The concept of redevelopment where homeowners exchange their present property titles for another future home unit or monetary compensation is not new in Malaysia.

The National House Buyers Association (HBA) has written numerous articles on the repercussion, ramifications and possible ills of the Urban Redevelopment Act (URA) proposed by the Ministry of Housing and Local Government (KPKT), which is considering a consent threshold as low as 75%.

Recent news have reported that Kuala Lumpur City Hall (DBKL) is considering an increase in both assessment tax and quit rent rates, following the Selangor state government’s 25% hike from January next year.

Under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, personnel and/or companies that manage property and/or buildings, be they residential or commercial, are property managers (PMs) who are required to be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP).

Indeed, homes need to be safe, secure, comfortable, of quality and affordable in order to be defined as “humane”, or rather, fit for habitation by human beings. At the same time, “humane” may mean differently to people of different backgrounds, life experiences and economic situations.

So, you can’t wait to take vacant possession of your new home. If this is your first home purchase and your investment has been greatly influenced by the developer’s elaborately dressed show unit, brace yourself for the stark reality of owning a bare unit.

While life-long renting is a norm in some countries, Malaysians are only beginning to warm up to the idea.

The issue of inheritance tax has recently resurfaced when it was reported as one the proposals by “some financial analysts” for the upcoming Budget 2025. The purpose cited by the so-called expert was to “prevent the accumulation of unproductive wealth in families; which could help reduce wealth inequality”. And as with all taxes, it would of course, as claimed, be helpful in broadening the tax base and boosting government revenue. 

Malaysia’s property transaction values hit RM105 billion in the first half of this year from almost 199,000 transactions, making these the highest transaction values and volume in the last five years.

Doesn’t KPKT know that urban revitalisation, urban conservation and urban revival can be implemented within the existing legislative framework without the need to introduce URA?