today, with an eyes on how the government plans to cut the fiscal deficit, bring down its own debt, piled up close to a self-imposed limit of 55 per cent of gross domestic product.
The following are highlights of Najib’s Budget 2015 Malaysia ongoing speech to parliament:
– Government aims to lower fiscal deficit to 3.0 per cent in 2015 from an expected 3.5 per cent this year.
– 2015 budget allocates total RM273.9 billion, an increase of RM9.8 billion compared with the 2014 initial allocation.
– Operating expenditure RM223.4 billion, development expenditure RM50.5 billion.
– Payments to civil servants of RM65.6 billion is largest operating expenditure item.
– Federal government revenue collection estimated at RM235.2 billion in 2015, an increase of RM10.2 billion from 2014.
Taxes
– Revenue from goods and services tax to be introduced in April at rate of 6 per cent expected to be RM23.2 billion, but after allowing for the abolition of the sales and services tax, and exemptions and funds channelled back to people through assistance programmes net revenue collection is expected to only be RM690 million.
– Income tax rates to be cut by one to three percentage points. Families with monthly income of less than RM4,000 will not have to pay tax.
– From 2016, the corporate tax rate will be reduced by one percentage point from 25 per cent to 24 per cent, and for small and medium sized enterprises to 19 per cent from 20 per cent.
Subsidies
– The Economic Report said government plans to reduce the overall bill for subsidies and cash assistance by 7 per cent to RM37.7 billion in 2015 from RM40.6 billion in 2014.
– Prime Minister Najib says he will reform the petroleum subsidy regime soon, to adopt a system that benefits less well off.
Property
– Budget extends 50 per cent stamp duty exemption for first-time home buyers and increases the purcase limit from RM400,000 to RM500,000. The exemption will be given until the end of 2016.
– Malaysia to move to self-assessment for real property gains tax from 2016.
Commodities
– Export duty exemption for crude palm oil extended until December 31, 2014.
Development
– Eastern Malaysian states of Sabah and Sarawak to be allocated RM4.5 billion to upgrade facilities in rural areas.
Source: http://www.themalaymailonline.com/malaysia/article/budget-2015-the-highlights-so-far
Friday, 10 October 2014
Thursday, 9 October 2014
Another 30 1Malaysia wireless villages coming up in Johor
JOHOR BARU: The Malaysian Communications and Multimedia Commission (MCMC) is expanding its 1Malaysia Wireless Village (KTW1M) to another 30 locations in the state to enable more rural residents enjoy free internet access.
MCMC southern region head Roszeta Kassim said the additional locations were based on high demand by consumers for broadband facility.
"To date, there are 757 KTW1M locations as well as 76 1Malaysia internet centres (PI1M) in Johor and Malacca," she told reporters after the 2014 Creative Youth League contest prize presentation here today.
Also present was MCMC Broadband Management division chief Nor Akmar Shah Minan.
Roszeta said apart from rural areas, MCMC was also identifying other areas which needed broadband facility.
Meanwhile she said MCMC also financed 76 PI1Ms in Johor and Malacca via the Universal Service Provision Fund (USP).
According to her, the fund was also used to implement the 1Malaysia Netbook programme, involving one million laptops.
"The primary target of the programme are secondary school students from families with less than RM3,000 household incomes," she said, adding that from 2010 to last year, 148,000 netbooks were distributed to students and communities in the southern region.
With the effort, MCMC hoped more people would be able to actively explore information communication technology (ICT), she said.
Themed 'Broadband for Education,' it is being held for the fourth time and involved 4,074 participants nationwide. – Bernama
Source: www.thesundaily.my/news/1192736
MCMC southern region head Roszeta Kassim said the additional locations were based on high demand by consumers for broadband facility.
"To date, there are 757 KTW1M locations as well as 76 1Malaysia internet centres (PI1M) in Johor and Malacca," she told reporters after the 2014 Creative Youth League contest prize presentation here today.
Also present was MCMC Broadband Management division chief Nor Akmar Shah Minan.
Roszeta said apart from rural areas, MCMC was also identifying other areas which needed broadband facility.
Meanwhile she said MCMC also financed 76 PI1Ms in Johor and Malacca via the Universal Service Provision Fund (USP).
According to her, the fund was also used to implement the 1Malaysia Netbook programme, involving one million laptops.
"The primary target of the programme are secondary school students from families with less than RM3,000 household incomes," she said, adding that from 2010 to last year, 148,000 netbooks were distributed to students and communities in the southern region.
With the effort, MCMC hoped more people would be able to actively explore information communication technology (ICT), she said.
Themed 'Broadband for Education,' it is being held for the fourth time and involved 4,074 participants nationwide. – Bernama
Source: www.thesundaily.my/news/1192736
Wednesday, 8 October 2014
Singaporeans flock to JB over long weekend despite increase in toll charges
SINGAPORE: Long weekends are usually when Singaporeans choose to venture across the Causeway to indulge in their favourite pastimes of shopping, eating and other activities, and this Hari Raya Haji long weekend was no exception.
Many Singaporean commuters made trips across the Causeway over the festive weekend, despite the recent increase in toll charges on both sides of the Causeway.
The Immigration and Checkpoints Authority had said it expected heavy traffic across the Causeway during the festive period, and some commuters said they spotted many Singapore-registered cars over the weekend.
The raised toll charges now make it five times more expensive to make a trip to Johor Bahru and back, using the Causeway.
However, some drivers who frequent Johor Bahru - as well as two firms that plan driving tours to Malaysia - said the raised toll charges are unlikely to change their habits as they do not pay the charges every day. They can also choose to share the cost of the charges with passengers in their cars.
Source: www.channelnewsasia.com/news/singapore/singaporeans-flock-to-jb/1400866.html
Many Singaporean commuters made trips across the Causeway over the festive weekend, despite the recent increase in toll charges on both sides of the Causeway.
The Immigration and Checkpoints Authority had said it expected heavy traffic across the Causeway during the festive period, and some commuters said they spotted many Singapore-registered cars over the weekend.
The raised toll charges now make it five times more expensive to make a trip to Johor Bahru and back, using the Causeway.
However, some drivers who frequent Johor Bahru - as well as two firms that plan driving tours to Malaysia - said the raised toll charges are unlikely to change their habits as they do not pay the charges every day. They can also choose to share the cost of the charges with passengers in their cars.
Source: www.channelnewsasia.com/news/singapore/singaporeans-flock-to-jb/1400866.html
Is PR1MA The Answer To Malaysia’s Urban Housing Crisis?
MALAYSIA: For Viewing Purposes Only: this seemed to be the lamentation of many who are in need for their own homes as advertised by many developers. This is unfortunate for those who are working in big cities like Kuala Lumpur, Johor Bahru and Pulau Pinang.
The cost of these homes are not commensurate with the average income of a Malaysian household, especially those categorized under the lower income segment.
Those who want to own homes have to resort to buying them in more rural areas that lack many facilities, as well as severelly affecting mobility due to the distance. These so-called satellite towns in neighbouring regions like Seremban, Senawang and Kajang are increasingly becoming more attractive as property prices in the Klang Valley continue to soar.
According to the Economist from the School of Economics, Finance and Banking, Universiti Utara Malaysia, Professor Datuk Dr. Amin Hussin Baharuddin noted that current generations of Malaysians will face increasing challenges in acquiring their own homes, whereby they may end up paying for rental homes till the end of their lives, no thanks to these exhorbitant home prices.
“In 2013, the home prices in Malaysia rose suddenly up to almost 30 percent compared to the year before; and for this year the prices rose another 8 percent during the first quarter,” he said when met by Malaysian Digest.
What is the government’s definition of an “affordable home”?
According to the official website of PR1MA Malaysia, the price of an affordable home to be supplied by PR1MA is around RM100,000 to RM400,000 which is open to applicants who have household incomes between RM2,500 to RM7,500 a month.
Differing from “Rumah Mesra Rakyat 1Malaysia” supervised by Syarikat Perumahan Negara Berhad (SPNB) offering homes priced within the range of RM65,000, which is targeted to the lower income household. The applicants for “Rumah Mesra Rakyat 1Malaysia” must have household incomes of below RM3,000, comprising of family members who have never owned a own home yet.
However, many of the urban working class have found themselves stuck between the two categories. While they no longer qualify for low cost homes, they have also found themselves unable to own an ‘affordable home’ under PR1MA as the combined costs of downpayments, financing, renovation and transportation adds up to an unaffordable sum for most people who qualify in that category.
Another frequent complaint that the public have is the gap between what they can afford for downpayment in relation to a realistic monthly loan payment that meet the income eligibility set by banks. An online news site had highlighted the issue in 2013 when PR1MA introduced its first phase of affordable homes as many qualified applicants ended up having their loans applications for PR1MA homes rejected as the monthly repayment figure was beyond their income eligibility.
Do the current housing initiatives by the government, especially PR1MA still fall short of the rakyat’s expectations?
What do the public have to say?
Malaysian Digest met with several members of the public who have applied for affordable homes, and among the respondent is Khairul Adha Azma, 25, who was initially enthusiatic to know that PR1MA scheme caters to those who are within his economic bracket.
Unfortunately, when he found out that a PR1MA home unit may cost between RM100,000 to RM300,000, his enthusiasm went sour and he was very disappointed as that price range was still unaffordable.
In another case, a banking executive, Syami Abdul Mislan, 29, the price is still beyond his financial capabilty.
“For me, the price offered is still high, and if calculated again, the cost does not involve the maintenance cost of the building,” said Shaymi who has been married but still is living in rental home in Petaling Jaya.
Commenting further on the “affordable home” issue, he hoped that the government would consider developing more terrace homes, as opposed to apartments, as for now, he is still renting a flat in Jalan San Peng.
“We still have plenty of undeveloped land banks that are not explored and can be used to build terrace homes,” he added
What are Malaysians’ hopes for affordable housing in the coming Budget 2015?
In Budget 2014, the prime minister had announced that PR1MA will provide 80,000 housing units with an allocation of RM1 billion with prices 20 per cent lower than market prices. Yet, affordability continues to be an issue for most urban dwellers.
Many Malaysians have high hopes for the coming Budget 2015 and have been invited by the government to provide feedback to the Treasury Department via bajet2015@treasury.gov.my from August 11 to 25 this year. Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah said that many respondents have highlighted the problem of affordable housing, as reported in The Malay Mail on Sept 26, 2014. Many agree on the need for the government to include initiatives in the budget that will help in bringing down home prices so that the concept of “affordable homes” truly acheives its intent.
According to Ismail Kasim, 56, a security officer in a government school who is earning a salary of RM1400 a month; and with this, even a ‘Rumah Mesra Rakyat’ is out of his reach and beyond his means to afford to own his own home, let alone a PR1MA housing project.
When met by Malaysian Digest recently, Ismail expressed his hope for the government to analyze again the affordability factor for the prices of these homes offered. Especially for those with low incomes like him. This plea of affordability has been voiced by not just the lower income group but also the middle-class as housing prices have continued to soar unchecked in the past few years.
“Affordable Homes” – Is it worth it?
According to Low Oon Jin, a private property developer in the Klang Valley, he said that though the prices offered by PR1MA is far more cheaper than those offered by private developers, sometimes the homes provided by PR1MA may not fulfill the needs of buyers in the ‘Affordable Homes’ category, This is because the product offered might not be in accordance to the needs of the buyers as they will harbour lingering doubts about whether they will get a low quality product due to the price and how it “does not make sense” in terms of value for money.
He also echoed a similar sentiment shared by many that although PR1MA housing projects are advertised as providing for the housing needs of Klang Vallley residents, the projects are mainly located on the outer edges of the Greater Klang Valley. Many feel that when the properties are located so far away from the Klang Valley, then the price range offered might seem on the high side when compared with other developments in that area.
“However, if there are further infrastructral developments planned by the government such as an MRT link, highways and other facitilites, then it will further increase the attractiveness of these homes and also help their property investments to grow,” he told Malaysian Digest.
Malaysian Digest also managed to interview Construction Manager, Mohd Faiz Abd Wahab, 38, whose concern was that “affordable homes” should only be sold those who deserve it; not those with good positions in the government.
“The Government should focus their attention on the entire developent of PR1MA and help the underpriveleged citizens who can’t afford homes, as compared to attention to 1Malaysia Development Berhad (1MDB).
What says PR1MA?
On the other hand, PR1MA, too, has faced many issues in its mission towards building affordable homes for Malaysias, especially concerning land banks.
According to a local business publication, Malaysian Reserve last July, construction and property development firm Protasco Bhd group MD Datuk Seri Chong Ket Pen said the company was ready to start building PR1MA homes in Perak and Negeri Sembilan but these projects are being delayed over land matters.
“The state governments are having difficulties in alienating land for the project,” according to the Managing Director, Datuk Seri Chong as reported in Malaysian Reserve.
An earlier Bernama report had also stated that urban properties are already out of reach for those in the middle-income region; how about those who are in the low-income group?
To conclude, here is an opinion from Professor Madya Abdul Aziz Hussin, Assoc. Prof, of the School of Housing, Building and Planning, Universiti Sains Malaysia, who was quoted in a Bernama report dated October 2013 as saying that his “study reveals that land is the major cost component in the price of a house, particularly in the urban areas, therefore curtailing the land price increase could help to cap the house prices.”
He also noted that government measures are needed to curb real estate speculators and concluded with the observation, ‘.. the purchase of real estate is a form of long-term investment and buyers should be prepared to accept houses that they can afford though they may have to compromise on their dream house," he adds.
The cost of these homes are not commensurate with the average income of a Malaysian household, especially those categorized under the lower income segment.
Those who want to own homes have to resort to buying them in more rural areas that lack many facilities, as well as severelly affecting mobility due to the distance. These so-called satellite towns in neighbouring regions like Seremban, Senawang and Kajang are increasingly becoming more attractive as property prices in the Klang Valley continue to soar.
According to the Economist from the School of Economics, Finance and Banking, Universiti Utara Malaysia, Professor Datuk Dr. Amin Hussin Baharuddin noted that current generations of Malaysians will face increasing challenges in acquiring their own homes, whereby they may end up paying for rental homes till the end of their lives, no thanks to these exhorbitant home prices.
“In 2013, the home prices in Malaysia rose suddenly up to almost 30 percent compared to the year before; and for this year the prices rose another 8 percent during the first quarter,” he said when met by Malaysian Digest.
What is the government’s definition of an “affordable home”?
According to the official website of PR1MA Malaysia, the price of an affordable home to be supplied by PR1MA is around RM100,000 to RM400,000 which is open to applicants who have household incomes between RM2,500 to RM7,500 a month.
Differing from “Rumah Mesra Rakyat 1Malaysia” supervised by Syarikat Perumahan Negara Berhad (SPNB) offering homes priced within the range of RM65,000, which is targeted to the lower income household. The applicants for “Rumah Mesra Rakyat 1Malaysia” must have household incomes of below RM3,000, comprising of family members who have never owned a own home yet.
However, many of the urban working class have found themselves stuck between the two categories. While they no longer qualify for low cost homes, they have also found themselves unable to own an ‘affordable home’ under PR1MA as the combined costs of downpayments, financing, renovation and transportation adds up to an unaffordable sum for most people who qualify in that category.
Another frequent complaint that the public have is the gap between what they can afford for downpayment in relation to a realistic monthly loan payment that meet the income eligibility set by banks. An online news site had highlighted the issue in 2013 when PR1MA introduced its first phase of affordable homes as many qualified applicants ended up having their loans applications for PR1MA homes rejected as the monthly repayment figure was beyond their income eligibility.
Do the current housing initiatives by the government, especially PR1MA still fall short of the rakyat’s expectations?
What do the public have to say?
Malaysian Digest met with several members of the public who have applied for affordable homes, and among the respondent is Khairul Adha Azma, 25, who was initially enthusiatic to know that PR1MA scheme caters to those who are within his economic bracket.
Unfortunately, when he found out that a PR1MA home unit may cost between RM100,000 to RM300,000, his enthusiasm went sour and he was very disappointed as that price range was still unaffordable.
In another case, a banking executive, Syami Abdul Mislan, 29, the price is still beyond his financial capabilty.
“For me, the price offered is still high, and if calculated again, the cost does not involve the maintenance cost of the building,” said Shaymi who has been married but still is living in rental home in Petaling Jaya.
Commenting further on the “affordable home” issue, he hoped that the government would consider developing more terrace homes, as opposed to apartments, as for now, he is still renting a flat in Jalan San Peng.
“We still have plenty of undeveloped land banks that are not explored and can be used to build terrace homes,” he added
What are Malaysians’ hopes for affordable housing in the coming Budget 2015?
In Budget 2014, the prime minister had announced that PR1MA will provide 80,000 housing units with an allocation of RM1 billion with prices 20 per cent lower than market prices. Yet, affordability continues to be an issue for most urban dwellers.
Many Malaysians have high hopes for the coming Budget 2015 and have been invited by the government to provide feedback to the Treasury Department via bajet2015@treasury.gov.my from August 11 to 25 this year. Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah said that many respondents have highlighted the problem of affordable housing, as reported in The Malay Mail on Sept 26, 2014. Many agree on the need for the government to include initiatives in the budget that will help in bringing down home prices so that the concept of “affordable homes” truly acheives its intent.
According to Ismail Kasim, 56, a security officer in a government school who is earning a salary of RM1400 a month; and with this, even a ‘Rumah Mesra Rakyat’ is out of his reach and beyond his means to afford to own his own home, let alone a PR1MA housing project.
When met by Malaysian Digest recently, Ismail expressed his hope for the government to analyze again the affordability factor for the prices of these homes offered. Especially for those with low incomes like him. This plea of affordability has been voiced by not just the lower income group but also the middle-class as housing prices have continued to soar unchecked in the past few years.
“Affordable Homes” – Is it worth it?
According to Low Oon Jin, a private property developer in the Klang Valley, he said that though the prices offered by PR1MA is far more cheaper than those offered by private developers, sometimes the homes provided by PR1MA may not fulfill the needs of buyers in the ‘Affordable Homes’ category, This is because the product offered might not be in accordance to the needs of the buyers as they will harbour lingering doubts about whether they will get a low quality product due to the price and how it “does not make sense” in terms of value for money.
He also echoed a similar sentiment shared by many that although PR1MA housing projects are advertised as providing for the housing needs of Klang Vallley residents, the projects are mainly located on the outer edges of the Greater Klang Valley. Many feel that when the properties are located so far away from the Klang Valley, then the price range offered might seem on the high side when compared with other developments in that area.
“However, if there are further infrastructral developments planned by the government such as an MRT link, highways and other facitilites, then it will further increase the attractiveness of these homes and also help their property investments to grow,” he told Malaysian Digest.
Malaysian Digest also managed to interview Construction Manager, Mohd Faiz Abd Wahab, 38, whose concern was that “affordable homes” should only be sold those who deserve it; not those with good positions in the government.
“The Government should focus their attention on the entire developent of PR1MA and help the underpriveleged citizens who can’t afford homes, as compared to attention to 1Malaysia Development Berhad (1MDB).
What says PR1MA?
On the other hand, PR1MA, too, has faced many issues in its mission towards building affordable homes for Malaysias, especially concerning land banks.
According to a local business publication, Malaysian Reserve last July, construction and property development firm Protasco Bhd group MD Datuk Seri Chong Ket Pen said the company was ready to start building PR1MA homes in Perak and Negeri Sembilan but these projects are being delayed over land matters.
“The state governments are having difficulties in alienating land for the project,” according to the Managing Director, Datuk Seri Chong as reported in Malaysian Reserve.
An earlier Bernama report had also stated that urban properties are already out of reach for those in the middle-income region; how about those who are in the low-income group?
To conclude, here is an opinion from Professor Madya Abdul Aziz Hussin, Assoc. Prof, of the School of Housing, Building and Planning, Universiti Sains Malaysia, who was quoted in a Bernama report dated October 2013 as saying that his “study reveals that land is the major cost component in the price of a house, particularly in the urban areas, therefore curtailing the land price increase could help to cap the house prices.”
He also noted that government measures are needed to curb real estate speculators and concluded with the observation, ‘.. the purchase of real estate is a form of long-term investment and buyers should be prepared to accept houses that they can afford though they may have to compromise on their dream house," he adds.
Price hikes
For many people, price hikes have become the keywords in life over the past few months, as well as the next few months. It is a little puzzling, resentful and helpless.
The feelings might be particularly strong for people in Johor Bahru.
With the toll hikes at the Bangunan Sultan Iskandar Customs, Immigration and Quarantine (CIQ) Complex, Johor Baru and the Woodlands checkpoints, Singapore, all vehicles entering and exiting Johor Bahru and Singapore will have to pay higher toll charges. Take private cars for instance, compared to those days before August 1, the toll charges at both checkpoints have soared by more than 5 times, from RM5.90 to RM33. Even worse, Singapore has also increased its Vehicle Entry Permit (VEP) fee for foreign-registered cars from S$20 (about RM52) to S$35 (about RM90) per day.
The levy war has caused business of shops, hawkers, fuel stations and supermarkets to fall while public buses, factory buses, school buses, long-distance buses, taxies and lorries have either raised or about to raise fares. We can imagine the pain and frustration of Johor Bahru people.
In fact, under the wave of price hikes, not only Johor Bahru people are grumbling.
The prices of RON95 petrol and diesel fuel have been raised by 20 sen in October 1 and it is an inevitable result of the government's subsidy rationalisation effort. The so-called rationalisation requires the public to pay the price of another round of inflation and another wave of unstoppable price rising storm.
It is expected to have more new measures under the subsidy rationalisation effort. In other words, life could be more suffering for the ordinary public.
A few days ago, Land Transport Commission (SPAD) announced the decision of deregulate school bus fares and the new “flexible” fare structure would be decided based on “negotiations” between parents and bus operators.
As a result, I dare not to imagine how much school bus fares would be raised and I could only cite Federation of Malaysian School Bus Operators Association president Amali Munif Rahmat that "parents in some areas would no longer be able to bear the burden of fare hikes".
SPAD chairman Tan Sri Syed Hamid Albar said that the government decided to deregulate school bus fares as school bus operators have failed to follow the fare rates set by the authority in 2009 and parents have just paid the new fares. It is indeed an absurd logic. If the logic is acceptable, all laws could be abolished and prices of goods will not have to be controlled any more but should just let the market decide the prices.
In addition to the "market forces", the people are also worried about another the invisible powerful "hand", namely the Goods and Services Tax (GST) scheduled to be implemented in April next year.
So far, even many business operators are still not clear about the GST, let alone members of the public.
Business operators are worried that the GST might affect the people's willingness to consume, causing business to fall and profits to shrink.
Members of the public have equalised GST to price hikes and voices of discontentment could be heard everywhere even before the GST is implemented. It can hardly be imagined that if the GST really brings another wave of price hikes, how the people would react to vent their anger and discontentment? Could the BR1M assistance be powerful enough to offset the impacts and burden hitting the people?
Source: www.mysinchew.com/node/102304?tid=12
The feelings might be particularly strong for people in Johor Bahru.
With the toll hikes at the Bangunan Sultan Iskandar Customs, Immigration and Quarantine (CIQ) Complex, Johor Baru and the Woodlands checkpoints, Singapore, all vehicles entering and exiting Johor Bahru and Singapore will have to pay higher toll charges. Take private cars for instance, compared to those days before August 1, the toll charges at both checkpoints have soared by more than 5 times, from RM5.90 to RM33. Even worse, Singapore has also increased its Vehicle Entry Permit (VEP) fee for foreign-registered cars from S$20 (about RM52) to S$35 (about RM90) per day.
The levy war has caused business of shops, hawkers, fuel stations and supermarkets to fall while public buses, factory buses, school buses, long-distance buses, taxies and lorries have either raised or about to raise fares. We can imagine the pain and frustration of Johor Bahru people.
In fact, under the wave of price hikes, not only Johor Bahru people are grumbling.
The prices of RON95 petrol and diesel fuel have been raised by 20 sen in October 1 and it is an inevitable result of the government's subsidy rationalisation effort. The so-called rationalisation requires the public to pay the price of another round of inflation and another wave of unstoppable price rising storm.
It is expected to have more new measures under the subsidy rationalisation effort. In other words, life could be more suffering for the ordinary public.
A few days ago, Land Transport Commission (SPAD) announced the decision of deregulate school bus fares and the new “flexible” fare structure would be decided based on “negotiations” between parents and bus operators.
As a result, I dare not to imagine how much school bus fares would be raised and I could only cite Federation of Malaysian School Bus Operators Association president Amali Munif Rahmat that "parents in some areas would no longer be able to bear the burden of fare hikes".
SPAD chairman Tan Sri Syed Hamid Albar said that the government decided to deregulate school bus fares as school bus operators have failed to follow the fare rates set by the authority in 2009 and parents have just paid the new fares. It is indeed an absurd logic. If the logic is acceptable, all laws could be abolished and prices of goods will not have to be controlled any more but should just let the market decide the prices.
In addition to the "market forces", the people are also worried about another the invisible powerful "hand", namely the Goods and Services Tax (GST) scheduled to be implemented in April next year.
So far, even many business operators are still not clear about the GST, let alone members of the public.
Business operators are worried that the GST might affect the people's willingness to consume, causing business to fall and profits to shrink.
Members of the public have equalised GST to price hikes and voices of discontentment could be heard everywhere even before the GST is implemented. It can hardly be imagined that if the GST really brings another wave of price hikes, how the people would react to vent their anger and discontentment? Could the BR1M assistance be powerful enough to offset the impacts and burden hitting the people?
Source: www.mysinchew.com/node/102304?tid=12
Saturday, 4 October 2014
IRDA banking on creative segment
ISKANDAR Regional Development Authority (IRDA) sees huge potential in its creative segment via Pinewoods Iskandar Malaysia Studios (PIMS), which is expected to generate RM3.5 billion of investments within the next six years.
Since it was established in 2006, IRDA has already attracted more than RM150 billion worth of investments, but it expects sectors such as creative, logistics and tourism to begin generating bigger investments.
“The hot sectors for local investors are definitely logistics, tourism and creative industries. In fact, we expect PIMS to generate RM3.5 billion worth of total investments with 9,500 of employment opportunities between now and 2020,” said IRDA chief executive Datuk Ismail Ibrahim on the sidelines of Khazanah Megatrends Forum 2014, here, yesterday.
Ismail also said Iskandar Malaysia is well on track to achieve its 2014 investment target of RM25 billion by year-end.
“We already have investments worth RM18 billion as of this month. We are confident of achieving the target by year-end. This is mostly because there are always surges of final investment decisions as companies rush to close their books and finalise next year’s plan in the final two quarters of the year.”
As for investment breakdown, 65 per cent of investments in Iskandar Malaysia are from local firms, with foreign investors making up the rest.
Ismail said he expects the investment ratio to even out organically in the future but without a designated timeline.
On 2015 Budget, Ismail said IRDA is currently in discussions with the government with regards to the firm’s budgetary needs and the outcome has so far been positive.
“Indications have been positive when it comes to the discussions. We believe the government is well aware on the importance of the budget allocation towards the ongoing development of Iskandar to its maturity in 2025,” he said.
Source: http://www.nst.com.my/node/38410
Since it was established in 2006, IRDA has already attracted more than RM150 billion worth of investments, but it expects sectors such as creative, logistics and tourism to begin generating bigger investments.
“The hot sectors for local investors are definitely logistics, tourism and creative industries. In fact, we expect PIMS to generate RM3.5 billion worth of total investments with 9,500 of employment opportunities between now and 2020,” said IRDA chief executive Datuk Ismail Ibrahim on the sidelines of Khazanah Megatrends Forum 2014, here, yesterday.
Ismail also said Iskandar Malaysia is well on track to achieve its 2014 investment target of RM25 billion by year-end.
“We already have investments worth RM18 billion as of this month. We are confident of achieving the target by year-end. This is mostly because there are always surges of final investment decisions as companies rush to close their books and finalise next year’s plan in the final two quarters of the year.”
As for investment breakdown, 65 per cent of investments in Iskandar Malaysia are from local firms, with foreign investors making up the rest.
Ismail said he expects the investment ratio to even out organically in the future but without a designated timeline.
On 2015 Budget, Ismail said IRDA is currently in discussions with the government with regards to the firm’s budgetary needs and the outcome has so far been positive.
“Indications have been positive when it comes to the discussions. We believe the government is well aware on the importance of the budget allocation towards the ongoing development of Iskandar to its maturity in 2025,” he said.
Source: http://www.nst.com.my/node/38410
UMLand embarks on new township project in Masai
PASIR GUDANG: United Malayan Land Bhd (UMLand) through its subsidiary Tentu Teguh Sdn Bhd (TTSB) has embarked on a new 140.43 ha. modern integrated township in Cahaya Baru, Jalan Kong Kong in Masai near here.
The fourth township developed by UMLand in Malaysia and its third in Johor, Taman Seri Albion comprises small industrial, commercial, retail and residential units.
UMLand chief executive officer Charlie Chia said the first phase of the project, Dover Business Park, consists of 89 units of terrace, cluster and semi-detached factories with built-up areas of 304.35 sq. m. to 1350.07 sq. m. with an estimated gross development value (GDV) of RM178 million.
"Dover Business Park is strategically located near the main access point and port, and offers gated security apart from being equipped with recreational facilities and lush landscape, abundant parking space and high-speed internet coverage," he said.
Speaking at the project's ground-breaking officiated by Menteri Besar Datuk Seri Mohamed Khaled Nordin Monday, Chia said the development is expected to generate an investment of RM3.5 billion and indrectly create an estimated 12,000 jobs.
The company targets Malaysian and Singaporean small enterprises in food and beverage production, garment manufacturing, printing and packaging, electronics, storage and warehousing, services, information technology, machinery spare parts, carpentry and furniture production as well as automotive workshops.
Mohamed Khaled in his speech lauded the project, saying it will help reduce migration out of the Pasir Gudang parliamentary constituency as it can offer conducive surroundings and comfortable livelihoods.
He said the development of the residential area at the end of next year will help meet the need for industrial workers in the area when completed.
Mohamed Khaled expressed hope UMLand would join the state government in attracting more investors to the constituency to support the area's existing industries.
Also present were Housing and Local Government Committee chairman Datuk Abd Latiff Bandi as well as UMLand executive chairman Tun Musa Hitam and executive director Datuk Ng Eng Tee.
Source: http://www.iproperty.com.my/news/9309/umland-embarks-on-new-township-project-in-masai
The fourth township developed by UMLand in Malaysia and its third in Johor, Taman Seri Albion comprises small industrial, commercial, retail and residential units.
UMLand chief executive officer Charlie Chia said the first phase of the project, Dover Business Park, consists of 89 units of terrace, cluster and semi-detached factories with built-up areas of 304.35 sq. m. to 1350.07 sq. m. with an estimated gross development value (GDV) of RM178 million.
"Dover Business Park is strategically located near the main access point and port, and offers gated security apart from being equipped with recreational facilities and lush landscape, abundant parking space and high-speed internet coverage," he said.
Speaking at the project's ground-breaking officiated by Menteri Besar Datuk Seri Mohamed Khaled Nordin Monday, Chia said the development is expected to generate an investment of RM3.5 billion and indrectly create an estimated 12,000 jobs.
The company targets Malaysian and Singaporean small enterprises in food and beverage production, garment manufacturing, printing and packaging, electronics, storage and warehousing, services, information technology, machinery spare parts, carpentry and furniture production as well as automotive workshops.
Mohamed Khaled in his speech lauded the project, saying it will help reduce migration out of the Pasir Gudang parliamentary constituency as it can offer conducive surroundings and comfortable livelihoods.
He said the development of the residential area at the end of next year will help meet the need for industrial workers in the area when completed.
Mohamed Khaled expressed hope UMLand would join the state government in attracting more investors to the constituency to support the area's existing industries.
Also present were Housing and Local Government Committee chairman Datuk Abd Latiff Bandi as well as UMLand executive chairman Tun Musa Hitam and executive director Datuk Ng Eng Tee.
Source: http://www.iproperty.com.my/news/9309/umland-embarks-on-new-township-project-in-masai
Subscribe to:
Posts (Atom)