KUALA LUMPUR: The government will not bail out property developers, particularly those building high-end projects, who failed to sell their units and faced financial difficulties, said Second Finance Minister Datuk Seri Johari Abdul Ghani. Johari said problems would arise when developers failed to sell the high-end properties, priced between RM2 million and RM3 million. According to a recent report, Malaysia has an estimated RM35.5 billion worth of unsold and unutilised properties, and a residential overhang of 130,690 units worth RM20 billion. The report said the Klang Valley has about 20 million square feet (sq ft) of vacant purpose-built office space worth RM10 billion, and up to seven million sq ft of vacant retail space valued at RM5.5 billion. Despite this huge overhang, the report projected that there would be an additional 13 million sq ft of purpose-built office space and 44 million sq ft of retail space in the market over the next two years.-- BERNAMA

Source: New Strait Times December 15, 2017 09:00 UTC