Who have been buying all these multi-million Ringgit Condos?

Well, we almost got our answers this month... First, the opposition alleged that the family of a Minister who owns a company which received millions in loans from the government have been using the loan money to purchase a condo.

"Continuing its attack on the National Feedlot Centre (NFC), PKR today alleged that taxpayers’ money allocated for the company was used to buy a luxury condominium worth RM9.8 million in upmarket Bangsar.

The money for the condo unit at One Menerung, Bangsar, was supposedly taken from the RM81 million given by NFC as a loan to the National Livestock and Meats Corporation (NLMC), a subsidiary contracted as its marketing development agent, PKR said."

Then, an apparently highly educated government backbencher came forward to confirm that indeed, money from the loan has been used to purchase the condo...

"The RM81.2 million was allocated to NLMC to cover the cost of operating the NFC project. But the project encountered operational delays.

Khairy said that because of the delays, NLMC decided to use some of the money (RM10 million) to purchase the apartment as it would receive some returns.

“According to my research, it is indeed true that NLMC had bought an apartment in One Menerung, Bangsar. This investment was made with money channelled to NFC from the special loan account (SLA), which is regulated by the Finance Ministry as well as the Agriculture and Agro-based Industries Ministry,” he said.

Khairy, the Rembau MP, said that it was also true that NFC had transferred RM81.2 million to NLMC."

He went on to slam the opposition for being short-sighted. But for sure, this backbencher has confirmed 2 more important things:-

1. Property is a very safe investment

“The management (of NLMC) decided that property asset was the safest investment, which gives the best returns, and which can be sold at any time when cash is required for operations,” he said.

It is easy to sell off your RM10million condo any time to reap a huge profit whenever the cash is needed. All those people who complain about the gloomy high end property market don't know what they are talking about.

2. Soft loans given by the government for a national agriculture project can be used to fund property speculation - nothing wrong with that at all.

And maybe 3 things.... cows can fly!