PETALING JAYA (Nov 22): Malaysia's move to freeze development approvals for shopping complexes, offices, serviced apartments and luxury condominiums priced over RM1 million each, is “too vague", Malton Bhd said, on not receiving clearer guidelines from the government.

A Malton spokesperson said the firm has not received the government's directives on the matter.

“We are still waiting for clearer guidelines from the authorities,” the spokesperson said, after Malton's annual general meeting today.

Yesterday, Second Finance Minister Datuk Seri Johari Abdul Ghani reiterated the need for Malaysia's freeze on development approvals for shopping complexes, offices, serviced apartments and luxury condominiums priced over RM1 million each, to safeguard the banking sector.

Johari said the freeze, which is effective Nov 1 this year, follows Bank Negara Malaysia's advice. The freeze however, will not affect projects that have been approved, he added.   

Today, the Malton spokesperson said the company is unlikely to be affected by the new ruling, as the group has received development orders for projects planned for its financial year ending June 30, 2018 (FY18).

The spokesperson said Malton's upcoming projects comprise properties costing less than RM1 million each. 

Malton shares settled at RM1.01 at 12:30pm at Bursa Malaysia today. Malton's latest reported net assets per share stood at RM1.70. — theedgemarkets.com

For more stories, download EdgeProp.my pullout here for free.

SHARE
RELATED POSTS
  1. Malaysia-to-Singapore contra lane to be activated at Sultan Abu Bakar Complex next week, says Loke
  2. Malaysia-China Kuantan Industrial Park drew RM31b in investments, created over 14,000 jobs, says deputy Miti minister
  3. Malaysia ranks 27th in 2023 IMD World Competitiveness Ranking