Most buyers now were speculators hoping to make a profit from rising property prices.

Published: Monday November 29, 2010 MYT 5:07:00 PM

Dr M: M’sia has no need for 100-storey Warisan Merdeka
By SHAUN HO


KUALA LUMPUR: Malaysia has no need for the 100-storey Warisan Merdeka yet, said former Prime Minister Tun Dr Mahathir Mohammad.

“I see signs everywhere saying ‘For Sale’ or ‘For Rent’ and in quite a few places. This means we have a surplus of office space,” he said when addressing a full house at a lecture titled “Revisiting Vision 2020” Monday.

“I must admit I am biased... And I would like to retain it (Petronas Twin Towers) as the tallest building in Malaysia.

“We should build it (Warisan Merdeka) a little bit later. Maybe, when I’m not around,” he added in jest.

He also said Malaysia could suffer property glut from overzealous development and cautioned against following in the footsteps of Dubai, Hong Kong and Japan that suffered from a credit crisis due to overbuilding.

He said construction should be thought out properly because most buyers now were speculators hoping to make a profit from rising property prices.

“There could come a time when you cannot pay back the bank and cannot sell. I’m not sure whether we are going to reach there or not, but maybe, we are quite near there,” he said.

http://thestar.com.my/news/story.asp?file=/2010/11/29/nation/20101129171610&sec=nation