Glut prompts freeze on approval for luxury projects


Bank Negara warns that the number of unsold residential properties in Malaysia is at the highest in a decade, with the oversupply most concentrated in Johor. – The Malaysian Insight file pic, November 20, 2017.

A NATIONAL glut of homes has compelled the government to temporarily freeze approval for luxury projects since the beginning of the month, the Straits Times reported today.

A Bank Negara report published in June detailing the oversupply of high-end property prompted the cabinet decision, Second Finance Minister Johari Abdul Ghani said yesterday.


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Comments


  • THIS IS EVEN MORE STUPID. Let the market decide. If property developer want to be lose their money, let them..In fact, help the process along and get rid of the scumbag idiots who are pervasive in the industry..

    Posted 4 years ago by Bigjoe Lam