KUALA LUMPUR (March 14): The Real Estate and Housing Developers’ Association (Rehda) Malaysia has defended the proposed Urban Redevelopment Act, which is currently being drafted by the Ministry of Housing and Local Government (KPKT), saying it is not to enable property developers to seize land for profit.
Its president Datuk NK Tong (pictured) said the insinuation that the Act is proposed for that is “completely misplaced”.
“As responsible developers, Rehda members have plenty of other options to acquire development lands elsewhere which can be developed easily as compared to the redevelopment of existing buildings,” he told a media briefing on Thursday.
“However, as a strategic initiative, Rehda Malaysia applauds KPKT’s vision through the minister to continue to enhance the urban fabric of cities to ensure they remain competitive and attractive globally for the benefit of the rakyat,” Tong added.
KPKT minister Nga Kor Ming said last week that there would be 139 potential redevelopment sites within Kuala Lumpur that developers can bid for once the proposed law is in place.
Nga said the proposed law will allow for the redevelopment of existing buildings to increase their economic value and create more jobs and investment opportunities.
However, the National House Buyers Association (HBA) suggested that the proposed redevelopment legislation is meant for developers to exploit land for profit.
Tong said the proposed law will not only benefit the residents of properties affected by providing them with new and better housing, but is also for the overall betterment of the city.
“The developers don’t need this but the city does. We have to let market forces decide whether it is time for an old project to be redeveloped or not.
“If it’s an old project that is very well kept and is doing well, it will be too expensive anyway for anyone to redevelop it. But if it’s old, dilapidated and degrading, and pulling down the urban fabric in Kuala Lumpur, then perhaps it is more strategic for a redevelopment,” he said.
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Source: EdgeProp.my
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