PETALING JAYA: The proposed Urban Renewal Act (URA) is not just about redevelopment, it’s about transforming lives, says Housing and Local Government Minister Nga Kor Ming.
Nga cited two redevelopment projects – Kuala Lumpur Gateway and Razak Mansion – where property values skyrocketed after completion, significantly benefiting homeowners.
“Before the urban rehabilitation project, a Razak Mansion flat was only 420sq ft, valued at RM70,000.
“After the project’s completion, its size almost doubled to 800sq ft and the value increased to RM418,000.
“We are enriching and bringing benefits to our people by introducing the URA,” Nga told the Dewan Negara recently.
The proposed URA consists of three main components – redevelopment, regeneration and revitalisation.
Professional bodies, including the Real Estate and Housing Developers’ Association, have also expressed their support for the Act.
Nga said redevelopment projects are not new in Malaysia as they have been implemented since 2012.
“A similar law has already been adopted by eight Muslim-majority countries, including Saudi Arabia, Indonesia and Pakistan.
“The intention behind the URA is to genuinely help the people.
“We cannot afford to have more buildings collapsing or in a state of disrepair while the government remains indifferent.”
Nga said he plans to arrange a site visit on April 29 for lawmakers from both the upper and lower houses of Parliament to inspect dilapidated flats targeted for redevelopment.
The DAP parliamentary chief whip said all lawmakers should witness the conditions at these sites before making any comment.
“Only after seeing the reality on the ground can you decide whether to support or oppose the Bill.”
He stressed that the government is colour-blind when making plans to improve the livelihood of Malaysians.
Prime Minister Datuk Seri Anwar Ibrahim has stressed that the proposed Act would protect homeowners from displacement, assuring that affected property owners would receive fair compensation if their homes are demolished for redevelopment.
A total of 534 potential redevelopment sites have been identified across Peninsular Malaysia, including 139 in Kuala Lumpur. These sites cover 13.4% of the city’s total area and have a combined gross development value of RM355.3 billion.
