Don't worry too much about KL property glut as market will eventually adjust itself, says MIP president

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PETALING JAYA (July 3): The housing and commercial property glut in Kuala Lumpur is not a great cause for concern as the market will eventually adjust itself to accommodate the excessive supply, said the Malaysian Institute of Planners (MIP) president Ihsan Zainal Mokhtar.

"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," he reporters at a press conference on the upcoming 10th International Conference on World Class Sustainable Cities 2018 (WCSC 2018) today.

However, he noted that city plans have to be flexible to adjust to changes in the market.

He cited Melbourne as an example. "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 CBD (central business district) 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 flexible enough to change the market forces," he added.

WCSC 2018, which set to be held on September 27 at InterContinental Kuala Lumpur, will see experts from both local and overseas discuss the issues that KL had and will be having in the future while the city moving towards to the goal of become one of the world class cities, said organising chairman Michael Fu Yueh Yee.

"The conference will explore how KL and other cities in Malaysia can prepare for today’s and tomorrow’s challenges, to be more liable, resilient, inclusive and sustainable, through better planning, technology and social innovations towards implementing the new agenda for all," said Fu, who is also the exco member of Rehda Youth.

Themed "Kuala Lumpur: Today & Beyond”, WCSC 2018 will be jointly organed by the Real Estate and Housing Developers’ Association Wilayah Persekutuan Kuala Lumpur (Rehda KL), MIP and the Malaysian Institute of Architects (PAM).

The event is endorsed and supported by Dewan Bandaraya Kuala Lumpur (DBKL).

More than 550 delegates representing the built-environment industry professionals, city managers, government agencies, residents’ groups, NGO’s and city stakeholders are expected to participate.

The WCSC 2018 will feature speakers from both local and overseas sharing their expertise on international best practices and case studies from other world class cities, including MIP's Ihsan Zainal Mokhtar, Khazanah Research Institute director of research Dr Suraya Ismail, Avanath Capital Management CEO and National Multifamily Housing Council 2018 past chairman Daryl Carter, Kohn Pedersen Fox Associates senior associate principal Heejin Kim, Mayor of Seoul Park Won-Soon and representative from DBKL.

Also present at the press conference today were PAM council member Norzakiah Arshad and Mustapha Kamal Zulkarnain, president Ezumi Harzani Ismail, DBKL town planning department senior deputy director Nik Mastura Diyana Nik Mohamad and Rehda Youth treasurer Ra Adrina Muztaza.