Housing Ministry resolves RM153b worth of sick or abandoned housing projects, says Nga Kor Ming

KUALA LUMPUR, Aug 10 — The Ministry of Housing and Local Government (KPKT) intends to draft and amend four housing laws as part of the National Housing Policy (DPN) 2026-2035. Minister Nga Kor Ming announced the introduction of three new laws: the Property Development Act, the Building Managers Act, and the Rent Tenancy Act. The Strata Management Act 2013 will also be revised.

The Minister reiterated the government's commitment to finalising all four Acts as soon as possible. The Property Development Act is currently in the final stages of review, as it aims to expand the current regulations from covering only housing projects to encompassing commercial real estate such as shop lots and other commercial developments.

The Building Managers Act is crucial due to Malaysia's substantial number of strata property units, totaling nearly three million across more than 27,000 schemes, including condominiums and SOHO units. The Rent Tenancy Act is designed to establish a balanced relationship between property owners and tenants, safeguarding the rights and interests of both parties.

The Strata Management Act 2013 amendment is necessary to accommodate the evolving requirements of managing strata properties, given the significant increase in urbanisation in the country from 28% in 1970 to 78% in 2023, with projections of reaching 85% by 2040. KPKT will launch a big data analytics system next year to address the issue of mismatched supply and demand in the housing market.

The system will incorporate data from state governments, local authorities, and KPKT, segmented by district and locality, serving as a reference for industry players. Developers can utilize the data system for feasibility studies before initiating projects, enabling better alignment of property type, location, and price with market demand.

The Minister emphasized that this approach will facilitate the establishment of affordable housing definitions specific to each locality, rather than applying a uniform figure nationwide, as indicated by NAPIC data showing varying affordability levels across regions.