The cabinet decision to ban new high-end property development in Kuala Lumpur has been described by Petaling Jaya Utara MP Tony Pua as a knee-jerk reaction that does not address the main cause of the property glut.

According to Pua, Bank Negara had used a RM250,000 threshold when categorising unsold properties that are unaffordable to most Malaysians.

However, the cabinet's moratorium only covers high-rise condominiums priced above RM1 million, shopping malls and offices.

Pua also noted that Bank Negara had clearly stated that Johor was poised to have the largest number of unsold residential properties and vacant commercial space, but the cabinet directive only affected Kuala Lumpur...