Buyers falling victim to rogue property agents in Malaysia

Posted on 17 Mar 2016 | Comments Off on Buyers falling victim to rogue property agents in Malaysia

Many online property listings in Malaysia feature absurd asking prices.

To earn more money, some unscrupulous property agents in Malaysia are quoting a higher asking price than the seller’s actual selling price, according to an opinion piece by Melati Mohd Ariff, reported Malay Mail Online.

“This situation has persisted for quite some time, with buyers at times falling victim to ruthless real estate agents,” said Ariff.

“It was when I stumbled upon an advertisement for a landed property bearing two different prices that I realised something (was) amiss. The property owner quoted RM80,000 (S$26,781) lower than the agent!”

In addition, Ariff reckons that only those earning a five-figure salary or more can afford to buy a house in Kuala Lumpur, especially landed property.

A check of online listings of freehold landed homes shows that properties in Malaysia’s capital are priced from RM800,000 (S$267,812). Most of these homes were built 20 to 30 years ago.

Ariff said: “A friend of mine told me that a two-storey house in (the suburb of) Setapak purchased over 20 years ago (as a second owner) for around RM300,000 (S$100,430) is now worth some RM1.2 million (S$401,757)!”

Residential property prices in the area have soared after malls were constructed and roads were upgraded.

“Another friend purchased a three-room condominium in Kuala Lumpur for RM190,000 (S$63,586) in 2003 and its estimated market value today is RM700,000 (S$234,373),” noted Ariff.

Ariff added that there are many online property listings featuring absurd asking prices.

For instance, a one-storey bungalow in the city-fringe has an asking price of around RM400,000 to RM500,000 (S$133,921 to S$167,401). But if a buyer were to view it, he or she would be shocked to learn that it’s just a dilapidated wooden house standing on a freehold land site.

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S’pore still the world’s most expensive city

Posted on 12 Mar 2016 | Comments Off on S’pore still the world’s most expensive city

A new survey has found Singapore to be the world’s most expensive city for the third year in a row.

Singapore has retained its status as the world’s most expensive city for a third consecutive year. However, its lead over the next two cities, Zurich and Hong Kong, has narrowed, according to the latest Worldwide Cost of Living Survey by the Economist Intelligence Unit.

Geneva and Paris round out the top five cities, followed by London, New York and Los Angeles. The rankings list tracked 133 cities.

Despite Singapore topping the list, the report revealed that prices in the city-state were lower in some categories, such as basic groceries. Prices are 33 percent higher in Seoul, followed by Hong Kong (28 percent) and Tokyo (26 percent).

However, Singapore is considered more expensive in other categories.

“It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement (COE) system. Transport costs in Singapore are 2.7 times higher than in New York. Alongside Seoul, Singapore is also a very expensive city in which to buy clothes and pay for utilities,” stated the report.

EIU

Source: The Economist Intelligence Unit

The EIU survey compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

New York was used as a base for city-to-city comparisons; it has an index set at 100.

The purpose of the survey is to help human resources and finance managers calculate cost-of-living allowances in order to put together compensation packages for expatriates and business travellers, said the EIU.

Read the full report here.

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