Najib dismisses Dr M’s concerns about 100-storey project
By Yow Hong Chieh, The Malaysiian Insider
The prime minister today brushed aside Tun Dr Mahathir Mohamad’s misgivings about Warisan Merdeka and argued for the project to be judged on a long-term basis instead.
Former PM Dr Mahathir said yesterday that the construction of the proposed 100-storey tower at the heart of the Warisan Merdeka could cause a property glut in the capital.
Dr Mahathir, who in his 22-year tenure championed mega projects like the Petronas Towers — once the world’s tallest buildings — had also said Kuala Lumpur was “quite near” a Dubai-style property bubble.
The emirate saw its property market collapse in 2008 after years of fevered building driven by easy credit due to intense investor speculation.
“What is important to bear in mind is that this is a long-term project,” Najib told reporters here after delivering his keynote address at the 7th Asean Finance Ministers Investor Seminar.
“It is not to be viewed within one or two years. It is a 10-year project, and beyond.”
While once again stressing that the project was a Permodalan Nasional Bhd (PNB) initiative, Najib confirmed that Warisan Merdeka will get the green light so long as it is commercially viable and provides business opportunities.
“First of all, the project must be… commercially viable and it is up to PNB to do the financial calculations to make sure it is financially viable,” he said.
“Secondly, it must contribute towards the larger economic development within that particular area… providing business opportunities and the development of a new commercial centre and, of course, whether this will provide the impetus and catalyst for the development of Greater Kuala Lumpur.”
Najib also said Malaysia could not afford to be left behind in the tall buildings sweepstakes, stressing that Kuala Lumpur’s skyline could not remain the same in years to come.
“That area is a very strategic area and, if you look in terms of the skyline of Kuala Lumpur come the year 2020, it cannot be the same skyline as today,” he said.
“As you know… areas like Pudong in Shanghai, how many skyscrapers are there? Certainly, much, much more. So let us try to visualise Kuala Lumpur in the year 2020.”
Najib denied that he was dismantling Dr Mahathir’s legacy by trying to out-do the former prime minister in the mega projects department, saying he was merely building on the latter’s past achievements.
“We’re talking about continuity. What Tun Mahathir has done is admirable, but what we need to do is build on his successes and move on,” he said.
“After all, if Vision 2020 is achieved, it was a vision that was initiated by Tun Mahathir himself.”
