KUALA LUMPUR, Nov 30 — The prime minister today brushed aside Tun Dr Mahathir Mohamad’s misgivings about Warisan Merdeka and argued for the project to be judged on a long-term basis instead.
Former PM Dr Mahathir said yesterday that the construction of the proposed 100-storey tower at the heart of the Warisan Merdeka could cause a property glut in the capital.
Dr Mahathir, who in his 22-year tenure championed mega projects like the Petronas Towers — once the world’s tallest buildings — had also said Kuala Lumpur was “quite near” a Dubai-style property bubble.
The emirate saw its property market collapse in 2008 after years of fevered building driven by easy credit due to intense investor speculation.
“What is important to bear in mind is that this is a long-term project,” Najib told reporters here after delivering his keynote address at the 7th Asean Finance Ministers Investor Seminar.
“It is not to be viewed within one or two years. It is a 10-year project, and beyond.”
While once again stressing that the project was a Permodalan Nasional Bhd (PNB) initiative, Najib confirmed that Warisan Merdeka will get the green light so long as it is commercially viable and provides business opportunities ... read more
Former PM Dr Mahathir said yesterday that the construction of the proposed 100-storey tower at the heart of the Warisan Merdeka could cause a property glut in the capital.
Dr Mahathir, who in his 22-year tenure championed mega projects like the Petronas Towers — once the world’s tallest buildings — had also said Kuala Lumpur was “quite near” a Dubai-style property bubble.
The emirate saw its property market collapse in 2008 after years of fevered building driven by easy credit due to intense investor speculation.
“What is important to bear in mind is that this is a long-term project,” Najib told reporters here after delivering his keynote address at the 7th Asean Finance Ministers Investor Seminar.
“It is not to be viewed within one or two years. It is a 10-year project, and beyond.”
While once again stressing that the project was a Permodalan Nasional Bhd (PNB) initiative, Najib confirmed that Warisan Merdeka will get the green light so long as it is commercially viable and provides business opportunities ... read more
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