News: KL To Eventually Absorb Excess Property Supply As City Plans Are Flexible To Cope With Market Changes

Jul 5, 2018

 
People should not fret about the oversupply of commercial and residential properties in Kuala Lumpur, as the market will eventually adjust itself to absorb the excess space, reported The Edge.

“We are not worrying too much for the glut as the developers and the market will always adjust itself. We have adjusted rather well to changes in the past,” said Malaysian Institute of Planners (MIP) President Ihsan Zainal Mokhtar.

He explained city plans should be flexible enough to cope with market changes, just like what happened in Melbourne, Australia.

“Melbourne used to have the issue of office glut in the early 90s. And what Melbourne did was allow these offices to convert into residences, although the concept of staying in the central business district (CBD) wasn’t popular at that time.”

“You cannot just accept things as the way they are. Even the city plan, it has to be able to adjust and be flexible enough,” he said on Tuesday (3 July) during the press conference for the 10th International Conference on World Class Sustainable Cities (WCSC) 2018.

To be held at the InterContinental Kuala Lumpur on 27 September, the event will be attended by over 550 delegates, with local and overseas experts discussing how world-class metropolises are created.

“The conference will explore how KL and other cities in Malaysia can prepare for today’s and tomorrow’s challenges, to be more reliable, resilient, inclusive and sustainable through better planning, technology and social innovations,” said organising Chairman Michael Fu Yueh Yee, who is also REHDA Youth’s exco member.

With the theme “Kuala Lumpur: Today & Beyond”, the event will be jointly organised by the Malaysian Institute of Architects (PAM) and the Real Estate and Housing Developers’ Association (REHDA) branch in the capital. It is also supported by Kuala Lumpur City Hall (DBKL).
 

 
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
 
 

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