No freeze on new property projects in KL, says FT minister

BANGI: Federal Territories Minister Khalid Samad says there will be no moratorium on new property projects in Kuala Lumpur, although the size of new projects will be limited through a plot ratio of 10 according to the Kuala Lumpur Structure and Local Plan.

“For the time being, the plot ratio will be kept at a maximum of 10, except for very specific cases.

“We don’t want to allow too many buildings because of the (property) glut,” he said at the International Conference on Greater Kuala Lumpur and Putrajaya here today.

He added however that the move was not well received by developers, whom he said wanted higher buildings.

He added that there was a shortage in affordable residential units, and spoke of the need to look into financing to purchase these units.

On projects which were applied for in the past and approved in principle, Khalid said they would be reviewed on a “special” basis as they had been promised beforehand.

It was reported that property projects with a higher plot ratio than permitted under the newly gazetted Kuala Lumpur City Plan 2020 which were previously approved in principle would be required to seek fresh approval from the Kuala Lumpur City Hall (DBKL).

The requirement applies to all types of development in the capital city, commercial and residential, according to DBKL.