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The Plaza Rakyat project was abandoned in 1997 during the Asia-Pacific financial crisis and after developer Plaza Rakyat Sdn Bhd ran into financial problems.

New ruling applies to all (local and foreign) skilled construction workers and site supervisors, but excludes general construction workers.

IQI Group Holdings chief economist/investment strategies Shan Saeed said Malaysia's property segment was growing in a structured manner and this would continue to attract investments from Europe, China, Japan and South Korea.

Average prices have grown modestly across the market. The highest relative price growths were among the affordable properties, in part due to their lower capital bases. The top three performers were Indah Apartment, Medan Intan Apartment and Idaman Suria, with prices up 34.9%, 31.4% and 25.4% respectively.

Fomca deputy president, Mohd Yusof Abdul Rahman, said the banking industry should consider such a scheme as its corporate social responsibility.

 The property market in Setapak consists mainly of mass-market condominiums and apartments.

DBKL executive director of economic development, Datuk Mohd Sauffi Mohamad said stern action will be taken against those who abuse the PPR and PA housing schemes. "We take back the houses," he warned.

Setapak has an abundance of high-rise residences, most of which are priced to target the middle class.

This week, the spotlight falls on the secondary market of non-landed residences in one of Kuala Lumpur’s oldest suburbs, Setapak. Areas covered span from Taman Melati at the north and bounded by the Duta-Ulu Kelang Expressway (DUKE) at the south.

The project is a 23-storey tower with 888 serviced apartments that will have built-ups of 650 to 1,500 sq ft and 13 retail units.