IPOH: The government will provide incentives to property developers adopting the ‘build and sell’ policy to eliminate abandoned projects by 2030.
Housing and Local Government Minister Nga Kor Ming confirmed these incentives will be detailed in the 13th Malaysia Plan (13MP).
“Under the 13MP, developers who successfully implement the ‘build and sell’ model will receive government incentives,“ he told reporters at the REHDA Fellowship Dinner 2025.
“This new policy will be announced after the 2026 Budget, as we have already identified proactive measures to prevent abandoned housing projects.”
Nga reiterated the ministry’s commitment to tabling the Urban Renewal Bill for its second and third readings in Parliament.
He described the Bill as crucial for safeguarding public welfare and revitalising Malaysia’s decaying urban areas.
“Urban renewal is not about convenience, it is a national priority to improve well-being and promote sustainable urbanisation.”
“We cannot allow our cities to decay while thousands of families continue living in unsafe, ageing homes.”
Nga highlighted positive impacts from urban renewal projects like Razak Mansion and Residensi Kerinchi.
These projects have increased property values and improved living conditions for residents.
The Bill will be supported by mediation committees at federal and state levels to ensure fair outcomes.
Ongoing government oversight will ensure a win-win situation for all involved parties.
“We have conducted over 105 engagement sessions with stakeholders from federal and state levels,“ he added.
Sessions included academic experts, industry representatives, and resident associations.
Nga called on Members of Parliament to support the Bill in its upcoming readings.
He emphasised that leadership requires bold decisions prioritising national interests and public welfare. – Bernama
