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Chester Properties Sdn Bhd
Chester Properties Sdn Bhd 886832-U

Cabinet orders DBKL to halt approvals for four types of developments

20-Nov-2017



PETALING JAYA (Nov 18): The Cabinet has directed Dewan Bandaraya Kuala Lumpur (DBKL) to freeze approvals for four types of developments following a study by Bank Negara Malaysia (BNM) that raised the alarm on a glut in these buildings.

In a document sighted by EdgeProp.my, DBKL was instructed to cease considering and approving the development of shopping complexes, offices, serviced apartments and luxury condominiums priced over RM1 million in Kuala Lumpur, effective Nov 1.

Existing applications — including variations made to building plans that have received development orders — must receive planning permission by January 2018.

In a report by The Edge, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor — who confirmed the contents of the document — said the freeze may continue for one to even three years, depending on the state of the market.

In a briefing on Friday, the central bank highlighted the decade-high level of unsold residential properties (130,690 units as at 1Q17), with 63% of them priced above RM250,000 and 61% of them being high-rise apartments.

The latest unsold properties figure is almost double the historical average of 72,729 units per year between 2004 and 2016.

Johor led with the highest proportion of unsold units in Malaysia at 27%, followed by Selangor (21%), Kuala Lumpur (14%), and Penang (8%).

Meanwhile, BNM predicts that one in three offices will be vacant by 2021 and 140 new malls will enter the market across the Klang Valley, Penang and Johor.

The central bank, citing Knight Frank Research figures, said office vacancy rates in the Klang Valley have hit 23.6% in 1Q17 and could reach 32% by 2021.

On the other hand, BNM governor Tan Sri Muhammad Ibrahim pointed out that there were far too many malls for a population of 32 million.

This article sourced from EdgeProp.

Main Office

Chester Properties Sdn Bhd (886832-U)
8-2, The Strand, Jalan PJU 5/22, Pusat Perdagangan Kota Damansara, 47810 Petaling Jaya, Selangor, Malaysia.

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Website: http://www.chester.com.my

Other Office

Our Branch Office - Dutamas
B-1-20 Plaza Damas 3, No. 63 Jalan Sri Hartamas 1, Taman Sri Hartamas, 50480 Kuala Lumpur.

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Our Branch Office - Taman Danau Desa
9-2-3, Jalan 3/109F, Danau Business Centre, Taman Danau Desa, Off Old Klang Road, 58100 Kuala Lumpur.

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Our Branch Office - Damansara Perdana
C-1-09, Ritze Perdana 2 Commercial, Jalan PJU 8/1, Damansara Perdana, 47820 Petaling Jaya, Selangor.

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Our Branch Office - Johor
32A, Jalan Indah 28/1, Taman Bukit Indah, 81200 Johor Bahru, Johor.

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Our Branch Office - Kepong
3-1, Jalan Metro Perdana Barat 2, Taman Usahawan, 52100 Kepong, Kuala Lumpur.

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Our Branch Office - Bandar Sunway
48-2, 2nd Floor, Mentari Business Park, Jalan PJS 8/2, 46150 Bandar Sunway, Selangor, Malaysia.

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Our Branch Office - Malacca
336A & 336B, Jalan Melaka Raya 1, Taman Melaka Raya, 75000 Melaka.

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Associate Company - Hong Kong
9/F, Ashley Nine, 9-11 Ashley Road, Tsim Sha Tsui, Hong Kong.

Associate Company - China
Block A, Room 1506, Lushan Building, Chunfeng Road, Luohu District, Shenzhen, China.

Our Branch Office - Ipoh
7A, Jalan Medan Ipoh 1 D, Medan Ipoh Bestari, 31400 Ipoh, Perak.

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Our Branch Office - Kota Kemuning
2-41-2, Persiaran Anggerik Vanilla, Kota Kemuning, 40460 Shah Alam, Selangor.

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Our Branch Office - Bangsar
28-0-3, Level 3, Cascaduim Condominium, Jalan Penaga Bandaraya, 59100 Kuala Lumpur.

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Our Branch Office - Mont Kiara
74-3, Jalan 27/70A, Desa Sri Hartamas, 50480 Kuala Lumpur.

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Our Branch Office - Gombak
No 2-101, Jalan Prima SG 3/2, Taman Prima Sri Gombak, 68100 Batu Caves, Selangor.

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Our Branch Office - Masai
15, Jalan Permas 1/5, Bandar Baru Permas Jaya 81750 Masai, Johor.

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Our Branch Office - Klang
55B, Tingkat Dua, Jalan Bayu Tinggi 7, Taman Bayu Tinggi, 47200 Klang, Selangor, Malaysia.

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