KUALA LUMPUR – The Real Property Development Bill for Peninsular Malaysia is expected to be tabled in Parliament next year, said Housing and Local Government Minister Nga Kor Ming.
Nga, who mooted the idea of establishing the act, said with the modern trend of living in a mixed development that included retail, commercial, SOHO (small office, home office) and medical residences, it was timely for the government to look into establishing the act, which would be more comprehensive, transparent and accountable.
“Since 1966, there has been the Housing Development Licensing Act, which only covers residential properties. With the new act, the interests of purchasers, developers and landowners will be protected.
“Currently, it is not finalised and the ministry is still engaging with all stakeholders on the matter.
“We at the ministry have three open policies… open door, open mind and open heart… so we are open to all new ideas and to adopting a fair and balanced approach while protecting the interests of buyers and developers as well,” he said at a press conference at the TRX Residences Completion Celebration of Phase 1 event here yesterday.
TRX is an international financial centre where TRX Residences is also located, which has a development value of about RM6.7 billion.
“This can drive the local economy and create job opportunities, even buyers of units at TRX Residences come from more than 25 countries including Dubai, China, Hong Kong, Singapore and so on. This also raises the profile of the country’s real estate sector, which is clearly becoming more and more significant,” he added.
Nga also pointed out that the TRX Residences project developer managed to obtain the strata titles two months ahead of its certificate of completion and compliance (CCC).
“This shows that if you work diligently, it is not impossible and TRX Residences has proven that if there is a will, there is a way. Just make sure that you follow the procedures, and it is not extremely difficult to obtain a strata title even before the CCC. We (the ministry) are happy to witness this benchmark and we hope that other developers will emulate the same and elevate the standard of our housing development,” he said.
Commenting on the idea of exploring rental housing options for people who could not afford to buy a home, the minister said the government needed to take a fair and balanced approach on the matter where all parties, including developers, would have a role to play for the nation.
“While making profits, developers must also have a sense of corporate social responsibility to the people. With strategic collaboration with the private sector, we hope the government will be able to provide 500,000 affordable homes by the end of the 12th Malaysia Plan,” Nga added. – May 15, 2024
