I was speaking in Ipoh for iProperty’s Home and Property Fair a couple of days ago. Instead of speaking about the state of Ipoh property market (which is okay lah), I focused on the effects of the 4Ps (People, Price, Policy, Preference) to the property market instead. The crowd in Ipoh nodded their heads when I asked them if the MRT Line 3 has been cancelled. I replied that MRT Line 3 has its benefits and it has actually been deferred to a time when the government is more ready, financially. I am not sure how many believe that one day in the future, most Malaysian working professionals in Greater KL will be taking the public transport. Just look at Singapore for clues. They are extremely well connected (MRT and buses) and with some ‘push’ policies from the government (Certificates of Entitlement (COE), car prices, petrol prices and CAR PARK rates etc) will ensure the public takes the public transport as first choice, somehow. The same thing in Hong Kong. People takes the MRT because the car parks are crazily expensive. Just buying one extra park park can be millions of HK$! Here’s an earlier article: When even the car parks can be bought and sold like a home The push for more Malaysians to take public transport has to be supported by a fully integrated public transportation system. Yes, this is why the MRT Line 3, also known as the Circle Line should be continued even if later because better late than never.
I am not the only supporter to MRT Line 3. MRT CEO who said this: “We abide by the government’s decision (to discontinue the project) but we also acknowledge that the MRT line 3 is critical to close all the loop. “We hope that one day in the future, once the government’s fiscal position gets better, the government will consider this.” The full article in NST.com.my here. Beyond those prominent property industry people, the man on the streets has these to say in an article in TheStar here. A 33-year old engineer who takes the public transport daily says, “I think it is a good idea to put the project on hold for now and not just push the project through without a thorough investigation in view of the extremely high cost,” said Chua Yong Seng who works in Kuala Lumpur. An event planner who had hoped to take the public transport said, “I live very near one of the proposed stations and was hoping to finally be able to have the option of using the train into the city centre,” she said, adding that travelling via train was a much better alternative than by bus or taxi. One thing’s for sure though, all of them agree that the project should be deferred if the government is not ready at the moment. Here’s that article for reference again.
I know, for those who has properties somewhere nearby some of the proposed stations may be very disappointed with the decision but we must also understand the financial facts of the situation. There are currently many changes that will be happening and thus, the budget 2018 versus the budget 2019 would be a totally different budget altogether. GST is also leaving us and SST is arriving soon. That’s why the car sales shot up through the roof. Earlier article here: People are simply buying! Not everyone needs new cars right? Please remember not to buy based on ONLY any proposed plans. The property in question should also be at least attractive in many other areas. If we hate everything else but we buy the property because it’s near to a MRT station, then be prepared for extremely high risk. Oh yeah, buying properties just because there are jams is also not the right thing yeah. Haha. Happy following.
written on 3 July 2018
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