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Thread: KL freezes luxury property projects to address glut

  1. #1

    Default KL freezes luxury property projects to address glut

    KL freezes luxury property projects to address glut

    Nov 20, 2017

    KUALA LUMPUR • The Malaysian government has temporarily frozen approvals for luxury property developments since Nov 1, to control the national oversupply of homes and prevent it from adversely affecting the economy.

    Second Finance Minister Johari Abdul Ghani said yesterday that the Cabinet decided this after scrutinising a detailed central bank report published in June on the real estate glut, reported the New Straits Times.

    He said there was an overflow of luxury projects, which had outstripped the market demand for affordable homes.

    "The Bank Negara report takes into account high-rise condominiums, shopping malls and commercial units, including those that are worth more than RM1 million (S$326,000)," he said after an event in Kuala Lumpur.

    As such, the minister explained, the Cabinet decided to temporarily stop developments of shopping malls, commercial complexes and condominiums which aim to sell units for above RM1 million each.

    "This will be temporary until we can clear all the the excess supply. There is a stark imbalance between supply and demand and we have to review the strategy in real estate development as we do not want such a situation to adversely affect the economy," he said.

    According to NST, the minister said the government would continue to drive the development of affordable homes, specifically those priced at less than RM300,000 a unit.

    "In this sector, there is a disparity between the 48 per cent demand for affordable homes and the supply that only meets 28 per cent of that. This is the area that needs to be addressed swiftly," he said.

    Datuk Seri Johari said the freeze would continue until there was a rise in market demand for expensive properties.

    Meanwhile, the Johor government said it is looking at ways to relax regulations on foreign ownership of homes in an effort to reduce the glut of unsold properties in the state, reported The Star.

    Housing and Local Government committee chairman Md Jais Sarday said that under existing rules, foreigners could buy only properties that are priced more than RM1 million.

    "Maybe, we can look at relaxing the requirements based on the size of the houses, allowing them to purchase homes which are more than 1,000 sq ft but less than RM1 million," he said yesterday.

    Datuk Md Jais, however, said that nothing had been finalised as it would require discussions with the federal government.

    The Bank Negara report had warned that the number of unsold residential properties nationwide is at its highest level in a decade, with the largest oversupply found in Johor. Currently, there are more than 120,000 unsold properties in the state.

  2. #2


    "Maybe, we can look at relaxing the requirements based on the size of the houses, allowing them to purchase homes which are more than 1,000 sq ft but less than RM1 million," he said yesterday.


  3. #3

    Default SPAM


    Few days ago , i hv received an email from my services apartment management stated that there is an increse for the maintainence fee from 35cents/sf to 42cents/sf and attached with the email .

    my service apartment sf is 558ft
    Previosly i need to pay RM175.75 and i hv noticed tat the current bill is Rm259.20
    I was shocked and wanted to ask for calculation how they count the charges. And they just replied meas below :

    The previous SQFT in 558 where only your unit SQFT i included, whereas now we have amended the SQFT to 681.79 which is inclusive your 1 car park bay sqft.

    As per Act 757, the accessory parcel is chargeable along with the SQFT of the unit. Please refer to the charges calculation below:

    558 + 123.79 = 681.79

    681.79 x 0.42 = RM 286.35 (this is inclusive of sinking fund)

    We trust the above clarifies your queries. Thank you.

    And my other owner got the replied from the management which stated as below

    "The calculation of share units is made based on the area of parcel and the entire floor parcel multiplied by the weight-age factors for that type of parcel, and if there are accessory parcels, the area of the accessory parcel is also multiplied by a weight-age factor for that accessory parcel. In conclusion, once the share unit is being allocated, services charges will be charged in proportion to share units allocated, in which, it includes car parks as accessory parcels, and this calculation of service charge applies to all stratified properties regardless the age of property.
    In reference to your statement where, you have claimed that the parking bays was never included in the total built up, please refer to your SPA PREAMBLE :
    "AND WHEREAS the Vendor has agreed to sell and the Purchaser has agreed to purchase a parcel with vacant possession more particularly described in Section 3 of the Sixth Schedule hereto which is delineated and shaded GREEN in the Storey Plan, measuring in area described in Section 3 of the Sixth Schedule within Storey No. of the Building No. as described in Section 3 of the Sixth Schedule which is in turn delineated and shaded RED in the Site Plan(Hereinafter referred to as "the said Building") with accessory parcel(s) with vacant possession distinguished as descried in section 3 of the Sixth schedule hereto (which is delineate and Shaded Blue in the Accessory Parcel Plan annexed in the First Schedule hereto) (hereinafter referred to as "the said parcel"), ...................."
    The additional wording which appears in a bracket ‘(hereinafter referred to as “the said Parcel”)’ means that an accessory parcel is part of a parcel within a strata development. As it owes its existence to a particular parcel, in a nutshell, an accessory parcel can be transacted as long as it belongs to that particular parcel"

    i would like to ask ... actually the maintenance fee for services apartment really includes parking bay ? which we really not satisfy .
    May i know u guys hv any idea can hv better argument with management ? This is really ridiculous

    Thannks for the help


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