Property consultancy companies say that the property market, plagued by an oversupply of offices, retail space and residential units, needs to be rectified with stringent measures by the government.
They say that the onus lies on the Housing and Local Government Ministry and Bank Negara Malaysia.
Bank Negara oversees lending and financing when developers seek financing for their projects. Developers need to apply for development orders, or DOs, from local state authorities.
Their call is in response to the Association of Valuers, Property Managers, Estate Agents and Property Consultancies in the Private Sector Malaysia (PEPS).
