While I agree that there's bubble in our current property market, I think we need to evaluate the landed market and condo market separately. Although DSL in Klang Valley selling for millions(or almost a million) sounds like bubble price, today it actually cost RM350-400k to build a double storey terrace, just for the construction cost only(earthwork/piling/building/infra/etc) excluding the land cost. That's why even government's PR1MA houses or those in  smaller towns have to be priced aboved that.

For condo market, I personally think that there is a very strong bubble(wtf, ppl had to queue for rm800k condo in sentul??). The ignorant young buyers and the herd of flipper-wannabes have pushed the prices way over the sustainable limit, especially the studio units. A lot of investors are ignoring the affordability of local buyers and just betting on rental profitability after the LRT/MRT completion without the consideration that the size of the high-income tenant pool in Malaysia is actually stagnant all these years and there's no sign that it is going to increase in near future.

OK, maybe me too long wind and TLDR. In summary, if you want to buy a landed for own stay, just do it now. If you intend to buy an offplan condo for rental yield, i can only wish you good luck when you got the VP.