There following 2 photos are taken from the front and 3rd page respectively of the Star today.
The bungalow shown in the photos is not in Beverly Hills, nor owned by some celebrity film stars. It is in Shah Alam , Malaysia.
IT is purportedly owned by a former MB who was a dentist before he became the MB in 2000. He was the MB until ousted in 308, for a period of 8 years.
The bungalow was said to cost RM24 million, according to the Star report.
He was born in 1965 according to Wikipedia.
Let us assume that he started work as a dentist when he was 24 years old. That would be in year 1989 till 2000 , a total of 11 years.
Let us assume that he saved every penny . Let us also assume that after graduation he immediately worked as a private dentist. Let us assume that he earned RM 20,000 a month as a dentist (without having to slowly build up his clientele –a normal dentist may take years to reach that earnings, and sometimes may not achieve that level for his whole life– but let us be generous and assume that he was a very popular dentist right from the beginning).
In one year , he would have saved RM 240,000 and in 11 years he would have saved RM 2.64 million.
Let us assume that as MB, he earned about RM 30000 a month including all allowances. That would gave us a total of RM 2.88 million for the whole 8 eight years.. Which gave us a total earnings of RM 2.64 plus RM 2.88 =RM 5.52 million.
This is if he saved every single cent without having to buy food, clothings, pay for household expenses like electricity and water , petrol, tax, children’s education and pocket money, health expenses for the whole family etc etc.
Let us also assume that he bought this house with a bank loan. Let us assume that he paid RM 4 million and get a bank loan of RM 20 million . Using the formula for loan calculation , at a interest rate of 10% annually and pay back period of 15 years, it would require a monthly instalments of 213,019.76 per month. ( 2 plus millions a year).
This blog is not going to make any assumption on where he gets the money to pay for this or service the loan payments.
In a free world, it is not a crime to own an expensive bungalow, as long as every cent can be accounted for.
SO , this blog would just like the MB to clarify, as a public figure, where he gets the money to buy this . If it is financed with loans, how is he going to pay for the loan?
As a public figure, he is answerable to us voters. As a former public servant, he is answerable to us taxpayers.
Maybe he has a rich father-in-law or a grand uncle who leave him a legacy. maybe he had a brother who made it big and gave him lots of money.. Maybe his family has made investments with fantastic returns. Maybe this bungalow is not owned by him but lent to him by a generous friend.
Whichever way it is , we hope that he can come forward to tell us rakyat about this….
According to Malaysian Insider, the former MB was qouted to say that the bungalow cost about RM 3.5 millions.
Perhaps an estate agent or land appraiser can shed some light on this?