Draft Real Property Development Act in final stage, says Nga

KUALA LUMPUR (July 31): A proposed Real Property Development Act is in the final stage of drafting as part of efforts to strengthen regulation of Malaysia’s property sector, according to Housing and Local Government Minister Nga Kor Ming.(pictured)

He said the proposed law would extend regulation beyond housing to include certain commercial property developments, while ensuring a fair balance between industry and consumer interests.

“We are aiming to have this Real Property Development Act, which is now at the final stage of drafting,” he said during the AREC Forum 2026: Rethinking Real Estate: Housing With Hearts here on Friday.

Nga said the proposed legislation formed part of five housing reforms introduced by the ministry to improve governance and transparency in the property sector.

He said the reforms also included the electronic sale and purchase agreement (eSPA), the Housing Integrated Management System (HIMS), the National Property Data System and regulated housing development accounts.

Nga said the reforms were aimed at ensuring Malaysia no longer had sick or abandoned housing projects by 2030.

He said the government had also assisted more than 95,000 first-time homebuyers under the Housing Credit Guarantee Scheme (SJKP), with RM22 billion of the RM40 billion allocation utilised so far.

Nga said the ministry was targeting 100,000 beneficiaries under the scheme, adding that more than 17 financial institutions had joined the initiative.

Malaysia had achieved a home ownership rate of 77% and was aiming to raise it to more than 80%, he noted.

“We are now targeting to achieve more than 80% home ownership. A home is not only a shelter, but also a place of refuge for families and a means of wealth creation and wealth preservation,” he said.

Also participating in the forum were China’s Minister of Housing and Urban-Rural Development Ni Hong and Sime Darby Property Group managing director and chief executive officer Datuk Seri Azmir Merican.

The forum was moderated by United Nations Human Settlements Programme (UN-Habitat) executive director Datuk Seri Maimunah Mohd Sharif.

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