Putrajaya: No U-turn on luxury homes freeze

By Azril Annuar
Finance Minister II Datuk Seri Johari Abdul Ghani delivers his opening speech during the MIER National Economic Outlook Conference 2018-2019 in Kuala Lumpur November 21, 2017. — Picture by Yusof Mat Isa

KUALA LUMPUR, Nov 21 — Finance Minister II Datuk Seri Johari Abdul Ghani said there is no U-turn on the freeze on luxury home developments.

Speaking to reporters at the outskirts of the National Economic Outlook Conference 2018-2019, Johari said he has spoken to Works Minister Datuk Fadillah Yusof on the matter.

“He told me that only projects that are under construction or have received approvals will continue on. There is no U-turn.

“There should be no U-turn and we cannot send the wrong signal to the people out there. If we don’t regulate, control or follow Bank Negara’s recommendation we will cause adverse affects to the banking sector,” said Johari.

Yesterday, Fadillah said that the freeze, which stemmed from a Bank Negara Report of oversupply of luxury homes, was not a blanket order.

The temporary freeze, announced by Johari two days ago affects residential and commecial units priced at RM1 million as well as shopping malls.

The Cabinet came to that decision two weeks ago.

Johari also said that any industry players who are facing problem with the new ruling should come and see him.

“They may tell me for instance that Kuala Lumpur has a shortage [of luxury homes], then we may have to look at the statistics,” he said.