Weekly Industry News

Govt mulls lifting ban on RM1m property

Weekly Industry News

The government said the improving economy and signs that buyers are returning to the property sector could see the moratorium on luxury property developments being lifted.

Housing and Local Government Minister Zuraida Kamaruddin said the country’s improving economy suggests that there is a need to remove the freeze.

The moratorium on developments of homes above RM1 million was imposed eight months ago under the previous administration to curb an increasing oversupply of luxury properties.

“I think soon (to lift the moratorium). I will be seeking to lift the ban for some projects.

“But for now, it will be done on an ad-hoc basis. If I feel there is a need and urgency (to lift the ban), I have no choice but to bring the matter to the Cabinet and explain why it is important and to get their approval,” the minister told The Malaysian Reserve in an interview recently.

Media Title: The Malaysian Reserve

Date: 10 Jul 2018

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