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> Millionaires Club

MUM
post Jan 13 2019, 08:42 PM

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QUOTE(johnwick7728 @ Jan 13 2019, 08:32 PM)
Bank use external valuer.
Valuation need lesen to get..

Thise established one like ppc, vpc, jurunilai bersekutu, henry butchrer, jones lang, jardine td aziz and alot more laa.

They will use comparison method to do valuation report..

Which means, the value report will take 1 or 2 building nearby to compare with the subject property (same spec)
Resi to resi
Commercial to commercial

So when got this 10 20% do all this kind of BS transaction that involves jacking up price,they will pay the stamp duty of those jack up price spa, and these transaction will be reflected into lppeh system (lembaga penilaian)

So all jack up and up..

Actually property prices already dropping but due to people using this lopholes, spa price maintain but get cash out instead..

Property price high up partly due to lawyer also at fault. Do wrong thing against their code of conduct.. banker close one eye for project financing involving massive rebates still giv out end financing..
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thumbsup.gif thanks for the insight.....

but if the property prices already dropping....then those that had used that method to get higher loan...then how now?



johnwick7728
post Jan 14 2019, 12:10 AM

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QUOTE(MUM @ Jan 13 2019, 08:42 PM)
:thumbsup: thanks for the insight.....

but if the property prices already dropping....then those that had used that method to get higher loan...then how now?
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Condo A

Lets say last time spa 500k

Now spa 500k but real price maybe say 420k.
Get some 20k cash to pay legal fee somemore
MUM
post Jan 14 2019, 12:23 AM

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QUOTE(johnwick7728 @ Jan 14 2019, 12:10 AM)
Condo A

Lets say last time spa 500k

Now spa 500k but real price maybe say 420k.
Get some 20k cash to pay legal fee somemore
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but the bank won't lent 100% of the SPA of RM500K....
maybe 70~80%,...thus can only borrow RM 350K ~ 400K ....
icemanfx
post Jan 14 2019, 12:49 AM

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QUOTE(johnwick7728 @ Jan 13 2019, 08:32 PM)
Bank use external valuer.
Valuation need lesen to get..

Thise established one like ppc, vpc, jurunilai bersekutu, henry butchrer, jones lang, jardine td aziz and alot more laa.

They will use comparison method to do valuation report..

Which means, the value report will take 1 or 2 building nearby to compare with the subject property (same spec)
Resi to resi
Commercial to commercial

So when got this 10 20% do all this kind of BS transaction that involves jacking up price,they will pay the stamp duty of those jack up price spa, and these transaction will be reflected into lppeh system (lembaga penilaian)

So all jack up and up..

Actually property prices already dropping but due to people using this lopholes, spa price maintain but get cash out instead..

Property price high up partly due to lawyer also at fault. Do wrong thing against their code of conduct.. banker close one eye for project financing involving massive rebates still giv out end financing..
*
A reason why property price is one of the least if not the least transparent among investment assets. genuine buyers should offer price substantially cheaper than market price else risk overpaid.

This post has been edited by icemanfx: Jan 14 2019, 12:50 AM
BooYa
post Jan 14 2019, 01:15 AM

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QUOTE(icemanfx @ Jan 13 2019, 01:22 PM)
One doesn't need to have 2 digit million myr to be a customer of private bank. your RM didn't offer you products which give higher than fd interest?
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They did offer products but I didn't understand lol. So I refused and park it in fd instead
vvv
post Jan 14 2019, 12:42 PM

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anybody have invest in DCI ?
Im not sure how it works...
Mr.Weezy
post Jan 14 2019, 05:16 PM

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QUOTE(BooYa @ Jan 14 2019, 01:15 AM)
They did offer products but I didn't understand lol. So I refused and park it in fd instead
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do consider REIT smile.gif
BooYa
post Jan 14 2019, 10:18 PM

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QUOTE(Mr.Weezy @ Jan 14 2019, 05:16 PM)
do consider REIT smile.gif
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Considering dci at the moment but will look into reit. Thanks
BooYa
post Jan 14 2019, 10:39 PM

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QUOTE(vvv @ Jan 14 2019, 12:42 PM)
anybody have invest in DCI ?
Im not sure how it works...
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Would like to know more about dci too any sifu here able to shed some light?

This post has been edited by BooYa: Jan 14 2019, 10:41 PM
clh406
post Jan 15 2019, 12:07 AM

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Copied from PBB website:

PB Dual Currency Investment (DCI) is a short term currency linked structured product investment that aims to provide the opportunity to capitalize on foreign exchange movements that potentially allows you to earn a higher interest rate on your money than traditional fixed deposits.

On the Maturity Date, you will receive the DCI Interest Amount in the Investment Currency (initial Investment Currency) and the Investment Amount may either be repaid in the Investment Currency or the predetermined Alternate Currency (nominated Alternative Currency), converted at the pre-agreed foreign exchange rate (Strike Rate).
Features & Benefits
Low minimum investment amount i.e. MYR50,000* (in multiples of MYR5,000) or foreign currency equivalent
Short Investment Tenure, ranging from 1 week to 3 months
Wide range of currencies to select i.e. Australian Dollar (AUD), Euro (EUR), Great Britain Pound (GBP), Japanese Yen (JPY), Malaysian Ringgit (MYR), New Zealand Dollar (NZD), Singapore Dollar (SGD) and U.S. Dollar (USD)
Enjoy potentially higher return than traditional fixed deposits
Flexible in personalising to your Investment Tenure and specific currency view
* DCI is only offered to High Net-Worth Individual / High Net-Worth Entity / Accredited Investor as stipulated in the Capital Markets and Services Act (CMSA) 2007 (Amendment of Schedules 5, 6 and 7) Order 2012 or any amendment of CMSA from time to time

For further information, please call free phone at 1-800-22-9999 during normal working hours
cmk96
post Jan 15 2019, 02:43 PM

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if the currency you buy dropped value.... you lose

we never knows what will be the value few mths down the road.
55665566
post Jan 16 2019, 09:28 AM

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QUOTE(cmk96 @ Jan 15 2019, 02:43 PM)
if the currency you buy dropped value.... you lose

we never knows what will be the value few mths down the road.
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that is why i always see networth as your total asset value in usd$
ringgit millionaire is quite useless compare to usd millionaire
same goes to rupiah when compared to ringgit.
mini orchard
post Jan 16 2019, 12:18 PM

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Cant remembered local bankers asking for assets and liabilities in USD when applying for loans.

If local bankers can accept, who cares whether is useless to a local American.

This post has been edited by mini orchard: Jan 16 2019, 12:41 PM
aspartame
post Jan 16 2019, 12:59 PM

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QUOTE(mini orchard @ Jan 16 2019, 12:18 PM)
Cant remembered local bankers asking for assets and liabilities in USD when applying for loans.

If local bankers can accept, who cares whether is useless to a local American.
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Ya lor...if RM1mil not enough, then RM2mil lor, if RM2mil not enough, then RM3mil lor...

but no need to talk in terms of USD lah biggrin.gif

later drink teh tarik pay in USD pulak

This post has been edited by aspartame: Jan 16 2019, 01:00 PM
clh406
post Jan 16 2019, 05:00 PM

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This article appeared in the Malay Mail in Oct 2018.

https://www.malaymail.com/s/1685061/malaysi...-whos-wealthier

Gives you an idea of how many millionaires there are in Msia. For comparison purposes they have used USD as a common benchmark.

Nonetheless I believe Bank Negara uses RM1 million as a yardstick to define high networth. Networth as in TA-TL=NW.
icemanfx
post Jan 16 2019, 05:51 PM

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QUOTE(clh406 @ Jan 16 2019, 05:00 PM)
This article appeared in the Malay Mail in Oct 2018.

https://www.malaymail.com/s/1685061/malaysi...-whos-wealthier

Gives you an idea of how many millionaires there are in Msia. For comparison purposes they have used USD as a common benchmark.

Nonetheless I believe Bank Negara uses RM1 million as a yardstick to define high networth. Networth as in TA-TL=NW.
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From the article;

"Malaysia also has a relatively high Gini index value of 82 per cent based on the wealth distribution patterns among Malaysian adults, which suggests high wealth inequality."

Malaysia has fewer high net worth individuals than most thought. many people feel or appear rich from debts, which is consistent with elevated level of household debts.

This post has been edited by icemanfx: Jan 16 2019, 05:53 PM
aspartame
post Jan 16 2019, 08:49 PM

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QUOTE(icemanfx @ Jan 16 2019, 05:51 PM)
From the article;

"Malaysia also has a relatively high Gini index value of 82 per cent based on the wealth distribution patterns among Malaysian adults, which suggests high wealth inequality."

Malaysia has fewer high net worth individuals than most thought. many people feel or appear rich from debts, which is consistent with elevated level of household debts.
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I think quite a lot what. For e.g. 3% has between USD100k to USD1mil. That's RM400k to RM4mil. This is much more than your wrongly quoted 3% has USD100k.

685,000 households earn more than RM400k per annum. Wah, if one household has 4 members, it means about 10% of household earn 400k and above per annum. That's pretty high.
icemanfx
post Jan 16 2019, 09:59 PM

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QUOTE(aspartame @ Jan 16 2019, 08:49 PM)
I think quite a lot what. For e.g. 3% has between USD100k to USD1mil. That's RM400k to RM4mil. This is much more than your wrongly quoted 3% has USD100k.

685,000 households earn more than RM400k per annum. Wah, if one household has 4 members, it means about 10% of household earn 400k and above per annum. That's pretty high.
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Suggest you to read and digest the article properly.

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