Thursday December 7, 2017
11:23 AM GMT+8

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DAP's Tony Pua said the Cabinet’s decision to indefinitely freeze new approvals for high-end property developments would not correct the property market imbalance. — Picture by Saw Siow Feng DAP's Tony Pua said the Cabinet’s decision to indefinitely freeze new approvals for high-end property developments would not correct the property market imbalance. — Picture by Saw Siow Feng KUALA LUMPUR, Dec 7 — DAP lawmaker Tony Pua criticised today the government’s apparent inconsistency in its initial plan to impose a blanket ban on high-end property developments priced above RM1 million.

The Petaling Jaya Utara MP highlighted Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar’s reported statement last Tuesday that the government would consider, on a case-by-case basis, appeals by developers to be exempted from the ban in certain locations.

“The worst type of government for any investor, foreign or domestic, is the absolutely lack of predictability and consistency in its policies,” Pua said in a statement.

“The current fiasco will certainly have major short to long term negative implications for Malaysia’s economy. The Cabinet must remedy its knee-jerk policy-making mechanism and instead, conduct a thorough study with all stakeholders, Bank Negara and think-tanks to design a consistent, constructive and incentivised policies to ensure continued growth and sustainability for the property sector and our economy,” he added.

The Opposition MP said the Cabinet’s decision to indefinitely freeze new approvals for the construction of shopping centres, office space, condominiums and service apartments priced above RM1 million, with effect from November 1, would not correct the property market imbalance.

“However, now the ministers have granted themselves full discretionary powers to grant approval to any developers who can sweet talk way to win the hearts of the ministers,” he said.

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