More calls for housing goodies from Budget 2017
Matrix Concepts Holdings Bhd (MCHB) is the latest property developer to join the call for more incentives for first time buyers of affordable homes in the upcoming Budget 2017.
Although the demand for affordable housing exceeds supply, difficulties in getting financing and unattractive locations have deterred many house buyers from owning these homes, said its chairman, Datuk Mohamad Haslah Mohamad Amin.
“The Government must offer opportunities for more people to own houses, especially in terms of ease in getting loans,” he said in a report by Bernama.
Other major property players, like Mah Sing Group, have also called for the Government to relax lending approvals and provide more incentives for first time house buyers.
Mah Sing Group recently said that it hoped banks would offer the flexibility of 95% financing for first home buyers, 90% for second homes followed by 70% for those buying their third property.
It also wants a higher debt service ratio of 70% to 80% for first home buyers and loan tenure to be extended from 35 years to 40 years.
In its budget wishlist, the developer also suggested that the Government revised the percentage of funds in Employees Provident Fund (EPF) Account One and Two.
“By increasing the funds in Account Two from the current 30% to 40% of EPF balances, contributors can have more funds in Account Two to pay the downpayment of their property, reduce housing loan and pay monthly housing loan instalments,” it had said in a statement.
Real Estate and Housing Developers Association (Rehda) had called for easing in the end-financing regulations for property purchases, with its president Datuk Seri Fateh Iskandar Mohamed Mansor saying this was necessary to help first-time buyers own affordable homes.
Rehda’s Property Industry Survey for the first half of 2016 found that end financing and loan rejection remained a major problem for nearly 70% of the respondents and it had spread to affect almost all price ranges. Property prices ranging from RM250,001 to RM500,000 and RM700,000 to RM1mil faced the highest loan rejections, at 24% and 27% respectively.
Last month, Eco World Development Group Bhd (EcoWorld) chief executive officer and president Datuk Chang Khim Wah said they hoped the Government would introduce measures to assist first-time home buyers in the upcoming budget.
He said the housing industry was in need of a boost. “If the Government can find ways to help first-time home buyers with down payments and end-financing from the banks, it will be very good for the industry,” he had said.
In the Bernama report, Mohamad Haslah said property developers should also be given the incentives to encourage them to build more affordable houses.
Speaking to reporters after an event in Seremban, he said the state’s Affordable Housing Policy, which required housing projects in the state to set 50% for affordable housing, should be extended nationwide. He said it was important that developers build affordable housing in locations closer to the city to suit the needs of the people.
Source: TheStar.com.my
Property prices in Spore has been trending down for the last continuous 36 months since their authority implemented control measures, and there is no indication that the control measures will be lifted soon. Why? Because the downward property prices is good for Sporeans, making homes more affordable, and developers are not going bust anyway, so why lift the control measures?
Same should go for us in Msia. Just let the price come down in a controlled manner, make sure those developers that have to go bust do not have massive contagious effects, then in 5 years time, everyone will be happy.
For those who said property price will never come down lah, look at hong kong & Spore lah, hahaha…..I’d say go and suck yourself!
@ratetek
Dude, I do not know how sure you are while making such comments. HK properties prices have just hit the year highest of 2016 though compared to peak of 2015 is still around 7% lower.
Singapore could control the prices of properties more effectively because Singapore government does not rely much on selling land to increase the income of government. So, most lands belong to Singapore govt. The ratio is around 80% VS 20% (HDB VS Private Housing) so it’s really quite difficulty to “fry” when the real demand goes down..Foreigners cannot simply buy HDB even they are rich, there are criteria to meet.
But HK is so different even though HK government has imposed very harsh taxes against it just like China government has just announcement a lot of harsh measure during 1st-Oct (national days) on many of 2nd grade cities. But why the housing prices still keep increasing? Because both governments reply much on selling land to get income for the government, this is the key factor. Of course, land scarcity is also a big issue in big cities like HK,Shanghai,ShenZhen,Beijing..
I do not see any good reason why the property prices in Penang will drop because we have increasingly population, affordable housing prices (If you compared to S’pore,HK,China private housing prices VS their income, you will know what I mean), most importantly we also do not have 80% government flat VS 20% private housing development, ours is the opposite.
Same for China and HK, their properties prices may go down after 20 years while most the old folks going to pass away and most of them only have 1 child…(though 2nd child policy just released last year)..It’s still the demand and supply..But right now, most of the youngsters are at their age between 30-40, eagerly buying their first house..Same as Malaysia’s situation..Most 70s & 80s are going to form their family in next decade..So perhaps market slow down means price is having self-adjustment to more “reasonable” & “affordable” price instead of dropping back to 5 or 10 years ago level..
Now most of the 70s & 80s couples only want to have 2 children max, some don’t even want any kid, maybe by the time we grow old, we will then be able to see the real stagnant or price down since there is no “successors” for it..
Buying property and seeing its value appreciation are usually long term issue, not 1 or 2 years time we really can see the big difference. Unless our government is so determined like Singapore, building more government flat up to 80% in overall property quantity.,,,Or we should expect something bad happens in near future.e.g. War , Financial Crisis or..?
In Malaysia property price very steadily that’s why more and more property are in the auction.
property price in malaysia wont go down, only those poor investor cant hold anymore then urgently sell cheap or let bank take to auction, even auction but the price sometime higher than market price, y? because property in malaysia still so cheap compare to hongkong and singapore. pg lang mostly own 2 or 3 property, thats y u can see many empty unit after oc.
@water fish
Agree with you totally!
We need real affordable house in penang. Now the affordable house in penang price is quiet high! We couldn’t find any 200K affordable house in penang. Even 300K affordable house like Taman Skyridge, the developer increase the price to 370K if you want to get higher chance to buy. Left over is 400K affordable house. I am under low middle income(earn roughly 5K per month) , but I couldn’t afford any house above 300K. Because stay in penang have a lot hidden expenses, and I have a lot thing need to consider.
A lot people say penang still have a lot affordable house and bla bla bla, but please go check real condition. Another case like One FOREST 300K affordable house, if you want higher chance to get it, you have to pay 398K and above. If you register in penang Erumah, you will forever in waiting list and won’t get any project above which actual price. Even increase the loan tender year won’t help us much, but make us more suffer to pay more. Increase fund from EPF account also useless for younger generation which do not have a lot saving in EPF yet.
I dun know much above Singapore property, but I know Hong Kong house is very expensive compare to Malaysia, but everyone miss out something,
1) Hong Kong is even limited land compare to Malaysia.
2) Hong Kong average earnings is higher than Malaysia a lot.
3) In Hong Kong property loan interest rate only 2%, compare with Malaysia 4% and above.
If really want Malaysian buy those high price house, no problem, if the interest rate is 2%, which is impossible for now.
@Prop
If you earn 5k a month, you should have no problem buying a 400k condo.
5k after epf, socso & pcb, you should net 4k.
With RM4k nett, you should qualify for RM2k monthly home instalment. For RM2k monthly installment, that means you can borrow about RM400k.
After RM2k monthly mortgage, you’re left with RM 2k for other things that might consist of :-
(1) Myvi – 500/mth
(2) RM1500 for other expenses should be more than enough.
You might then say that RM1500 is not enough for your current lifestyle, but here’s the thing, the fact is you can surely survive well with RM1500, you can’t expect to live as care-free as when you don’t have a house commitment, unless your parents are rich and you still live off them.
@earthwindfire
Agree with you!
In fact, household incomes (husband & wife) more than RM6k are still good enough to afford a RM400k apartment / condo at 800sqf-1000sqf, depends on which area and how big size you are looking for only.
In HK, their average income is 2.5 times of Malaysia => RM7.5K/capita, let’s say a couple is making RM20K/month in HK but the apartment/condo for 800sqf is RM 6 million. Which one is worse?
HK overall area size is as big as whole Penang state, only that HK has got 5 times of our Penang population , nearly to 8 million..And it’s free market ,whoever is rich and able to pay the taxes, they could just buy..Also, HK government relies very very big portion in selling lands as income of government, that’s why the prices in HK really very hard to go down..Even yes, it’s considered self-adjustment due to over rocketing up..
HK government is now putting a lot of effort to try “migrate” the people from downtown (HK island & Kowloon) to New Territories area, just like asking Penang island people to go stay in mainland area of Penang..This is the trend happening in Penang too..
I am from BM, my neighbor stays right next to my house is from island. Besides, the condo I own in BM, there are also some islanders buyers due to cheaper by half compared to island.
But in HK, even price is reduced by half, also unaffordable to stay in New Territories..
@earthwindfire
Thank you for your comment.
Yes my net income is roughly around 4K.
I do not have any financial support from my family because i born in poor family, threfore ideal case is 30% of salary go for house loan, which around RM1200, estimate can afford RM300k house.
I can’t afford until 50% of my net salary go for house loan, in my life still have quiet a lot expenses, example PTPTN Loan, car maintenance , petrol, insurance and etc.
I also need have some saving for house hidden cost(example monthly maintenance fees), furniture, future investment, Wedding and etc.
I am working hard and try earn more, but my income totally can’t chance property price..
@water fish
Yes. In Penang, we could own a condo at RM500k for 1000sqf where in Singapore, needs SGD 1million above to own a condo exactly the same size and facilities. My director bought one at Pasir Ris (near to Changi airport) for 1000sqf at SGD 1.1 million
If in HK, it’s the worst..1000sqf condo is HKD 15 million easily in Kowloon and HK island.
HKD 8-10 million in New Territories then.
That’s why I said comparing to them, ours still are more “affordable”..None of my classmates so far unable to buy their first property, averagely a couple income as household is RM7k-RM8k
In Singapore, if couple income is SGD 7k-8k, they can only go for HDB
In HK, if couple income is HKD 40k, they can only wait long long..Or buy an unit with 450sqf
@earthwindfire
Last time in my study time, when i heard some investor earn a lot in investment property, i will think “Wa, i wish one day be like them”. But today i will think ” Thanks to all investor making younger generation even harder to purchase property.
4~5 year ago, you are able purchase a affordable house in Penang Island with less than 300k. But today, even in mainland you rarely find any new launch property less than 300k.
Yes, almost everything is become more expensive compare 4~5 ago, but property price is shoot up faster than everything.
5 year ago, Fresh graduate earn roughly RM2800, today fresh graduate also earn roughly RM2800.
@edisongan
Yes , i agree Hong Kong property price is higher than malaysia a lot, but why ?
Because the greedy investor and Developer.
Do you wish Malaysia one day become like them ?
Maybe after 10 year, fresh graduate income increase until RM3000, but affordable house is start with 500k , no longer 400k or less.
@Prop
“ideal case is 30% of salary go for house loan” – I do not know where you get that ideal case from or whether it is still relevant today, but in reality, if you do not have other debts, except for the Myvi debt of RM500/mth, you should be able to borrow RM400k.
If your car maintenance is costing you too much, you might want to consider motorbike. It’s a great mode of transport (especially in Penang), no traffic jam, needs little petrol, super cheap to maintain. Like I said, people in your income bracket should not have a problem buying a very decent roof over their heads, you just need to prioritize your spending.
However, having said that, I am not saying houses are cheap nowadays. Real data is already showing us that property prices have outrun the fundamentals since a few years ago. Transaction data proves that prices have come down 10-15% off it’s peak.
Yes, I know, there are resale market sellers out there who still refuse to face reality, insisting that as long as they have the holding power, and not lower their asking prices, that MEANS market price has not come down. We shall then not waste our time arguing about their wishful thinking. But when we look at real market data, yes, prices have come down.
Prices will remain under pressure for a few years to come, so your time to buy will come anytime my friend, be prepared.
FORGET about what people can buy with how little money 5 years back, 10 years back, 20 years back. Focus on future.
@Prop
Sometime should not consider too much when you buy the first house, more you think more difficult for you to own your first house. Let share with you, I’m also come from poor family, after graduate my first job starting salary is only RM1.6k (crisis in year 2007). I scarified the entire thing, less entertainment, no travel oversea at all. Every month I force myself to have some saving. In beginning year 2010, I use my saving + EPF to buy my first house, that time only RM288k some more have discount on initial payment, which is the double story terrace house in mainland. That time my salary is just RM2.8k with monthly installment RM1.2k, luckily I have bought my house during that time. Now price is appreciated. And now I also own another condo in mainland around RM400k.
Just let you know, no matter how your salary increase will slowed than property price increase. Un less you are very outstanding. Since this is just your first house, some more is buy for own stay, you should not consider so much. Even no saving at all also must go for it. Don’t like other people think, property price will drop, how true is it? Property price is determine by supply and demand, strong developer start to on hold their project to slow down the supply, in long term all the small player developer will quit the market. When time demand > supply, price will go up again. But maybe need to take longer time only can see this happen.
You buy now, the property price you own is lock there, no matter how the future price you not need to care, since is for own stay. Another side your salary will increase year by year, promotion + increment. But your property that you buy is already locking in; installment won’t be difference so much.
You think and see, this is how I pass through previously.
Sell cheap also nobody want nowadays. Those rich investors who hold long long will get burn this time..
Why people keep on brag that they cant afford to own a property? If you are not rich, there are opportunity costs. You need to sacrifice many things and set a clear priority.
5K salary want to drive a nice Honda Civic den only brag about not enough money to buy house? Why not buy a Proton Saga with RM400/ month rather than Civic with RM1200/month?
When you’ve a house, you think that you still can go party and do many things as usual? Yes. You can if you have enough money. If cannot, den just pick priority.
Who say with 4K salary cannot buy a house?
You can buy a 300K house. But ppl these days want good location, want new property, want spacious. Want this and that, how to buy a house? Again, you can only pick and choose if you have a lot of money.
Ppl these days are choosy and picky den only blame this and that. When ancestors came from overseas, did they choose the location to stay down when they were poor? No.
Mainland still got a lot of 200-300K landed properties. But ppl will say location far, old and out of town. Well. If you want a prop in prime location? Prepare more money and stop bragging .
Stop bragging please. There are tons of houses with price below 300K or even 200K in mainland. But you all will say that location is too far, out of town bla bla bla.
You want a perfect house with perfect location, then please prepare more money and stop bragging
@Prop
Dude, nobody “wishes” properties prices skyrocketing fast but it’s behind our control thing, so what to do then? Either you see it as opportunity or you let it go..
Why don’t you think the other way round since you already could foresee properties prices will appreciate much higher than savings, incomes and other opportunities, then you should prioritize yourself on getting a very first property first. Be it your own or with your wife, that’s fine too. Sacrifice unnecessary expenses first for your very first property, as you grow more experience at your work field, your income will get higher while your mortgage will get lesser.
I do encourage youngster to own their property at as early age as possible because this is long term thing. If you think buying RM400k will affect your living standard, what about buying RM300k one at maybe 600sqf on island or bigger one on mainland? You still need to do it my friend, step by step only…
Trust me dude, I was also from poor family, you should know Chinese village we called Kampung Baru, I grew up there..I believe many were while they were little boy..I was only lucky to meet many people who are good and willing to share even now they are mostly rich..One Ipoh guy I met in Shenzhen at his late 50s owns more than 10 properties in UK, believe me he was having tougher time while he was little boy in Ipoh 30 years ago compared to us who were born in/after 1980s..He shared to me he started to make his first bucket of money was thru property…He saved and worked very hard for first property, though investing on property is very boring but it really guarantees you return…Through buy and sell, you could gradually upgrade your property too..
It just happens no matter what we say in the forum unless big thing happens such as war, financial crisis, riot or…etc..All developing countries are having the same problem, mate.
haha my salary 50k but cant afford too, 49k donate to poor ppl, every mth just left 1k for spend only, cute?
@Mainland4u
Haha..Good one, mate !
haha since u cant change the property price, then u have to change urself, first sell ur car replace a motor, then eat roti canai and maggie mee only, last take care urself dont buy any insurance, every month only can spend 500, left 3.5k for housing installment, now u can afford 700k property, will u do so?
@water fish
Wow…Cool man..Very extreme..But this is the whole idea, hahahah…
Dont ply ply, is my real story, I save money like that, but I dint buy car, just use motor for few years, lucky invest fisrt then only go for car, or now may be same as prop haha
@edisongan
“though investing on property is very boring but it really guarantees you return”…..this is not true.
There is never a guarantee on returns. I have seen people make money from properties, as well as loose money. Example, golf course bungalow plots in mainland used to be very popular speculative buys in the 1990s. Today, most people who bought those plots lost money, if you take finance cost into account. There are many examples of bad property investments. In a nutshell, be prudent, and use common sense.
Wow, this will be the hottest thread now.
This years budget will really need to look into this matter but I doubt nothing really much can be done.
My piece of advice:
Prioritize your purchase, always buy house first, then buy car later. If you already got a transport (be it motorbike or old car, use first until you buy your house). If you don’t have a transport, then no choice, take LRT or buy a old car/proton/perodua so that the car loan wont so heavy.
WHY?? Because the bank approve your housing loan is more stringent than car loan.
Scenario 1: I buy 2 houses, 2 housing loan got approved, already max out my DSR. Then buy a car, car loan still get approved.
Scenario 2: I buy 1 house and 1 nice car (Japanese/Conti car), housing loan and car loan got approved, almost max out my DSR. Then IF buy a second house, the housing loan sure get rejected.
Did you see the difference? You just gotta prioritize your purchase!
My salary is not more than Rm 4K. But anyway,i still getting a house ( One Foresta). I don’t want to wait till the property price go down.. Always wait wait wait, maybe if i wait, i will miss out the chance to get a house. I don’t want to regret when affordable house rise til RM 500 K or RM600 K. What i can do now is make sure before my house finish at 2019, my salary reach around RM 5K- 6K. And one more thing, i don’t have nice car, i only have a cheap cheap car that cost me RM 350 per month only. The most important part is i’m not doing it alone, my wife is going to share the burden with me.
ps:GET YOUR SELF a WIFE or HUSBAND
Dont need buy so expensive if the price isn’t within your own budget. Not means need to eat maggie mee or roti canai. Can cook and home and etc. Just see whether you want or dont want.
@earthwindfire
Dude, this wasn’t from me but quoted from my Ipoh friend’s saying. I took it as good advice because in the long run, you will then know. His experience told him that boring investment guaranteed him good return, which he had proven that right so he shared his opinion to me only.
The key is you yourself, what are you looking at, that’s most important. Not necessary to go for high end condo or big house like bungalow, but what suits you most then really matter to you.
Read above so many “encouraging” comments to you, you should seriously consider. it’s eventually good for yourself and your own business. I also hope you good, mate.
Opps..Sorry, I mistook earthwindfire as Prop…Haha..
Properties on the island are really a pain in the arse.
It is really over inflated to a point where those who really want to buy to stay are caught in a situation.
Like wise being an islander I have also secured a place over on the mainland mainly due to the huge price difference & the lower cost of living too for my golden years.
For the younger generation it’s really very tough for them. However it is also partly due to a totally different lifestyle that they are living now. Gone are those old days where we really live sparingly with a simple lifestyle and low expenditure.
@mountain fish
Not all mainland properties have huge price difference. I personally wouldn’t buy EcoWorld’s product because the price diff is very small compared to island properties.
@Prop, I just graduated 2 years ago and i am lucky enough to have one house in Penang Island. Based on my current income about 3k, i need to fork out as least 1.5k for the down payment each month for my house (still under construction). Life is challenging for everyone not only you.
@earthwindfire
I believe at the moment only EcoWorld’s product is exhorbitant for the land & size. When I saw the prices there I knew that all these proposed beautiful gardens were definitely not cheap & it’s the project house purchasers who are actually paying for the common landscaping. More than a quarter of the house purchase price is to be paid for all this landscaping.
Yes pls don’t compares apples and oranges. Penang is not a business centre like HKG. HKGs middle class are mostly 2 income earners, live in space efficient flats, work till 8.00pm at night and quality of life generally stressed. Is it the same in PEN? My experience with workers in PEN is that they are having a good quality of life and don’t want more. Affordability is an issue in PEN too. @Prop
Absolutely correct. Find opportunities to grow your pot of money.
In HKG. even in NT the prices are HKD 10000 per sq ft and people are buying due to Chinese buyers, ease of making $$$$ on the stock market and just general savvy about money making. You cannot compare. You are right that only those who can afford downtown Central prices stay here. In. HKG the workforce is open to foreign expertise so there are many high skill foreign workers who rent at high prices because companies are willing to subsidise.
@Rebecca
Aiyo, taking HK or Spore as comparisons can give Prop clearer picture and position of where we are, considered how little “fortunate” while our Penang properties VS household incomes are still more “affordable”…only the matter of choice…People in HK, hardly have choice..
Anyway,if you are talking about high skilled foreign workers, I would call them in better term “expatriate”, taking them as example not practical because they are all with good subsidies and welfare be it in HK or Msia…Look at those Japanese expatriates who are working in BM, almost every meal is Auto city or Icon City standard of expenses.
I stayed in Fanling 3 rooms apartment at 550sqf back in 2008, the price was HKD 1.4million and 8 years later now, it’s HKD 4.5 million..This is then really horrible…
The law in HKG does not allow employers to pay housing allowances. Everyone is equal if they can do a job. Pls do your research!! So a HR. Manager easily takes home HKD 70,000 a HR Director HKD 100000 . Notice I don’t make a distinction between locals and expatriate…….because there is none these days in HKG. Blue eyes and golden hair does not mean expatriate salaries. Most middle income families can afford homes in Central, TST Ect. They are not owned by expatriates just professional or wise HKG people who have made good investments . So it is a matter of affordability. Younger people who want to START owning a home cannot do it in the prime areas. They have to move outside the city.
Expatriates is an old term used. Not like Malaysia, the employment laws have changed to make salaries equal between all. So Yes HKG is a progressive country and property prices are competitive due to affordability…….just like Singapore. There is something structurally wrong if people cannot even afford an affordable home. Think about it………..
@Rebecca
Anyway, my key intention was to encourage Prop as well as others first timers to be decisive and ready to sacrifice for their very first home (property)… It will just be alright after that & after all..I went thru this and I believe many too..really not that horrible and difficult in Penang..Do it now or never only…mindset issue..
@Rebecca
“There is something structurally wrong if people cannot even afford an affordable home. Think about it………..”………I am not sure whcih category of affordable housing you are talking about. In Penang, affordable housing by the state starts from RM70k, 100k, 150, 200k, 250, 300k, 350k up to 400k. For those who can’t afford 400k, can buy 300k. If can’t afford 300k, can buy 200k etc.
The way the state lumps everything under one label “affordable housing” has caused a lot of confusion. My suggestion to them would be to categorize it into different label, like “Executive” for those priced at 400k, LC/LMC for those under 125k so on so forth.
@JimBeam
Agree with you.Even Singapore HDB also not meant for everyone but depends on individual eligibility. There is age, income, number of family member restrictions when applying Spore HDB so maybe Penang so called affordable homes are also similar to it…From highest RM400K down to RM70K…cater for different needy person..
You have made a good pointers here..First timers should follow your suggestion..
@JimBeam
the state actually make it become affordable instead of different category LC/LMC. cause they want to stop the mindset that LC/LMC is cheap people.
@Dan
I know. I was just saying, it does not have to be called LC/LMC, they can name it whatever, as long as they don’t use the same label for everything. Example :-
(1) Affordable Apartment (AA) for units <100k
(2) Executive Apartment (EA) for units between 100k & 200k
(3) Affordable Condo (AC) for units between 200k & 300k
(4) Executive Condo (EC) for units between 300k & 400k.
In that way, someone cannot just simply claim "blanketly" that "affordable homes" are not affordable. I have read in the news that people are making a big hoohaa about affordable homes are not affordable because it's 400k, but they conveniently forget about those 100k, 200, 300k units. That's all i'm trying to say.
@JimBeam
Agree with u +1
@Dan
But of course, the state must make sure that the qualities are different for different categories, otherwise people will complain again why sell at 400k but quality like 100k units.
Huh..I just saw your reply perhaps was due to moderation..hmm..I’m wondering if who should do more research to get more updated information since I’m currently living and working in HK..or you were just naive enough to believe there is no expatriate package and everyone is the equal pay and opportunity? You need to wake up,Rebecca and try to be more neutral rather than so extreme..As I noticed that your examples were most extreme cases..
Were you really that naive enough to think that HK law imposes taxes on all allowances including housing subsidy then those expatriates are not aware of this and did not request to compensate in another form? My friend is working as APAC Director for a MNC and before he got employed, he already got the agreement with employer that his pay would be clearly after tax, so why does he need to worry or bother? Another of my friend’s housing subsidy has been paid or claimed thru his Msia account, this is very normal for expatriates drawing two sides of salary and there are just too many way to compensate so taking the expatriate as comparison was clearly very unwise because most of them are holding high post and drawing high pay..
Another extreme example from you was that you claimed that HR manager is easily drawing HKD70k and director drawing HKD 100k? I am pretty sure to tell you your so called research was a daydream…Only MNCs afford to pay so called your mentioned pay, otherwise, for majority of companies in HK are paying HALF of your mentioned figures only for both positions that you mentioned respectively..please wake up and stop being so extreme & naive ….
People are discussing and talking about average income earner on how they could afford their first home within their ability..not like your very unrealistic sayings and comparison..Of course there will be some smart and capable local people who could afford to buy at prime area but definitely they are not the majority in HK…Else,they must be super early birds who purchased before the properties price hike ( should be around year 2008-2011)
Do you have any idea about HK average income?It is even lower than Spore, it is around HKD16,000 only so I clearly doubt how you got this statement from “most middle income families can afford to own home at Central or TST”, maybe your middle income families means those more than HKD100k/month while mine is half of yours only.
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