KUALA LUMPUR: The Real Property Development Bill for Peninsular Malaysia is expected to be tabled in Parliament in 2025.
Housing and Local Government Minister Nga Kor Ming mooted the idea of establishing the Act and said that considering the modern trend of living in a mixed development of retail, commercial, small office home office (SOHO) and medical residence, it is 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.
“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,” he added.
Nga also pointed out that the TRX Residences project developer managed to obtain the strata titles 2 months ahead of its Certificate of Completion and Compliance (CCC).
Commenting on the idea of exploring rental housing options for people who can’t afford to buy a home, the minister said the government needs to take a fair and balanced approach on the matter where all parties, including developers have a role to play for the nation.
“While making profits, developers must also have a sense of corporate social responsibility to the people. Through strategic collaborations with the private sector, we hope the government will be able to provide 500,00 affordable homes by the end of the 12th Malaysian Plan,” Nga added.
— BERNAMA
