KUALA LUMPUR: Tomorrow has been declared a public holiday to celebrate Malaysia’s first ever victory in the Asean Football Federation (AFF) Suzuki Cup championship.
The Prime Minister made the announcement last night.
Datuk Seri Najib Tun Razak also congratulated the Malaysian football team for making the country proud.
“Well done, Malaysian Tigers! You played well as a team and have made your country very proud. Congratulations!” Najib wrote in his Twitter yesterday.
Deputy Prime Minister Tan Sri Muhyiddin Yassin also praised the team, saying: “The victory proves that nothing is impossible if we truly want to win.”
MCA president Datuk Seri Dr Chua Soi Lek said the victory was a timely boost to Malaysian football and all Malaysians were united in cheering the team.
JAKARTA: Malaysia has won the AFF-Suzuki Cup on a 4-2 aggregate. Indonesia won the second leg of the final 2-1 in Jakarta on Wednesday night while Malaysia had won the first leg 3-0 in Kuala Lumpur on Sunday.
The scorers for Indonesia were Mohammad Ridwan (87th minute) and Mohammad Nasuha (71st). Safee Sali had scored in the 53rd minute to put Malaysia 1-0 in the lead.
It was a significant success for Malaysia as the last time the senior national team became champions in a regional competition was at the 1989 SEA Games in Kuala Lumpur.
Malaysian football fans celebrate our team's victory during the live telecast at Dataran Merdeka. It was also the first time in the AFF Championships since 1996 that Malaysia has become champions.
To make it a grand night for Malaysia, Safee won the Golden Boot award with five goals to his name. The striker was on target twice in the first leg.
Later Wednesday, Prime Minister Datuk Seri Najib Tun Razak declared Friday, Dec 31, a public holiday in recognition of our team's AFF-Suzuki Cup triumph.
Malaysia started with the same line-up that was fielded in the first leg, except for midfielder Mohd Amirulhadi Zainal and right-back Mahali Jasuli, who were suspended. The duo were replaced by Mohd Ashaari Shamsuddin and Mohd Sabree Abu respectively.
Malaysian football fans celebrate at a restaurant in Petaling Jaya after Safee Sali scored the opening goal in the second leg of the AFF Suzuki Cup final.- AZMAN GHANI / The Star The Indonesians were without their inspirational flanker Okto Maniani, who was also out on suspension while striker Yongky Ari Bowo was out with an injury. Their replacements were Arif Suyono and Irfan Bachdim respectively.
As expected, Indonesia came charging from the starting whistle but the Malaysian defence led by Mohd Muslim Ahmad and Mohd Fadhli Shas did well to keep a tight leash on Indonesian dangermen Christian Gonzales and Irfan Bachdim.
But a lapse of concentration inside the box resulted in Indonesia winning a penalty in the 15th minute, when Mohd Sabree handled the ball.
Malaysia's S. Kunalan challenges Indonesia's Mohammad Nasuha for the ball during the AFF Suzuki Cup final, second leg match at the Gelora Bung Karno Stadium in Jakarta, December 29, 2010. GLENN GUAN/The Star However, much to the disappointment of the Indonesian fans, skipper Firman Utina’s tame kick was saved by Malaysian goalkeeper Khairul Fahmi Che Mat.
The Indonesians, who were desperate for an early goal, kept on pressing for the opening goal but Khairul Fahmi proved to be a stumbling block, denying at least five attempts at goal before the half-time break.
Malaysia took the lead against the run of play in the 53rd minute, when Ashaari sent a long through ball for Safee to chase, and the Selangor hitman scored a clinical goal.
Police trucks enter the Gelora Bung Karno stadium before the start of the AFF Suzuki Cup 2010 final, second leg match in Jakarta, Indonesia, Wednesday.-GLENN GUAN/The Star Despite being a goal down, Indonesia never gave up and their persistence paid off as defender Mohammad Nasuha pounced on a loose ball from goalkeeper Khairul’s save to hit the roof of the net in the 71st minute.
Then with the clock ticking away, Muhammad Ridwan scored from a goal-mouth melee in the 87th minute but this was not enough to deny Malaysia the AFF-Suzuki Cup.
This New Year's Eve, expect an exhilaratingly good time as there are more than one parties lined up for you to attend! Join us and the rest of Penang as we celebrate eventful 2010 and welcome 2011!
Select your countdown party place of choice from Esplanade, Queensbay Mall, Gurney Plaza, Straits Quay, Autocity-Juru, Pesta Pulau Pinang and many more! Here in Penang, just like our food, we have a variety of local flavours to suit your taste, and just exactly too as we throw celebrations according to how you want this joyous occasion to turn out!
For the biggest annual new year countdown party, Esplanade, Penang is where you will want to be for tons of entertainment! Expect international singers and hot bands rocking your socks off over at the historical scenic venue with a mega concert and an outrageous fireworks display to bring in the new year at the stroke of midnight! Come on over to this site if you're looking for a crowd who will join you in loud cheers to welcome the year 2011!
Head on over to Queensbay Mall if you want to have an 'Energizing 2011' with first class concert performances from one of the biggest Hong Kong super star acts: Beyond. On top of that there will also be performances by many promising and upcoming Malaysian artistes, pre-concert activities and fun filled games lined up from 1am!
New mall, Straits Quay, welcomes 2011 with a New Year's Eve extravaganza by the Andaman Sea! Featuring fun and games with multi-talended DJ/host, Joey G, musical performances by buskers, the High Society Band and KL Stompers, Fire Dancers & POI Jugglers with Didgeridoo performances before culminating in a grand fireworks show at midnight.
The mainland certainly does not see less of a party as the Auto-City Juru New Year Countdown Fiesta will kick off from 6pm till 12midnight on 31st December 2010 to revel in the new year mood.
For a feel good ol' time at Penang, Pesta Pulau Pinang would be ideal to bring your family to join in with the crowd of the neverending choices at the bazaar carnival as well as the Euro' fun fair for an adventurous night out on New Year's eve! Bring friends, family and little ones to this enjoyable event to make sure they experience nothing other then unforgettable merrymaking to celebrate the new year!
That's six great parties for you to be at! Whether you choose to stay in one place or party-hop to several destinations, remember, safety should be your No.1 priority. So stay safe, plan your occasion ahead of time and enjoy a fabulous night out in nowhere else but Penang!
Wishing you HAPPY 2011.....!!!!!
Those who want to come and meet us up. Just give us a call :P
Ahead of Monday's game, ESPNSTAR revisits the last eight Premier League clashes between Arsenal and Chelsea.
With a history that spans over a 100 years, Arsenal vs Chelsea has always been a fixture to whet any football fan's appetite, regardless of their affiliations. Of course, there's no prizes in tipping Didier Drogba to hit the back of the net, but some previous fixtures could be insightful for any fanatic looking to try to guess who will come up tops at the Emirates Stadium tonight.
2010-2011
Chelsea 2-0 Arsenal (October 3, 2010 at Stamford Bridge)
Goals (Chelsea): Didier Drogba, Alex
Arsenal fans were hand-in-head after this fixture after Didier Drogba single-handedly crushed their team again, scoring his 13th goal in as many games against Arsene Wenger's side.
For all of Arsenal's dominance in possession, they simply couldn't make it count where it mattered- on the score sheet- and the Ivorian made sure of the points to bring a smile to Carlo Ancelotti's face.
2009-2010
Chelsea 2-0 Arsenal (February 7, 2010 at Stamford Bridge)
Goals: Didier Drogba (2)
A ruthless Chelsea crushed Arsenal 2-0, with Drogba again notching a brace against the Gunners, and denied a hat-trick only by the crossbar 10 minutes from the final whistle.
Arsenal 0-3 Chelsea (November 29, 2009 at Emirates Stadium)
Goals (Chelsea): Didier Drogba (2), Thomas Vermaelen (og)
The Blues completely dominated Arsenal in this fixture, having repelled everything the Gunners threw at them, and crushing their hosts spirit with a two outstanding goals from Drogba. It was a night to forget for Thomas Vermaelen, who turned in a cross from Ashley Cole for an own goal.
There was some controversy though, as the referee disallowed a perfectly legal Andriy Arshavin goal, though whether or not that would have changed the final result is another matter altogether.
2008-2009
Arsenal 1-4 Chelsea (May 10, 2009 at Emirates Stadium)
Goals (Arsenal): Nicklas Bendtner
Goals (Chelsea): Alex, Nicolas Anelka, Kolo Toure (og), Florent Malouda
Chelsea consigned Arsenal to fourth place after this thumping win, and the result was also the heaviest defeat at the Emirates Stadium since their move from Highbury.
Arguably Arsenal were the more creative of the two sides, but with goals the main point in football, Chelsea's clinical finishing showed the gulf between the two sides.
Chelsea 1-2 Arsenal (November 30, 2008 at Stamford Bridge)
Goals (Chelsea): Johan Djourou (og)
Goals (Arsenal): Robin van Persie (2)
Robin van Persie showed his class as Arsenal overcame a Johan Djourou own-goal to record a stunning win at Stamford Bridge. The Dutchman scored a brace to give Wenger's men the victory.
2007-2008
Chelsea 2-1 Arsenal (March 23, 2008 at Stamford Bridge)
Goals (Chelsea): Didier Drogba (2)
Goals (Arsenal): Bacary Sagna
Arsene Wenger will still be gnashing at his teeth when he recalls this fixture- the Blues were there for the taking but his boys simply did not rise to the occasion, even despite a rare Bacary Sagna header that gave the Gunners a lead they could not keep.
No surprises on who was on the scorers list as Didier Drogba scored with a thumping low shot in the 72nd and then a lucky effort to seal the deal in the last ten minutes of the match.
Arsenal 1-0 Chelsea (December 16, 2007 at Emirates Stadium)
Goals (Arsenal): William Gallas
The Gunners celebrated a rare victory over the Blues and could have won by a far larger margin had two goals not been ruled out in the dying moments of the match.
2006-2007
Arsenal1-1 Chelsea (May 6, 2007 at Emirates Stadium)
Goals (Arsenal): Gilberto Silva (pen)
Goals (Chelsea): Micahel Essien
Jose Mourinho's 10-man Chelsea fought back from a goal down to escape with a draw from the Emirates Stadium. Khaled Boulahrouz was sent-off in the first-half and Gilberto Silva put the Gunners ahead from the spot. But Michael Essien restored parity for the Blues in late in the second-half.
| Monday, 15 November 2010 13:20 |
By Khor Hung Teik & Teoh Poh Huat. Much has been going on lately that has affected both the supply and demand sides of the property market in Penang. Penang Economic Monthly takes a quick look at the key factors involved.  WHAT ARE the key factors that are bringing investors into the property market in Penang? There have been some recent significant changes, as can be seen in how discussions on the issue have multiplied and voices have been raised. The recent government regulations and relaxation of FIC (Foreign Investment Committee) Guidelines on June 30, 2009 can be seen to have contributed to this. Foreign investors do not require the approval of the FIC for the purchase of commercial properties valued at RM500,000 and above and RM250,000 (increased to RM500,000 from January 1, 2010) for residential properties. Proximity to services and amenities is always an important factor, and Penang, with its geogra-phical features and good infrastructure network of convenient links from its suburbs to George Town, is attractive where that is concerned. George Town’s Unesco World Heritage status has also fascinated many investors. Being within easy distance of hills, seas, eating places, tourism spots and social and cultural amenities is highly valued. Most places are reachable by car, and this is despite traffic jams. Demands of the affluent Changes in lifestyle for the affluent have resulted in a quantum leap in the quality of properties offered. On offer now are imported marble, solid hardwood floors, high quality and modern finishes and fittings, designer kitchens and bathrooms, hi-tech security, floating gyms, and pavilions by the pool deck. Henry Butcher Malaysia’s data shows that high-end condominiums have commanded a good uptake in recent years. Developers must now bear in mind the varied and specialised profiles of potential buyers in this group. Among “support schemes for housing developments” that are being attempted are open-concept, eco-friendly or gated communities, as well as service apartments that are favoured by expatriate buyers. Purchaser demands mean that a higher degree of development planning and coordination is needed to ensure that the quality of the surrounding environment (views, noise factors and population density) is maintained in the longer term as promised in the pre-purchase publicity campaigns. Regional and local conditions Malaysia as a whole remains a very competitive location as it is second cheapest after Indonesia for US$ per square metre of floor space. This makes it an affordable choice, especially when coupled with decent standards of living and modern day amenities. Another plus factor is the higher gross rental yields of up to 8.76% which makes it only third after Indonesia and the Philippines. One key factor influencing potential buyers of Penang properties is that the growth of house prices on the island are, on average, above the national average, though below that of Kuala Lumpur. In terms of overall value per transaction, Penang ranks third in the country after the Federal Territory and Selangor. This is an indication that property values hold greater potential for future increases. Indeed, residential properties have already seen major capital appreciation over the years and this is one of the key considerations for any property buyer or investor in Penang. For example, a two-storey terrace house in the Green Lane (Jalan Mesjid Negeri) area costing RM95,000 in 1978 had appreciated by 1992 by 111% to RM200,000. By 2006, this had reached RM450,000, which is an appreciation of 374% compared to the original price. Penang’s landed property continues to command premium prices over the years and this trend has yet to slack. At present, a typical new terrace house in a popular location can range between RM700,000 to over RM1mil. Demand for property in Penang is influenced by numerous factors such as population in a specific locality, household information, yuppie lifestyles and the number of newly married couples setting up homes. Penang being a cosmopolitan city and a major hub for the northern Peninsular Malaysia and the IMT-GT (Indonesia-Malaysia-Thailand Growth Triangle) also attracts inter-state migrants. Property developers will have to think hard to design homes for the different categories of buyers. Perhaps it is time to rethink the approval procedures of high-end condos which only cater to the wealthy and instead develop more affordable housing for the middle-income groups of young people in Penang. Penang will also do well if integrated housing compri-sing a mix of property types is introduced so as to retain a healthy social mix of residents in certain areas. Among foreign owners who have bought property in Penang are working expatriates, Malaysia My Second Home (MM2H) participants, parents of overseas students and others. However, total home ownership by foreigners is estimated at only three per cent of approved MM2H applicants by the Ministry of Tourism Malaysia. According to FIC data, the number of properties purchased by foreigners in Malaysia formed only 2.5% of the total number of properties transacted (RM2.3 billion) nationwide in 2006, making up only 12.3% of total value of transactions. Most foreign buyers are Singaporeans, South Koreans and Britons, and their favourite properties are condominiums; two-thirds of properties were bought by them. According to Henry Butcher Malaysia, investors are more likely to invest in countries that they are familiar with. Most buyers are, therefore, residents, tourists or business travellers to Malaysia. These groups continue to be a potential source of investors. Tourism Malaysia data has shown that Singaporeans are the largest group of visitors to Malaysia, followed by Indonesians, Thais and Bruneians. Outside of Asean, China, India and Japan are amongst the top tourist markets whilst UK is the only European country to make the top 10 list. Internationally, competition is classified as traditional markets, new European, Middle-East and North Africa markets as well as new emerging markets worldwide such as Central and South America and Asia. Malaysia falls into the last category and can be considered a “new kid on the block”. In this respect, Malaysia Property Incorporated (MPI), a joint public-private sector initiative, has been charged with promoting the country’s real estate internationally. A recent property marketing trip to the UK revealed that many Britons are still unaware of Malaysia as a potential location despite its past colonial links with Britain. Penang’s selling points On the home front, real estate as an investment is also confronted with competition among Malaysian states. But what makes Penang such an attractive place in which to buy property? Henry Butcher Malaysia’s research offers some considerations from a foreigner’s viewpoint:
But the picture is not totally rosy. According to the Global Property Guide website, Malaysia’s house price index change over five years is only 14.14 as compared to China, Hong Kong and Singapore. This means that capital gains for property investors are one of the lowest in the region. The average annual tax on rental in Malaysia is the second highest (22.42%) after the Philippines. This means that investing in property in Malaysia is subject to higher tax rates especially for investors who rent out their property. This applies to citizens living overseas as well as foreigners. In spite of this, Malaysia and in particular Penang remains an attractive place for foreigners, especially those from countries with high costs of living. Realising its potential, Malaysia stands out as one of the few countries in the world that have extensively liberalised their property markets to attract foreign buyers and is targeting RM200bil in foreign direct investment (FDI) into real estate sector over the next 10 years (The Star 12/09/2009). The MM2H is being repackaged to attract bigger investors and experts in various fields. New policies that have been approved by the Cabinet allow MM2H participants to take on contract jobs and venture into business. Changes include:
The outlook on property for Malaysia, according to the Real Estate and Housing Developers’ Association (REHDA) of Malaysia is “cautiously optimistic”. Fifty per cent of its members expected property prices to rise by up to 20% during the first half of 2010. Price stability is expected by 30% of respondents, while less than five per cent anticipate price falls. (Lee, Wei Lian, Malaysian Insider). However, the Valuation and Property Service Department (JPPH) reported that transactions in the first half of 2009 were down 30% compared to the same period in 2008. This outlook is however due to the expectation of a stronger economy in 2010. Low interest rates, better access to loans and favourable taxes are also expected to stimulate the housing market. Quality remains an issue and purcha-sers need to be reassured that they are getting value for their money. This has been improving over the years and standards have been high, with new designs and materials being introduced. Compared to most major cities around the world and favourable destinations like Bali and Phuket, prices in Malaysia are low. Generally, the low prices, combined with the fact that prices are on an upward trend, make property an attractive invest-ment, especially in Penang. In the third quarter of 2009, the sector saw a lot of activity, with unprecedented sales in both secondary and primary markets. Buyers are waiting for a worldwide economic recovery. Increasing foreign interest has also been reported. These positive factors coupled with innovative financing packages together with low interest rates make Penang a sustainable real estate market. To sum it all, as Ms Maria Hann of Retirement Today (www.retirement-today.co.uk), which provides properties for pensioners says, “Penang is perfect for property investment.” ** Republished with permission. This article first appeared in the October 2010 issue of the Penang Economic Monthly. Teoh Poh Huat is a director of Henry Butcher Malaysia. He is a Registered Valuer, Fellow of The Royal Institution of Chartered Surveyors (UK), Fellow of the Institution of Surveyors, Malaysia, and an expert panel member of the National Real Estate Research Coordinator (NAPREC). Khor Hung Teik is the manager of Strategy and Policy Studies at the Socio-Economic and Environmental Research Institute (SERI) and coordinator of the Penang Blueprint 2011–2015. He has been tracking the property and construction sector since 2000. The authors wish to express their sincere gratitude to Henry Butcher’s research team for their inputs as well as to Sr Dr Iskandar Bin Ismail and Associate Professor Dr Ting Kien Hwa for reviewing this article. |
The January transfer window opens in just over a week - we take a look at some of the best ever Premier League buys.
By Marcus Chhan
There have been so many great buys made over the years by Premier League clubs, but to qualify as a 'best buy' the player needs to have two things going for them.
The player needs to have (a) largely contributed to the club's success during their time their, and (b) was a value for money signing.
I also limited myself to mentioning any club just once - otherwise it might start looking like a Manchester United / Arsenal only list.
Eric Cantona
From: Leeds United to Manchester United
When: 1992
How Much? £1.2million
Manchester United, under Sir Alex Ferguson, has made more than a few great signings over the years. In fact, you could argue that Ole Gunnar Solskjaer's transfer from Molde in 1996 for £1.5million was more of a bargain than Eric Cantona's £1.2million in 1992. The transfer market was a very different beast by the time 1996 came around and £1.5million - considered a fair amount in 1992 - was peanuts four years later.
However, in terms of the success factor, the Frenchman cannot be compared to any other Fergie signing. He was the catalyst for a United empire which continues to win trophies over 18 years later.
Thierry Henry
From: Juventus to Arsenal
When: 1999
How Much? £10.5million
OK, I'll admit that £10.5million isn't exactly cheap, but weighed up against what the player brought to the club - Thierry Henry has to get a mention. Arsenal's best ever player in my book, so £10.5million is a bargain here.
Henry's true potential was never fully realised until he joined Arsene Wenger's revolution at Highbury where the titles and success would follow soon after. His pace was frightening and he made a fool out of more than a few Premiership goalkeepers during his time, including French compatriot Fabian Barthez (not once but twice).
Wenger's signing of Cesc Fabregas from Barcelona also ranks up there as well, but the Spaniard needs to deliver the Premier League crown before he can be considered greater than Henry.
The £7million signing of Marc Overmars from Ajax in 1997 was a pretty darn good deal as well given the club got the best out of him and then flogged him to Barcelona for triple the price he was bought for.
Sammi Hyypia
From: Willem II to Liverpool
When: 1999
How Much? £2.6million
It's almost unbelievable to think that the player who was the rock in Liverpool's defence during their historic cup winning treble was signed on the recommendation of a TV cameraman. Sammi Hyypia eventually became captain of Liverpool during his time at Anfield and has been voted among the top 50 greatest players ever at the club.
At just £2.6million in 1999, the Finland international was a steal for the Reds. That same year Christian Vieri moved from Lazio to Inter Milan for £32 million.
Alan Shearer
From: Southampton to Blackburn Rovers
When: 1992
How Much? £3.6million
Alan Shearer's £3.6million was a pretty hefty price tag way back in 1992, but he fired Blackburn Rovers to their only ever Premiership title. His scoring record is second to none - 112 league goals for Rovers in 138 appearances.
Shearer was also sold to Newcastle United at a profit which ups his bargain factor.
Gianfranco Zola
From: Parma to Chelsea
When: 1996
How Much? £4.5million
The Italian led Chelsea to trophies before they were the richest kid on the block - and he did it with style and a smile. I am no Chelsea fan, but there's hard to find any fault about Gianfranco Zola and the way that he played the game.
He scored 80 goals for Chelsea in 312 games - some of them simply magic as well.
Special mention: Kevin Davies
From: Southampton to Bolton Wanderers
When: 2003
How Much? Free
I still can't get over how well Bolton Wanderers have performed this season. Their skipper Kevin Davies joined for nothing seven years ago and he continues to lead the line for them superbly. Davies also got his first (last?) England cap this season as well.
If they qualify for the Europa League next season, it would've been some effort.
source: espnstar.com
Manchester United midfielder Darren Fletcher says the side is ready to carry its recent good form into 2011.
After a slow start to the campaign, United have picked up steam through the season with a 7-1 thrashing of Blackburn followed by a fighting 1-0 win over Arsenal.
They currently stand two points clear of the Gunners with a game in hand and will play Sunderland at home on Boxing Day. The Black Cats are dangerous opponents, having taken Chelsea apart in a 3-0 win at Stamford Bridge, but Fletcher is confident the Red Devils can maintain their recent run.
In comments quoted by The Daily Mirror, he said:"We will kick on in the New Year.
"We will certainly be physically ready for the challenges ahead.
"The performance of the team and individual performance levels are rising.
"As a general rule it's important you do your base work early on and then kick on after Christmas."
On paper, United's next four games look eminently visible. After Sunderland, Sir Alex Ferguson's men play Birmingham (away), West Brom (away) and Stoke City (home) before a visit to White Hart Lane on January 16.
Given the topsy-turvy nature of this season though, they certainly won't be taking anything for granted.
Merry Christmas Everyone
From thepropertizer team
The RM7.5 million seafronting Penang Performing Arts Centre is part of E&O's waterfront development, Seri Tanjung Pinang, on the island.
Penang – Home Sweet Second Home
A rebranding exercise and new incentives will hopefully help the MM2H programme build upon its success and draw even more high nett worth individuals and professionals to the welcoming state of Penang
Kuala Lumpur may host several expat enclaves and be the nation’s centre of administration. However, with its rich colonial charm, vibrant heritage and never-say-die attitude, Penang definitely deserves its moniker as a paradise for travellers and an active regional hub for business and industry. That is one of the reasons it has been one of the key destinations for participants of the Malaysia My Second Home (MM2H) programme, or MM2Hers.
Making Themselves at Home
MM2Hers, with their high purchasing power, have long been a desirable market for developers in Penang, among others. They have certainly been making themselves at home – according to figures released in March by former Tourism Minister Datuk Seri Azalina Othman Said, with MM2Hers having bought 510 residential properties in Malaysia worth RM4.72 billion since the year 2004. Of this, they bought 326 properties valued at RM303.7 million last year alone, compared to 15 units worth RM4.97 million in 2004.
As of December 2008, there have been 12,566 MM2H applications approved, with China topping the list at 2,231 participants, followed by Bangladesh, the United Kingdom, Japan and Singapore. According to the MM2H Secretariat, MM2Hers’ preferred mode of accommodation was condominiums, followed by bungalows, semi-Ds, apartments and link homes.
Encouraging New Measures
The MM2H programme underwent a rebranding exercise in March to make it more appealing to foreigners for long-stay or retirement, but also as an economic and investment-generating initiative. The aim – to draw high nett worth individuals to set up businesses or form joint ventures with local entrepreneurs.
Among the new and enhanced measures introduced were allowing skilled spouses of MM2H participants to work here, and offering permanent resident status to highly skilled foreign professionals and high nett worth individuals who bring US$2 million (RM7.28 million) for investments or savings into the country. The government’s Foreign Investment Committee is also formulating new guidelines to attract more foreign direct investments.
Boosting Retail Activity
Hopefully, the new measures will draw more MM2Hers to Penang and boost the state’s property market. The commercial market, especially, is still soft due to the economic downturn. According to Henry Butcher Retail’s managing director Tan Hai Hsin, the occupancy rate of retail space in Penang has dropped to 67 per cent, compared with about 70 per cent a year ago, while occupancy rate of office space has remained at 75.5 per cent, more or less the same as in 2008. Penang in May had about 14 million sq ft of retail space, of which 33 per cent is vacant.
Problems faced by shopping malls included lower shopping traffic, reduced customer spending, loss of business for current tenants and inability of landlords to retain tenants. Meanwhile, new shopping centres have opened up and are also still struggling to fill their lots. While rental rates have remained stable so far, Tan warns that some shopping centres may have to give discounts or rebates to some of their tenants.
Higher-value Homes
According to Henry Butcher Malaysia (Penang) Sdn Bhd’s vice-president Shawn Ong, the residential property market is still set to be the dominant sub-sector for the year, making up about 65 per cent of total property volume and half the total transaction value. The National All House Price Index revealed that Penang’s performance is above the national average, but slightly lower than Kuala Lumpur.
An increase in the value of individual transactions was recorded – a possible indication of investors (locals and foreigners) to buy more upmarket property for investment and/or accommodation. Meanwhile, new high-end homes and resorts are still being launched.
Business Enticements for MM2Hers
Aside from the attractive charms of Penang itself, there are plenty of incentives for discerning housebuyers and businesspeople to set up shop, hearth and home here. As a percentage of property value, the cost involved in registering a property in Malaysia is 2.5 per cent, far lower than Australia (4.9 per cent), China (3.2 per cent), India (7.5 per cent), Singapore (2.8 per cent), Taiwan (6.2 per cent) and the UK (4.1 per cent). Malaysia has no capital gains tax or VAT, while corporate tax is 25 per cent, lower than Australia (30 per cent), Brazil (34 per cent), China (28 per cent), India (42.43 per cent), Japan (40.1 per cent), the UK (28 per cent) and the US (39.5 per cent). (All figures from NST Property with information sourced from www.malaysiatrulybusiness.com.)
Pioneer Status companies in Malaysia are exempted from income tax, ranging from 70 to 100 per cent of statutory income for five to 10 years. There is also an Investment Tax Allowance of 60 to 100 per cent on qualifying capital expenditure incurred for a period of five to 10 years. Foreign investors may also sell any investments in Malaysia, including securities not listed on Bursa Malaysia, to a resident or non-resident.
