terencewtcCBR500R is 470cc at 28k. MT-07 is 689cc for ~RM35k (CKD).
Power: 43Nm vs 68Nm
Torque at 3000 RPM: 25Nm (58%) vs 40Nm (59%)
Torque at 4000 RPM: 27Nm (63%) vs 44Nm (65%)
Weight: 192 kg vs 172 kg (Both are kerb/wet weight, comparison is equal)
- MT07 is much more responsive in city ride.
- Highway cruising for MT07 will be more efficient between 4-5k RPM (95~120kmh) since there is a tuned peak around that rev range. For CBR, it would have to be at 5-6k RPM to reach that speed.
*RPM and speed calculation based on engine gear ratio and rear wheel size.

Maintenance:
Tyre size, front/rear are 120/160 vs 120/180, respectively. Rear tyre on MT07 will be significantly high.
Chain type: Presume both uses 520/525 chains... replacement about equal.
... and so on.

For the amount that you are going to pay maintaining these bikes, my personal opinion is to buy the more expensive one.

If you can afford it, the 3-cylinder MT-09 is even more interesting, at RM54k CKD.
In this case, the full-fairing bike only looks nice, but ride quality is uninteresting. Aka, boring bikes...

I didn't mention HP, only torque. Notice other people also reply you with torque. HP sells cars\bikes, but torque wins races.

You're paying 25% more, for 60% more torque. At the far end of mid-cc bike, there's the KTM690 at >60Nm torque, that's another 33% more than the MT-07.

A boring bike is without character, where its strength lies in the fact that it has no weaknesses.
3 months after you own it, you will begin to feel the burden of needing to pay for it.
You start it, and doesn't excite you. Riding it doesn't send chills down your spine, and it behaves as it is expected to be.

Since this is your first bike, you might not feel it. But, have I'm sure you have heard of people saying things like 'oh, I miss riding my old bike or their previous car'... as compared to less interesting bikes, people will miss it for things like breaking down less often.

FZ07 at stock, gear 6, 9000 RPM, is rated to reach 214kmh.