Petaling Jaya: The Ministry of Housing and Local Government has revived a shocking RM98.96 billion worth of housing projects, marking an important milestone in Malaysia’s push to restore the trust of the investor and uplift the construction sector.
Minister NGA Core Ming said that 1,016 units incorporating 122,083 units have been abandoned since the establishment of a task force on sick and abandoned private housing projects at the end of 2022.
“The active approach of the ministry through tight coordination with developers, financial institutions and local authorities has not only accelerated the recovery of the project, but has also helped both domestic and foreign investors to stabilize the wider property market to assure renewed assurances,” he said, “he said today in the International Strata Seminar.
The NGA revealed that the ministry is preparing to introduce a new Act focused on a fully focus on the property management industry, a region that is currently regulated as the most of the comprehensive laws.
“The upcoming law is expected to fill a significant vacuum from the upcoming law and create a more professional, accountable strateta management ecosystem with only 594 licensed property management firms serving over 2.9 million nationwide.
“It would be a game-shineer,” he said, given that irregular and inexperienced joint management bodies have become a root cause of maintenance, disputes and resident discontent of bad building.
In addition, he said that the ministry has carried forward regulatory enforcement.
“By March 2024, 109 developers have been blacklisted, Housing Development Act provisions with provisions with RM10.28 million in compound fines issued for non-disconnections. With this with RM10.28 million.
“Blacklist, who is publicly accessible through the portal of the National Housing Department, is part of the KPKT (Ministry), which is a comprehensive effort to improve transparency and accountability in the housing sector,” he said.
Positioning Malaysia, as a leader who forwarded in sustainable development, the NGA announced that the country is bidding for a seat on the Executive Board of the Executive Board of the United Nations Human settlements, which is a major global body shaping the future of urbanization.
“As the current chairman of the ASEAN minister meeting on Housing and Urban Development (Ammahud), Malaysia is not only affecting the regional policy, but also seeking a strong voice in the international table.
“Malaysia’s urban population is expected to reach 88% by 2050, which requires global cooperation and innovation.
“Malaysia is ready to contribute to the world’s urban future-from Smart cities to inclusive housing policies,” NGA said, participation in global platforms will allow Malaysia to export their policy views, attract partnerships and be benchmark against world class standards.
He said that Malaysia is ready to contribute to the world’s urban future, from smart cities to inclusive housing policies, he said.
“Our participation in global platforms will help us share our policy ideas, create new partnerships and align with world class standards.
“In the Ministry, we aim to make the Urban Renewal Act or Table or Akata Pambahahuan Semula Monkey This June. The bill consists of four major elements – urban redevelopment, urban uplift, urban revival and urban protection. “Our extremely priority is to ensure a structured and inclusive approach to development, in line with the principle of our ‘Leave No One Behind’,” said the NGA.
