He said the units were worth RM12.26 billion.
“Condominiums and apartments costing over RM500,000 dominate the unsold homes in Malaysia,” he said at the Real Estate Market Briefing 2017 here today.
Speaking to reporters after the briefing, Lee said locations and pricing of the residential units also contributed to the unsold units.
In Kuala Lumpur, properties worth RM300,000 were considered affordable but these might vary by state, he said.
“Local authorities need to carry out market research using statistics and indicators from the Valuation and Property Services Department under the finance ministry before granting approval for development projects.
“The same recommendations should also be proposed to property developers so that the right decisions are made to ensure the sustainability of the nation’s real estate market,” he said.