Golf, a good walking game!

Make it a good walk  

Golf is an enjoyable sport as long as there is an element of exercise involved, like walking, otherwise it’s just a parlour game.

Bukit Jambul Country Club in Penang has issues with members now not allowed to walk the course.

The phrase “Golf is a good walk spoilt” is often attributed to the famous American scribe Mark Twain, who was said to have used it to describe his frustration with the game.

The truth is that Twain, whose real name is Samuel Langhorne Clemens, never uttered those words but it seems a US magazine in the 1930s attributed the phrase to him because “it sounded like something Twain would say”.

Regardless of who is the original author, we golf mortals, who find the simple instruction of keeping the ball in a straight direction an impossible task, find so much truth in that phrase.

Even a demi-god like Tiger Woods is struggling to keep his game together and often refers to the present state of his game as military golf because he keeps hitting the ball left and then right and then left and then right again – like soldiers marching.

However, all of us continue to chase after the white dimpled ball because we want to get better at it and it is probably the only form of exercise we get after hours in the office. Thus, it’s a good walk spoilt – a good exercise pursuit interjected by bad golf.

This brings me to the recent controversy surrounding the Bukit Jambul Country Club in Penang where the management company running it has decided to ban golfers from walking.

The actual ruling is not a ban on walking but rather that all golfers taking to the course must rent a buggy.

The clash between the golfers and the club operators – Taiyo Resorts – has descended into all sorts of battles from name calling at press conferences to disciplinary hearing against members who opposed the buggy only ruling which took affect on Feb 1.

It all started when some 100 members voiced their displeasure over the compulsory buggy-use rule at the golf club.

According to the club’s liaison committee chairman, Stanley Park, from that day walking hours were restricted to after 5pm (only on Monday and Tuesday). Many other clubs around the country also restrict golfing to non-peak hours but none have enforced it as strictly as BJCC.

“However, the club has already made known to the members of the Liaison Committee during one of our regular meetings, that BJCC shall be a full buggy course as soon as the renovations of the fairways gets completed,” Park said in an interview.

More than 100 disgruntled golfers protested at the club on Feb 2, saying the ruling was not suitable due to the way the course was built as it was designed for golfers to walk and not intended to be a buggy course.

They also complained about the increase in the buggy rental rates from RM22 to RM37 for the first nine holes.

Taiyo Resorts’ managing director Datuk Eiro Sakamoto argued that majority of the club’s 2,800 members did not object to the new ruling and it was just a few golfers who were making noise.

It cannot be denied that the “buggy only” ruling is a way for the company to increase their ancillary income – after all it had promised the state government, which owns the course an increase in profit.

However, most visitors to Bukit Jambul would rent a buggy as it is quite a commando course with hilly and tight fairways that are quite sapping for those unused to such conditions.

But for golfers, seeking a good workout, Bukit Jambul is the perfect course to keep fit and to test whether you can avoid playing Tiger’s military golf.

Making money from running a golf club is not an easy thing especially when you have a course built into the top of a hill. Maintenance, I expect, would be high and the green fees collection cannot be much.

The subscription is just over RM90 and with 2,800 members, this works out to be RM252,000 per month. The extra revenue from F&B plus ancillary income like golf buggy rental becomes important.

However, the management of BJCC must take cognisance of the importance of walking when playing golf.

It improves your game because it keeps the rhythm going when one walks:

This is how the game is supposed to be played and this way the game finishes faster as the golfer walks straight to the ball.

It improves the fellowship among the flight of golfers because all four of them can walk and talk at the same time.

I hope that the matter can be resolved amicably as golf is a gentleman’s game with proper rules.

So till next month, walk the course and truly enjoy the view.

Keep Walking.. Keep Walking...Keep Walking

Keep Walking.....

Because...
 
The Organs of your body have their sensory touches at the bottom of your foot.

If you massage these points you will find relief from aches and pains as you can see the heart is on the left foot.

Typically they are shown as points and arrows to show which organ it connects to.

It is indeed correct since the nerves connected to these organs terminate here.

This is covered in great details in Acu-pressure studies.
 
God created our body so well that he thought of even this.

He made us walk so that we will always be pressing these pressure points and thus keeping these organs activated at all times.

So, keep walking....... LIVE LONGER !!!!! 

 Golfer or not, you must see this clip...

 http://www.youtube.com/watch_popup?v=aw-nt0eTb2w

It's all in the balance... (He plays off 3!!) And he walks the course!!!!!

Is there something unreal with our fliers at the club?

Hear that members are filing court action for some declaration of rights to play golf the way it was meant to be played?

Perhaps some of you LC members can show this clip to the presiding judge. Thanks

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Moody's declares Greece in default of debt

Bond credit rating agency says EU member has defaulted on its repayments as it secures biggest debt deal in history.



Moody's Investors Service has declared Greece in default on its debt after Athens carved out a deal with private creditors for a bond exchange that will write off $140 billion of its debt.

Moody's pointed out that even as 85.8 per cent of the holders of Greek-law bonds had signed onto the deal, the exercise of collective action clauses that Athens is applying to its bonds will force the remaining bondholders to participate.

Overall the cost to bondholders, based on the net present value of the debt, will be at least 70 per cent of the investment, Moody's said.

"According to Moody's definitions, this exchange represents a 'distressed exchange,' and therefore a debt default," the US-based rating firm said.

For one, "The exchange amounts to a diminished financial obligation relative to the original obligation."

Secondly, it "has the effect of allowing Greece to avoid payment default in the future."

Ahead of the debt deal, Moody's had already slashed Greece's credit grade to its lowest level, "C," and so there was no impact on the rating.

Moody's said it will revisit the rating to see how the debt writedown, and the second Eurozone bailout package, would affect its finances.

However, it added, at the beginning of March "Moody's had said that the risk of a default, even after the debt exchange has been completed, remains high."

Source: Agencies  Newscribe : get free news in real time

Bankers and lawyers should know better

FOOD FOR THOUGHT By DATUK ALAN TONG

BUYING a property that eventually becomes abandoned is a painful experience for many house buyers. It not only hurts purchasers who have lost their hard-earned money but also affects the property industry's reputation which has taken a beating due to unethical activities of a few culprits.

This is particularly so when the abandoned project is not caused by factors such as economic downturn or withdrawal of purchasers, but solely due to irresponsible people who claim to be “developers” but do not hold a licence to do so.

It was recently reported that our Housing and Local Government Ministry has identified 195 abandoned developments that were unlicensed in our country. I am puzzled as to how these “developers” are able to start their projects when they do not even have their licence to apply for financing if they require a bridging loan, and is their sales and purchase (S&P) agreement properly attested by a lawyer before they start selling?

In this context, what can be done and who should play a part in reducing these unlawful developers? Assessing our existing housing development process would provide us with some ideas.

When a developer plans for a housing project, he must first get the necessary approvals and licences from the relevant authorities such as the development order, building plan, advertising permit and developer's licence. The developer then may need to source for a bridging loan from a financial institution and this is followed by getting lawyers to prepare the legal documents which include the S&P agreement.

When the project is launched to the market, the developer will require the purchasers to sign the S&P agreements in order to finalise the purchase. Should the purchaser acquire a housing loan from a bank, the bank will come into the picture to process the loan application submitted by the purchaser. Those are the basic procedures involved in developing and marketing a housing project in Malaysia.

For unlicensed development, the regulatory bodies are not in the picture. In such cases, it becomes apparent that the lawyers and/or bankers, both representing the house purchaser, have a role to play as the first line of defence to protect the interest of the purchaser.

Hence, there are questions that begged to be answered. How is it possible for financial institutions to approve the end financing loan for a property development in the absence of all or part of the required approvals and licences? The same questions are posted to lawyers who prepare the legal documents for unlicensed development.

I believe everyone has a role in identifying irresponsible players in the industry, especially the bankers and lawyers with their better access to information and strong regulatory network as compared to the general public. As a purchaser and a customer, you would have expected your banker and lawyer to carry out their due diligence duties to ensure that your interest is not compromised.

In other industries, professional practitioners who do not convey the right message and do not protect customers' interests can be given stern punishment as their action may be deemed as negligence, fraud or even criminal breach of trust.

According to the record of National House Buyers Association, in the case of Keng Soon Finance Bhd (1996), a financial institution had granted a loan to an unlicensed developer, and it was decided that the loan and the security offered were invalid. The bank could not institute the foreclosure proceedings on the land and therefore could not recover its loan.

Under our Housing Development Act, a property developer that engages in, carries out or undertakes housing development without having been duly licensed can be fined between RM250,000 and RM500,000 or to imprisonment for a term not exceeding five years or both. This is an avenue to take action against unlicensed developers. While we have the law in place, it is equally important to ensure strong enforcement comes along.

For house buyers, you are strongly advised to purchase property from reputable developers and to do thorough “shopping” and analysis before signing on the dotted lines. Responsible developers are keen to work hand-in-hand with purchasers and appreciate the role of the National House Buyers Association which advocates the protection of house buyers in Malaysia. We should stand together as a team to fight against irresponsible developers.

And for anyone of you who think that you have bought into one of those unlicensed developments mentioned earlier in the article, it is time to write and call your banker or lawyer for clarification.

Datuk Alan Tong is the group chairman of Bukit Kiara Properties, he was the FIABCI World president in 2005-2006 and was named Property Man of The Year 2010 by FIABCI Malaysia.

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Houses prices hardly fall

HOUSING INVESTMENTS By THEAN LEE CHENG 

 On a per sq ft basis, it has risen

THERE was a lot of talk late last year that property prices will tumble in 2012 after the steep rise in the residential sector over the past few years. So far, we have not seen any of that.

What we are seeing is:

● Bank Negara's tightened guidelines on consumer lending have started to work. Loan applications and loan approvals have fallen in January;

● In certain locations, house prices and rental have started to ease; and

● Developers are offering very enticing terms since the beginning of this year.

Keep your finger on these three factors and let us now take a look at today's launches. In some of these launches, buyers need only to pay about 1% downpayment of the property price instead of the required 10% on signing of the sale and purchase agreement. The stamp duty and legal fees are also waived and they need not pay anything else until after the property is completed. Such schemes have attracted many buyers.

The question to ask is: If the market is as good as many claimed it to be, why are developers offering such schemes? When a property is sold, it is registered as a sale. But the absolute revenue of the unit is yet to be paid.

For easy calculation purposes, 10% of a RM500,000 property is RM50,000. If the first 10% is paid, this RM50,000 is registered as revenue by the developer, but in the sales column, a sale of RM500,000 is recorded. That is why the sales and revenue figures vary considerably.

If a developer allows a buyer to pay only 1% of the purchase price, this does not mean he “loses” that other 9%. He will get it back after a certain period of time. The same goes for the waiver of the stamp duty and legal fees. The developer has to pay the lawyers for services rendered. All these charges and fees are packaged into the deal which the buyer will have to bear in due time. In this case, later rather than sooner.

Developers are offering such attractive terms in order to make a sale. Many of these schemes are offered in condominium projects because there is generally a glut in this segment. While such schemes may attract genuine buyers who need a roof over their heads and who are thankful that they can defer payment, it also attracts those who have no problem forking out that 1% downpayment and take a gamble that they will be able to offload it when the project is completed.

If one were to drive around certain parts of the Klang Valley today, there are some completed high-rise with large mobile numbers plastered on windows. It may not be so easy to offload units when there are so many of them.

What is noticeably absent, and which many would like to see are more launches of landed housing. But this is unlikely to happen. Only the secondary market is offering landed units, which may explain to a certain degree why the secondary market was rather robust last year. It applies not only for the Klang Valley, but for Penang as well and is a reflection of strong domestic demand despite the many negative predictions for this year.

When a developer considers a piece of land, he thinks of how much he can make from it. If he were to build a condominium and throw in various facilities, he can sell more houses than if he were to build landed units. That is why most of the launches today are high-rise projects, be it condominiums or serviced apartments.

Developers are also limited by what they have. Increasinlgy, land in city centres and popular areas are getting smaller. Which explains why in highly dense areas, condominium projects continue to be sprout up in the most congested of areas.

The development of landed units can only take place when there is large tracts of land, which also explains why the big boys like Mah Sing and SP Setia are venturing further away from city centres.

The other obvious factor in today's launches are the size and price of the condominium units. Most of the units are small. Studio apartments may be in the 500 sq ft range or thereabouts while those targeted at families may be three-bedroom units with built-up areas of 1,200 sq ft onwards. Most of the launches today are priced close to RM700,000 onwards. On a per sq ft basis, the price is still going up, whether it is a Petaling Jaya address or a Bukit Jalil one.

So, while sales volumes may stagnate in newly-launched projects (which explains why developers are offering units for sale with a 1% downpayment), on a per sq ft basis, prices does not seem to be stabilising. Developers are trying to maintain affordability by having smaller units, deferring payment and leveraging on low interest rates.

Assistant news editor Thean Lee Cheng is glad that Bank Negara is monitoring the household debt and lending in the property sector closely as this year promises to be an exciting one.

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Secondary property market set to soar

By DAVID TAN davidtan@thestar.com.my

THE sub-sale prices of landed property in the prime locations of Seberang Prai are expected to increase by 5% to 10% this year.

Henry Butcher (Seberang Prai) senior manager Fook Tone Huat said this was because there was stronger demand for landed property in the secondary market.

“In the secondary market, a terrace property in prime locations such as Bukit Mertajam, Simpang Ampat and Jalan Raja Uda is priced around RM385,000 now, about 10% higher than a year ago but relatively reasonable,” Fook said.

The stricter conditions of bank lending, a weak global economy and a higher pricing of new landed property would see transactions in Seberang Prai rising only slightly in 2012 over 2011.

Fook said: “However, we expect more property transactions in the sub-sales market due to the attractive prices,” he said in an interview.

He added that last year, there were about 18,000 transactions of new and old property in Seberang Prai. About 50% of the transactions were for new property, while the sub-sales comprised about 30%, he said.

Fook said that in general, the Seberang Prai property market for 2012 would be challenging in view of the uncertainty in the global economy and the new set of financing ruling imposed by Bank Negara.

“The take-up rate for those high-end categories is expected to gradually slow down but for those in the medium categories, the sales rate should still maintain,” he said.

“Prices would still be on the upward trend for landed houses priced below RM500,000 and for development land in the prime areas, but the rate would be at a slower pace.

“For those high-end property, prices are expected to be flat. Nevertheless, property prices are not expected to decline in view of the relatively resilient domestic economy and the long-term impact from the new economic transformation programmes,” he said.

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