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The ringgit stayed near a pre-peg 17-year low on Monday after news Malaysia’ foreign exchange reserves fell below US$100 billion threshold, raising doubts over the currency’s ability to withstand further political fallout and low commodity prices.

The ringgit stood at 3.9245 per dollar as of 0109 GMT, compared to the previous close of 3.9220.

The currency on Friday hit 3.9280, its weakest since Sept. 2 1998, the day before the government pegged it at 3.8000 per dollar to put a floor under the currency during the Asian financial crisis. Malaysia lifted the peg in 2005.

Malaysia’s international reserves fell to $96.7 billion as of July 31 from $100.5 billion on July 15, the central bank data showed on Friday.

“It now becomes a question of when does the bleeding stop?” asked Stephen Innes, senior trader for FX broker Oanda in Singapore.

“No doubt BNM (Bank Negara Malaysia) will continue to sell USD to temper the move higher but at what cost can they to do so as further drops in reserves will likely accelerate the move higher.”

The central bank has been selling dollars and buying ringgit since June in an attempt to stem the ringgit’s slide, traders said, but the ringgit has still been Asia’s worst-performing currency this year, losing some 11 percent of its value against the U.S. dollar.

The ringgit’s weakness has hit foreigners’ appetite for local bonds, with five-year government bond yields rising to 3.856 percent, the highest level since Jan. 16.

Source:The Star Online

According to Affin Hwang Capital Research, the property market of Penang will continue to be supported by the many major projects driven by public-private partnerships (PPPs). Some of them include the RM27bil Penang Transport Master Plan (PTMP) as well as a proposal for a RM11.3 billion business process outsourcing centre and an international technology park by Penang Development Corp (PDC) and Singapore’s Temasek Holdings. besides these PPPs, there are also property developers with huge mixed developments within Penang with total gross development value of up to RM60 billion. They include Eastern & Oriental, Eco World Development and Ewein Bhd.

Above: The property market of Penang will continue to be supported by the many major projects.

Seems impressive and the numbers are huge but truth is, none of these have started. It should be soon and the two that I would be awaiting with interest would be the PPPs. These would be a catalyst for many more things to come. Without them, then it would be just the usual mixed developments which will find it harder to get even more buyers, especially if they are trying to sell ever higher prices in the areas which are considered hotspots such as Tanjung Tokong or Bayan Baru. Let’s be really savvy and understand that catalysts would take some time to happen and that’s why it should happen first before anyone starts buying, believing that whatever has been announced will happen. Yes, this as the same as buying where new MRT stations are and thinking that buyers would buy them in future. Problem is, the current buyers are already paying a premium for these new launches near MRTs and they expect future buyers to pay premiums on top of their premiums to buy that property from them.

Above: Some of development include the RM27bil Penang Transport Master Plan (PTMP).

The research house also mentioned that Hewlett Packard chose Penang instead of Iskandar because the Penang government managed to convince them. Please understand that no MNCs would choose a state just because the state government tells / convinces them to. Not even investment friendly government policies. The reason is because these policies can be the friendliest in the states without much infrastructure to support these MNCs. If I am a new manufacturing company, I would choose Penang because of the availability of a skilled workforce. Penang is the hub for many world class research and manufacturing facilities since the days when Bayan Lepas Industrial Parks started. It may also be the logistics advantage, with airport and ports and even the train services, connecting Penang to the world. I am sure more would choose Penang. So, let’s wait for the next one.

Above: Batu Kawan is definitely not going to be a sudden sensation until 2018 at least. One major catalyst is supposed to be a new IKEA store.

One thing is for sure though, Penang is growing. Penang had just 1.2 million population. its population has already reached 1.7 million now. With such a huge population, it meant that much of the growth were due to urbanisation. People moving to Penang for work and business opportunities. These would continue to fan the demands for more housing, as long as it remains affordable. Even though there has been many reports saying that Penang’s properties are way too expensive, but many people not think so yet. Choices are still aplenty, the only issue is, are they at locations that these Penangites wanted. Just look at the second bridge today. There are hardly any cars. Batu Kawan is definitely not going to be a sudden sensation until 2018 at least. One major catalyst is supposed to be a new IKEA store.

Above: Penang had just 1.2 million population. its population has already reached 1.7 million now.

Seriously though, let’s keep out focus on all the new catalysts that will keep the growth continuous. Give pressure to developers who try to tell the world that their projects are luxurious simply because you can see the sea and thus it has to be priced higher. Build good ones at affordable prices, buyers would come and profits will rise.

Source:Penang Property 

Above:Sukhumvit road is always a significant location for property development.

Despite soaring land and housing prices and the sluggish economy, residential demand on Sukhumvit Road in the middle-market and high-end segments remains strong, say property consultants.

Phanom Kanjanathiemthao, managing director of Knight Frank Chartered (Thailand), said the property sector was affected by the country’s economic slowdown, but high-end property in the inner city remained solid.

“Demand for high-priced condos remains good, and target buyers have purchasing power,” he said. “Middle-market and low-end condos in outer-city locations such as Rattanathibet Road have slowed down.”

Mr Phanom said newly launched condo prices in the inner city continued to rise this year, in line with increasing land prices.

Above: Sansiri’s new project The LINE Sukhumvit 71 located on Sukhumvit, presale in Hong Kong, and attract over 1,300 clients attended.

Above:In Sukhumvit sois 1-71 New condo prices average 226,344 baht per sq metre this year, up by 50% from last year.

In Sukhumvit sois 1-71, land was going for 1.5 to 2 million baht a square wah.

New condo prices average 226,344 baht per sq metre this year, up by 50% from last year.

Land prices near the Phetchaburi-Ratchadaphisek intersection were offered at 450,000 to 650,000 baht per sq w, while average condo prices were 110,000 baht per sq m, up by 28%.

CBRE Thailand managing director Aliwassa Pathnadabutr agreed housing demand remained in the luxury segment despite the sluggish economy, although it was dependent largely on price, location and a satisfactory product.

Above: CBRE Thailand managing director Aliwassa Pathnadabutr agreed housing demand remained in the luxury segment despite the sluggish economy.

“Prices of plots near skytrain stations have soared so high that housing prices are sometimes not reasonable,” she said. “In prime residential locations such as Sukhumvit sois 31-55, there was no new supply of low-rise houses launched in the market despite demand.”

Source：Bangkok Post

Golden Emperor Properties (Hong Kong) Limited is a Hong Kong based company that offers international properties to clients in Hong Kong and regionally. The company was first established in 2013 and initially focused on selling Thailand properties in Hong Kong through a strategic partnership with leading Thai property developer, Sansiri PCL.

Since its establishment, Golden Emperor has expanded its product offering to include property projects from Malaysia, Japan, UK, Australia, Greece, and many others. Attractive property investment opportunities were introduced to clients via exhibitions, property trips, and client appointments. However, due to the increased interest from clients towards foreign properties, the company has decided to launch a brick and mortar retail outlet in Sheung Wan to further promote its projects to a larger group of potential clients.

Terence Chan, Sales Director and Partner of Golden Emperor said, “The vision and objective of establishing this property retail store is to distinguish our company and our services from the property agencies in Hong Kong. We do not offer local properties for sale, and we exclusively offer overseas properties to Hong Kong investors. This retail store is the first in Hong Kong to dedicate itself fully to overseas properties and we plan to extend this concept to future stores in different areas of Hong Kong.”

The Golden Emperor retail store is located on Shop 85, Holiday Inn Express Hong Kong Soho, No. 85 Jervois Street, Sheung Wan, Hong Kong. The store will operate from 10am – 7pm, Monday to Saturday (excluding public holidays).

Above:The Golden Emperor retail store is located on Shop 85, Holiday Inn Express Hong Kong Soho, No. 85 Jervois Street, Sheung Wan.

Golden Emperor Properties, in partnership with Sansiri, launched the 2nd Sansiri-BTS joint venture project in Hong Kong on the 1 – 2 August weekend. The LINE Sukhumvit 71, situated in the future extension of the Thonglor-Ekamai “SOHO” area of Bangkok was featured and over 2,000 clients attended over the weekend. Attendees had first pick of units as the project was launched simultaneously in Hong Kong, Singapore, Taiwan, and Thailand. The foreign quota of the project was completely SOLD OUT in the weekend event.

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Above: Over 1,300  clients attended the weekend exhibition of The LINE Sukhumvit 71.

Above: Kingston Lai, Sales Director & Partner of Golden Emperor, provided a seminar on investing in Bangkok properties.

Above: Terence Chan, Sales Director & Partner of Golden Emperor, provided a seminar on investing in Bangkok properties.