Govt looks to lift ban on RM1m property

PETALING JAYA: The government is looking at lifting the moratorium on luxury property developments priced above RM1 million.

Housing and Local Government Minister Zuraida Kamaruddin (pix) said the freeze would be lifted as the country's improving economy would see an uptick in real estate.

"I will be seeking to lift the ban for some projects," Zuraida was quoted by The Malaysian Reserve today. "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 moratorium was placed on luxury developments priced abover RM1 million, shopping complexes, offices and serviced apartments to preempt a property bubble in November 2017.

The ban was made following a Bank Negara Malaysia (BNM) report in June 2017 that showed the country was facing a property glut.

The National Property Information Centre's property overhang data for the first quarter of 2018 shows that there were 34,532 unsold and completed residential properties, including serviced apartments and small-office, home-office units worth RM22.67 billion.