Wolf Money/Bargain(10 things you need to know about Malacca)
History
The history of the state includes previous incarnation as a powerful Malacca Sultanate during the 15th century before Portuguese rule in 1511. Past colonial governments included the Dutch in 1641, which was superseded by the British in 1824. One will enjoy the state’s rich history, which shares its name with the Straits of Malacca.
Weather
The state shared similar weather patterns with the rest of South East Asia. During our stay, Malacca was experiencing wetter weather. Most days were cloudy with heavy rain occurring during the wee hours of the morning. Temperatures dropped to as low as 23 degrees in some nights with temperatures hitting a high of 29 degrees. It was great weather all day round with occasional showers. Bring along your rainy day paraphernalia when travelling to Malacca during the monsoon season.
Economy
Malacca’s economy revolves around tourism. A substantial number of middle class Indonesians seek medical treatment in Malacca. The state as an important medical hub in Malaysia is able to provide critical services to domestic and international patients seeking advanced medical care. There are many specialist hospitals in the city centre. One of them operates by a Singaporean company. The agriculture sector, like palm oil and durian exports, contribute a significant chunk of their local economy. The state has been able to attract many tourists from around the world. In particular from China and the neighbouring countries due to their rich colonial history and strong Peranakan culture.
Malaysia IPO market
This year, the Bursa Malaysia had 56 listings, one of the best performing markets for IPO. Unfortunately, most IPO are underwater. One of the best performing IPOs this year goes to Oriental Kopi. The stock was up close to 200% since lPO price. On the ground, I did a taste test. The food is delicious. In term of pricing, they are definitely more expensive than your typical coffee place, but the queue into the cafe seems to be endless. The good Malaysia economy strengthened their currency to a year high against the Singapore dollar. SGD $1 exchange for MYR $3.15 at the time of writing.
Employment
The retail, medical, hospitality and tourism sectors provide most of the employment. A large pool of freelancers are active in private hire vehicle sector. A service staff working in McDonald's is paid a starting wage of RM $2000 per month. Statistics I gathered from the net, most people earned a salary of RM $2500 to RM $3500 per month.
Car and Housing
Car ownership in Malaysia is well known for being affordable. A Perodua entry level 1.0L car costs no more than RM $ 37,000, or around SGD $11,800 to buy. It is the cheapest car for anyone wanting to have a set of wheels to get to point A to point B. Perodua Bezza is also the preferred option for most PHV drivers given the low cost of running. The vehicle has a 12-months waiting period as shortage of parts caused a delay in production. Information I got from a driver. A PHV driver on a relaxing regime earns an estimated income of RM $70 daily on a 8 to 10 hour shift. Net earnings work out to be around RM $50 daily after insurance and petrol. I estimate it takes about 2.5 years to achieve break even on the cheapest Perodua, driving an average 330 days a year. In Malaysia, one can continue to drive the vehicle as long as it is roadworthy.
Housing in general falls within RM $400k-$600k. One could get a terraced house at the outskirts of the city for RM $400k, which is around SGD $74k at the time of writing. Bumiputera policy gives local Malays access to housing at a 20% discount.
Transportation(Wolf Bargain)
Malacca is very well-connected to the rest of country and the world. The international airport has been upgraded to accommodate more passengers. Melaka Sentral, the major coach station in the city centre, has scheduled coaches in and out of the city from around the country. We took a 6 hours coach ride from Singapore. For local transportation, we rely solely on private hire vehicles to get to our destinations. Most of the trips taken are within the RM $5 to RM $8 (SGD $1.60 to $2.50), which provides travellers with hassle-free and the convenient of point-to-point transportation.
Cost of living(Wolf Bargain)
Prices have definitely climbed since our previous family trip to Penang two years ago. One example was Uniqlo costing as much as Singapore due to the company changing the way they factor the currency exchange. Although the price of goods has gone up, kopi shops still provide value for money everyday meal for the locals. A small plate of Chao Kway Teow costs RM $7.5 and a bowl of Wanton Noodles at $7. A coffee will set you back RM $2.6. We could get away with it due to our stronger currency. The cost of living is high for the locals. A buffet at a nice hotel will cost the diner anywhere from RM $70 to RM $100. Grocers operating in shopping centres is around 20% cheaper(blended) than in Singapore.
Food and entertainment(Wolf Bargain)
Most people in Melaka, like Singaporeans, enjoy their food hunt. You can see queues forming up as early as 10am for a popular outlet specialising in Char Siew, Roasted pork and Cai Fan. Most Malaysians spend time having a nice breakfast with family over the weekend. A weekend of fun can be spent in other states as most Malaysians own a car, making domestic travelling possible. Aeon shopping mall with its huge variety of merchants, is the most popular mall with the locals and tourists alike. Watching movie in a cinema is still a very popular thing to do.
Attractions(Wolf Bargain)
The Dutch Square(Red Square) is the most iconic place in Malacca. It is a great place for some photo-taking. The Maritime Museum showcases Malacca’s rich trading history. The museum is shaped like the sunken Portuguese ship of Flor de La Mar. For history buff, it is a great place to spend the afternoon exploring Malacca’s rich maritime history.
I find walking through their hyper mart an attraction in its own right. You will be able to see rows and rows of well-stocked daily essentials that Malaysians buy. One can buy a 20 tea bags pack for just RM $2.59 (SGD $0.80). Imported brands are generally more expensive. Other must-do things include trying out different cafes and eateries along Jonker Walk. If you are travelling with young kids, Mamee Jonker House is a lovely place to get your instant noodles fix. The attraction provides an area for children to design their own cup noodle(RM $15). Participants get to choose the ingredients that go into the cup noodles. The final product came sealed in a nice packaging box.
Overall, the chief tormentor(son) of my wife had great fun turning Mummy into Mamee during the trip. Malacca is definitely one of the states worth exploring with family. I wish you well in your next adventure. Merry X’mas and a Happy New Year. God bless.
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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.
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