Dr M warns of property glut if mega tower built


By Adib Zalkapli
November 29, 2010

Dr Mahathir said the country was nearing Dubai’s level of property overhang. — file pic
KUALA LUMPUR, Nov 29 — Former prime minister Tun Dr Mahathir Mohamad warned Malaysia today of a property glut that would result from the construction of the proposed 100-storey Warisan Merdeka tower.

Dr Mahathir also said the country must learn from the credit crisis in Dubai caused by oversupply of property.

“They can build but maybe later and not now,” said Dr Mahathir at a lecture to revisit his Vision 2020 launched 20 years ago.

Dr Mahathir had previously said that the government should consult the public before proceeding with the project, announced by Prime Minister Datuk Seri Najib Razak when tabling Budget 2011.

Government investment arm Pemodalan Nasional Berhad (PNB) had defended the RM5 billion project, saying that it would neither involve public nor depositor funds.

When asked for his opinion on the crisis in Dubai, which saw construction projects worth US$582 billion (RM1.8 trillion) cancelled or put on hold, Dr Mahathir claimed that Malaysia could be heading into that direction.

“We also have to be careful, now we can see a lot of cranes in KL. A lot of buyers are speculators, they bought hoping that they can make money from the price increase,” said Dr Mahathir.

“Whether we are going to reach there or not, I’m not sure, but we are quite near there,” he added.

Dr Mahathir also pointed out that he has seen a lot of empty commercial properties being put up for sale or rent.

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