The proposed Urban Renewal Act (URA) in Malaysia is set to reshape the country's urban landscape. While it aims to revitalize dilapidated areas and stimulate development, concerns linger about its potential impact on existing residents and the risk of abuse by powerful real estate interests. The URA seeks to lower the consent threshold for en-bloc sales of strata title properties, allowing for easier redevelopment. However, critics argue that this could displace families and communities, while also raising questions about transparency and fair compensation for current owners.
the first quarter of 2025, Parliament is scheduled to table the Urban Renewal Act, which is expected to have a significant impact on urban development in the country.The main point of contention with the Urban Renewal Act is that it will lower the consent threshold required for the en-bloc sale of strata title properties.
Despite both the management corporation and 87% of owners agreeing to the offer made for the property, resistance from owners seeking more than double the offered price and absentee owners rendered this attempt at redevelopment unsuccessful. The development of RC Residences also introduced 5,748 market-rate housing units into the market, increasing the supply of new housing and positively affecting the affordability of the housing market.
While the ministry cites the need to redevelop dilapidated and under-maintained structures, opponents argue that the URA could lead to abuse by powerful interests in the real estate sector, with sites potentially being overdeveloped for private profit. Even previous residents of Razak Mansion, who provided unanimous consent for redevelopment in exchange for larger, more modern units, are now struggling to pay the RM120 maintenance fee, which is 240% higher than the previous RM35 maintenance fee.
The URA would facilitate the renewal and redevelopment of the urban core and inner-city neighbourhoods that have been neglected due to a continued focus on suburban development. Similarly, in Greater Penang, commuters travel from as far as Taiping, Perak and Alor Setar, Kedah, while in Greater Johor Bahru, people commute from Ayer Hitam and Kota Tinggi.
Every kilometre of water and sewage pipes, power lines, fibre optic cables and roads serve more people in dense urban areas than in suburban areas, with suburban infrastructure ultimately being subsidised by the more productive, higher-density urban centres.Redeveloping these underinvested areas would reduce this subsidy and revitalise the historic city centre.
URBAN RENEWAL MALAYSIA DEVELOPMENT STRATA TITLE RESIDENTIAL PROPERTY REHABILITATION
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