New law incoming to address evolving property sector, says Nga

KUALA LUMPUR: The government is planning to introduce a Real Property Development Bill to improve regulation of the evolving property industry, says Nga Kor Ming.

The Housing and Local Government Minister said the current Housing Development (Control and Licensing) Act 1966 was not comprehensive enough for an increasingly diversified property sector.

"The Housing Development (Control and Licensing) Act 1966 only regulates residential properties.

"The industry has become more and more diversified. We are seeing more and more retail, commercial and even medical units in the market," he said during a press conference after the celebration of the completion of TRX Residences, Kuala Lumpur on May 14.

Nga also said the Bill is still in its preliminary stage and his ministry will continue engaging relevant stakeholders.

"We expect to table the Bill in 2025.

"Our main target this year is to pass the Urban Redevelopment Act, which is the catalyst to transform Malaysia's city skyline.

"Kuala Lumpur City Hall (DBKL) has identified approximately 1,300 acres of land, equivalent to almost 139 plots, to be redeveloped.

"This will generate approximately RM322bil in gross development value while promoting the real property sector to be the engine for domestic economic growth," he added.

Nga also he acknowledged the Housing Developers' Association Malaysia's (Rehda) guideline on affordable housing but the government had to take a fair and balanced approach.

"Rehda is suggesting for government to absorb all obligations to build affordable houses. "However, private developers should also bear the social responsibility to take care of those who are less fortunate.

"The government plans to build 500,000 affordable houses by the end of the 12th Malaysian Plan. All parties, no matter public or private, should collaborate for this cause so that every Malaysian can own a house," he said.