No total ban on luxury properties (Updated)

KUALA LUMPUR: It is not a blanket freeze on high-end properties but developers are instead asked to reconsider if the projects would still attract buyers, Works Minister Datuk Seri Fadillah Yusof said today.
He said the measure was necessary to address the surplus of luxury properties like shopping malls and luxury housing.
"This is not a blanket freeze. It is a measure taken to address the glut that the Bank Negara report showed. It is not a stop work order," he told the media after the launch of myBIM Centre at Sunway Putra Tower yesterday.
"We are asking the developers to re-evaluate if their projects would attract potential buyers," he added.
"For example, luxury projects in KLCC area priced at RM4 million would still attract buyers as there are expats who will be interested. Especially since Malaysia is listed as a country that attracts expats. If we compare this to areas like Kepong, a luxury project there may not attract buyers," he explained.
For areas where there are luxury properties that do not have potential buyers, there will be a freeze on these projects.
On Sunday, Second Finance Minister Johari Abdul Ghani said the Cabinet had decided to freeze the developments of luxury properties after a central bank report published in June which revealed an oversupply of luxury units.
Meanwhile, at the myBIM Centre launch today, Fadillah said the launch was to encourage the use of Building Information Modelling (BIM) in Malaysia.
From 2019 onwards, all Government projects that are valued RM100 million and above needs to use BIM Level 2 as part of the process, Fadillah announced.
"Through BIM, efficiency, productivity and the overall quality of the construction projects will be improved. BIM has the potential to reduce the cost of construction and avoid design issues during the planning phase. This is the main reason for the Government to encourage the use of BIM in the industry," he said in his speech.
myBIM Centre will be the one-stop reference centre for all issues pertaining to the usage of BIM.