KUALA LUMPUR: The government has frozen indefinitely approvals for luxury property developments from Nov 1, to control the oversupply from adversely affecting the economy. Finance Minister II Datuk Seri Johari Abdul Ghani said today the Cabinet decided this after scrutinising a detailed Bank Negara’s report published in June on the real estate glut. He said there was an overflow of luxury projects which had outstripped the market demand for affordable homes. Therefore, Johari said the Cabinet decided to temporarily stop developments of shopping malls, commercial complexes and condominiums which sold their units above RM1 million. Asked on the period of the freeze, Johari said it would be indefinite, until there was a rise in market demand for expensive properties.

Source: New Strait Times November 19, 2017 05:48 UTC