Exchange Rates for RM

[kawan2sgmy]

It's about supply and demand. Since they keep building, who is going to soak up the excess units? Only the more atas ones can command a premium over others, most units are just the average types for the average people. If they can reduce the prices, more people will buy, and since it is cheap, some people don't really mind to just leave it there to grow grass or occasional stay or leave it to the next generation. I mean to say, if the quantum is small, more people willing to commit.

But why should they revert lower? If anything, it should be higher. Even at RM700k to RM1mil, you see so many Singaporeans blindly bought in 2013.

When it was at RM500k, developers had no choice but to price their properties higher also to enable foreigners to buy.

Those who bought their properties between RM500k and RM1mil thought they were safe from the restriction.... until the new RM1mil rule came out! Now, many of them are probably anxious, worried and frustrated. Their cash gets stuck with little or no chance of taking back almost forever.

Some may not feel it yet because their properties are still under construction. When it is completed and they can't get out of the market but still have to pay loans and other expenses, that's when the pain comes in.

 

[mpan12]

The developers priced the units based on the greed of buyers in 2013. There is no basis for an uninhabited place with no amenities in Johor to be so expensive. They claim it's "premium" but if you have seen the quality of some, it's at most average. Premium is only because of the high prices. Misleading indeed!

If the situation back then is similar to what we see now, where there is little interest any more, I think prices would be in the region of RM300-400psf. That is more reasonable.

If many units remain unsold, the place will become a ghost town lor. Developers already earned a lot in excess from their sales. They*are not desperate to sell the rest.

As for buyers of those expensive properties, it could be very difficult or impossible to exit.

It's about supply and demand. Since they keep building, who is going to soak up the excess units? Only the more atas ones can command a premium over others, most units are just the average types for the average people. If they can reduce the prices, more people will buy, and since it is cheap, some people don't really mind to just leave it there to grow grass or occasional stay or leave it to the next generation. I mean to say, if the quantum is small, more people willing to commit.

 

[kawan2sgmy]

Yes, experienced investors like yourself and some others have been kind enough to send out early warning signs. The outlook in the foreseeable future does not look too good. Those who have already bought might want to think seriously what action or inaction to take going forward. Just hope for the best.
Those who have not committed, hope they can hear you loud and clear. Just thinking, the time might come, skarly lelong lelong, buy 1 free 1! meaning 50% discount, just joking, can't be this bad lah! Still got the PRC people coming in bus loads to take up the excesses.

The developers priced the units based on the greed of buyers in 2013. There is no basis for an uninhabited place with no amenities in Johor to be so expensive. They claim it's "premium" but if you have seen the quality of some, it's at most average. Premium is only because of the high prices. Misleading indeed!

If the situation back then is similar to what we see now, where there is little interest any more, I think prices would be in the region of RM300-400psf. That is more reasonable.

If many units remain unsold, the place will become a ghost town lor. Developers already earned a lot in excess from their sales. They*are not desperate to sell the rest.

As for buyers of those expensive properties, it could be very difficult or impossible to exit.

 

[westman]

Wrong post.. sorry..

 

[mpan12]

Yes, experienced investors like yourself and some others have been kind enough to send out early warning signs. The outlook in the foreseeable future does not look too good. Those who have already bought might want to think seriously what action or inaction to take going forward. Just hope for the best.
Those who have not committed, hope they can hear you loud and clear. Just thinking, the time might come, skarly lelong lelong, buy 1 free 1! meaning 50% discount, just joking, can't be this bad lah! Still got the PRC people coming in bus loads to take up the excesses.

Thank you for appreciating it. I give my most honest opinion. Those who can take it, will accept it. But some think wrongly thought I am totally anti-Iskandar! Haha... Good or bad points, I just say out the truth. There is nothing to hide. I always believe it's better to feel the pain now, deal with it, than to push it aside and wait for bigger pain later.

Of course, opinions always differ. I always say, take what you believe in, discard what you think is untrue for your own purpose.

If I were to invest, I don't care about how many PRCs come to buy. It's their money. How they want to throw it has nothing to do with me. My money has to be put to good use. You don't know what's on the minds of those buyers. Maybe they are just parking their money in Iskandar? Are they going to stay there? I don't know. Maybe they have millions of $$$. They are only dumping 1% of their wealth?

 

[DCputeri]

SGD vs MYR is reaching 2.98.

 

[snowbird]

The RM is under tremendous pressure now due to the negativities of the 1MDB issues.
A Swiss bank in SG was shut by the authorities due to irregularities linked to 1MDB.
Stocks in MY suffer biggest outflow of foreign funds in eight months.

 

[DCputeri]

RM back to 3.0005 against 1 SGD.

 

[FHBH12]

5 reasons why the ringgit can expect a bumpy ride

By: Kang Wan Chern

SINGAPORE (June 1): The Malaysian ringgit has recovered substantially since falling to a record low of 4.45 against the US dollar in September last year. On June 1, the USD/MYR traded at 4.15, a level which is still undervalued against the currencies of Malaysia’s trade partners.

Yet, Heng Koon How of Credit Suisse warns that the MYR will likely weaken further as the year draws on. “The fundamental outlook for the MYR remains challenging,” writes Heng in a Wednesday report.

Here are five reasons why the odds are stacked against the Malaysian currency:

1. Growth is slowing. GDP growth in the country slowed to 4.2% y-o-y in the first three months of the year, coming in below analyst expectations of 4.2% and down from 4.5% y-o-y in 4Q2015. It is the fourth consecutive quarter of slower growth for Malaysia. Inflation has continued to drift lower, with headline CPI easing to 2.1% y-o-y in April compared to 2.6% y-o-y in March. At its recent monetary policy meeting on May 19, Bank Negara Malaysia also kept its Overnight Policy Rate unchanged at 3.25%.

2. Oil prices are volatile. On one hand, the recent strength in oil prices has helped to stabilise Malaysia’s shrinking current account surplus and fiscal outlook, given that one-fifth of the country’s revenues come from oil and gas exports. On the other, volatility will likely remain high as the global demand and supply of oil tries to balance out. If oil prices pull back, it will drag the MYR down with it.

3. Higher US interest rates. While the MYR recovered substantially against the USD earlier this year, the currencies have reversed course now that the US Federal Reserve has signalled that a rate hike is imminent in the months ahead. As a result, Asian currencies, including the MYR, have weakened against the greenback as funds flow out of the region and back into the US.

4. Insufficient currency reserves. Across 2015, Malaysia’s foreign exchange reserves fell below the critical US$100 billion ($137.8 billion) psychological level to a low of about US$94 billion in October. It currently stands at US$97 billion, which is still “inadequate,” says Heng. “Compared to Malaysia’s total external debt, the FX reserve coverage ratio is now below 1 at about 0.8. In other words, should there be another round of capital outflows, the MYR may well experience similar acute weakness as witnessed previously in Q3 last year,” he writes.

5. 1MDB concerns. Even though Malaysia’s Finance Ministry took over the state fund’s balance sheet in May and ratings agency S&P expects the government to honour 1MDB’s debt obligations, risks still remain as the scandal continues to unfold. After defaulting on a US$1.75 billion bond last month, 1MDB paid its coupon for the latest scheduled payment on Monday.

As a result, Heng is expecting to see the USD/MYR trade at around 4.10 within a 3-12 month period.

- See more at: http://smr.theedgemarkets.com/artic...ec93-13a0597b3c-90561809#sthash.Iw7XRe9J.dpuf

 

[enjoylife77]

Reuters. RM$3.0144

 

[snowbird]

Reuters. RM$3.0144

Luckily didn't transfer last week.
Today transferred via DBS internet banking @2.991.

 

[Grago]

Luckily didn't transfer last week.
Today transferred via DBS internet banking @2.991.

Transfered today with CYS Global Remit @3.007. Bank rates usually poor compared to Remittance company. Banks make on the spread and also commission they charge.

 

[sgcount]

Transfered today with CYS Global Remit @3.007. Bank rates usually poor compared to Remittance company. Banks make on the spread and also commission they charge.

If using remittance company, for Singaporeans, there is a RM10k per week cap on the transfer right?

 

[Grago]

If using remittance company, for Singaporeans, there is a RM10k per week cap on the transfer right?

I think it's Rm30K a day cap. I'm sure one of the Bros. here can give the correct Infor?

 

[snowbird]

Transfered today with CYS Global Remit @3.007. Bank rates usually poor compared to Remittance company. Banks make on the spread and also commission they charge.

But I'm doing it in the comfort of my home without having to go to the bank, line up, withdraw cash and take it to the remitter just to save a few dollars.

 

[Grago]

But I'm doing it in the comfort of my home without having to go to the bank, line up, withdraw cash and take it to the remitter just to save a few dollars.

The same is done with CYS, the initial registration requiring physical attendance for verification purposes, after that everything done over the phone to confirm rates and amt. buying and transfer of funds to seal transaction. Then check receiving bank account to confirm that money is in the account, in my case through online banking.
Just another choice available to remit funds either to Malaysia or other foreign destination.

 

[snowbird]

The same is done with CYS, the initial registration requiring physical attendance for verification purposes, after that everything done over the phone to confirm rates and amt. buying and transfer of funds to seal transaction. Then check receiving bank account to confirm that money is in the account, in my case through online banking.
Just another choice available to remit funds either to Malaysia or other foreign destination.

OK, then this is another way to remit.
They work only during regular office hours or 24/7 like internet banking?

 

[Grago]

OK, then this is another way to remit.
They work only during regular office hours or 24/7 like internet banking?

Unfortunately, 9-5, unlike Internet banking.....

 

[snowbird]

Unfortunately, 9-5, unlike Internet banking.....

Is there a service charge for remittance?

 

[Grago]

Is there a service charge for remittance?

Rm 30k and above no service charge.