Look at the huge quarterly profits announced by property developers - they are making a killing. These guys are experts. A whole bunch of the premier developers focus on one area - cooperate in building up the infrastructure/amenities, make it very attractive, charge premium price. after they squeeze as much as they can, they move to another area (which they pick up at a cheap price years before) and start all over again. The way I see it, they are now focused in the North West of KL and making their way diagonally across KL and eventually into Cheras/Kajang. What a coincidence - the MRT phase 1 also aligned like that from North West to South East. My 2 cents. These established developers will never be forced to sell at a lower price. When they see property demand starting to taper off, they will move to another segment and even overseas.

This post has been edited by tigana: Apr 3 2011, 10:14 PM

that isn't necessarily a bad thing if they complete the infra and amenities become reality on time. the risk is if and when the music stops and if you paid premium in a new area for a promise that stays unfulfilled for years, dreams get shattered.

as to which areas might fall into this, that is always a hot debate, so better not bring it up here...

you sure it's a coincidence?

If he is a Senior Engineer with a contractor then there is only 4 reasons why he is earning that low:

1) He is too young
2) He does not know how to negotiate his package
3) He does not possess the neccessary technical skills
4) The company is a small 2 cents company

Earning RM 6500 for a Sr Engineer with a contractor is BELOW AVERAGE for sure unless he is too young. Usually consultants earn lower than those working for a contractor. How much are u getting by the way and how old are u? Btw, Gamuda can and will pay more for the right candidate. You just have to ensure that you ARE the right candidate.

The only way to get big jumps in salary is to jump companies. If you negotiate well, you can get a 20-30% salary increase with each jump. BUt jumping needs skill and you must ensure that your experience increases in tandem with your salary. Too many jumps and ull end up on the losing end as employers will not want someone who doesnt stick around long enough. If ure below 30 then i would say a jump every 2 years is good. But after 32-35 better to get into a higher position and stick around a bit longer.

Non sequitor :

Yesterday, I talked to a bank agent, and to my surprise, he says I should be able to get a loan of more than 40% my basic. My credit card credit limit according to him is not important, whereas if I always paid them it will be good for my chances.

If this is how local banks do business, I'm not sure whether to be happy or sad.

------
This is how I see it. While having a good repayment history is a plus for my loan approval. I believe that the credit limit will be a bigger factor; because with a blink of an eye, I could be in debts of 5~ 10K. And it's the norm that people are killed by credit card debts.

It's either the local banks are too lax in their lending, or the agent is too keen to get me to sign up, as that's how he gets his commission.

This post has been edited by TheDoer: Apr 4 2011, 11:07 AM

yes...good repayment history will help...

Yes. But consider the amount of existing debt that he may find himself in, I personally would weigh that over the fact that previously you are a good pay master.

Because it doesn't mean that just because you were able to pay last time, that you will still be able to pay. What it does means is that, if previously you were struggling with your credit card, then it would most likely be that you are going to have a hell of a time paying back a loan too.

What having credit cards to me means, is that with a snap of a finger, you may suddenly find yourself borrowing a few K from the bank. As such, it should be treated as a standing loan. And just because you are able to pay your current loan, doesn't mean that you can pay "despite" of it.

This is what I understand, from the little bit of banking experience I had.

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Added on April 4, 2011, 3:05 pmI do not know the inside of local bank lending policy, but I had experience with lending in a different country.

And it does seem that credit limit is the thing that make or breaks your approval chances by quite abit.

I really hate our local banking scene, and I find that they are pretty unethical, and have runaway policies.

For one, I once had to argue with a bank clerk that I shouldn't have to sign up for a credit card to get a simple savings account. To which she says I had to get it, as it was part of the banks policy for savings accounts created for my company.

At the end of the day, it was a matter of whether I still wanted to create the account and get my salary, so I just signed the blasted thing. When I went back to office, I found out that a colleague who went just a few days ago, did not have to apply for the credit card. So I made a call to HR to settle this with the bank.

A few months later I got a mail from the bank, saying that my credit card was not approved....

I was like wtf??!! What do you mean "not approved" I didn't want it in the first place. What this means is that the bank clerk had gone ahead with my application, and just doctored some details so that I won't get the card as I had "wished".

Blasted clerk, she should be jailed for that.

This post has been edited by TheDoer: Apr 4 2011, 03:05 PM

Can get up to 80% for certain banks, if you know a good mortgage executive

omg.. 80% of basic salary...
simple minor unemployment.. we'll get auction unit =.="
our bank in bolehland sooooooo gila

In the hands of people who can manage their finances properly, it's extremely useful and not dangerous at all. In the hands of those who can't ..........

with 20% left salary.. its super hard to manage finances
we need insurance.. give pocket money to parent(maybe some don't even need to bother their parent) food.. etc etc..
sekali luck not tat good.. car need to get repaired..
too many unexpected thing to worry liao..
this one aiming to low income yeah..
if the person income 30k.. then 20% left is sufficient for them la

This is suicide attempt...

Except for short term flipping, which still a dangerous game to play with high ratio bank loan vs income, I don't see why a person want to take such a loan.
Also, it is wrong for mortgage executive to give approval such a loan.
This also could be a serious issue of breach of trust and could be charged.

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Added on April 5, 2011, 12:10 amComplain to BNM.

Nowadays, sometimes can encounter officer that is not honest or ethical, pushing some product that needless and not a must.

This post has been edited by cherroy: Apr 5 2011, 12:10 AM

if the person income 30k.. then 20% left is sufficient for them la[SIZE=7]

Yes! That's how the bank make their assessment !

It's not only that. It's going to effect my credit score. "Failed once for credit card application."

And as many people do not realise this. Each inquiry of the credit score reduces it.

Received some wind from the top.

Be very prepared for the next storm looming right after GE.

Crude oil now Usd108 how come no hike on fuel? Why so steady and silent? No like Pak Lah 30% hike? Learned from mistakes?

Actually nothing new but just confirmation. Yup, they are going to abolish all subsidies pertaining to petrol, diesel, rice, fertilizer, (don't know abt medicine) .... Malaysians have been pampered way too long. Time to bite the bullet. So further inflation coming right after election.

Cannot imagine what going to happen next. All the best 1Malaysians!

This post has been edited by Bobby C: Apr 5 2011, 09:23 AM

sound scary
so the property price will rise or fall?
i guess rise due to inflation?

in addition to that in Q3 this year, BNM will start to implement new Guidelines on Lending and Affordability to reduce the high household debt in msia.. certain segment of people will be affected.. hopefully this control will indirectly mitigate the insane house price.. my two cent

Goods is tangible products, goods inflation index in for sure on the rise, property sector kenot escape, whether price of hses will drop or not is very much depends on gomen ability to deliver the more efficient transportation system, MRT is one of the tools to pull some populations stay away fr town centre, but how feasible is this project? Existing gomen? susah lor

thats why i'm hoping GE will come ASAP..
wanted to know after GE and BN won.. what else will increase..
it will surely cool down prop price.. if every shiitty thing increase..
if end up the prop price still jump big one.. then.. no choice zo.. have to fast fast get a flat/apartment..

This post has been edited by CKHong: Apr 5 2011, 10:22 AM