Pre-launch property sales, investor clubs in M'sia could come under scrutiny

ARE property pre-launch sales and bulk purchases by investor clubs distorting the prices of homes?

Abdul Wahid Omar, the Minister in Malaysia's Prime Minister's Department, seems to think that pre-launch sales, at least, do, going by his remarks on Tuesday, which could pave the way to such practices being more closely watched.

He was quoted by The New Straits Times as saying at a Cagamas event: "While we appreciate that developers want to sell their products and that the move (to hold a pre-launch sale) is part of risk mitigation, I don't think we should continue to allow this, as it will lead to property speculation."