Nga says proposed Real Property Development Act in final drafting stage

Proposed development law to widen oversight beyond housing

KPKT Minister Nga Kor Ming said a proposed Real Property Development Act is in the final stage of drafting, with the proposed law set to extend regulatory oversight beyond housing to selected commercial property developments. He made the remarks at the Arec Forum 2026 in Kuala Lumpur on Friday (July 31), describing the proposal as one of five reform initiatives introduced by the Ministry of Housing and Local Government to improve governance and transparency in the sector.

The other initiatives include the electronic sale and purchase agreement, the Housing Integrated Management System, the National Property Data System and regulated housing development accounts, Nga said. He added that the measures are intended to ensure Malaysia no longer has sick or abandoned housing projects by 2030.

Nga said the government had assisted more than 95,000 first-time homebuyers under the Housing Credit Guarantee Scheme (SJKP), with RM22 billion of the RM40 billion allocation drawn down so far, against a target of 100,000 beneficiaries. He also said Malaysia's home ownership rate stood at 77%, with the government aiming to raise it to more than 80%. China's Minister of Housing and Urban-Rural Development Ni Hong and Sime Darby Property group managing director Datuk Seri Azmir Merican also spoke at the forum.

E&O, Majestic Gen to acquire Jalan Kia Peng site for RM189.9 mil

Eastern & Oriental Bhd (E&O) and Majestic Gen Sdn Bhd will acquire a freehold site along Jalan Kia Peng in Kuala Lumpur for RM189.9 million, strengthening E&O's premium residential redevelopment pipeline in the city centre. In a Bursa Malaysia filing on Friday (July 31), E&O said the 5,682 sq m site, currently occupied by a 30-storey condominium, will be acquired by KP Urban Sdn Bhd from Twelve Kiapeng Sdn Bhd under a sale and purchase agreement signed the same day.

KP Urban is 66.67%-owned by E&O through its subsidiary KCB Holdings Sdn Bhd, with the remaining 33.33% held by Golden Urban Nite Sdn Bhd, an affiliate of Majestic Gen. The land is held under Geran 73351 in Seksyen 58, Bandar Kuala Lumpur, with an express condition restricting its use to condominium development. It is located opposite The RuMa Hotel and Residences, next to the Kuala Lumpur Convention Centre.

The property will be acquired on an "as is, where is" basis, with vacant possession due no earlier than Feb 28, 2027. Late delivery of vacant possession will attract interest at 8% per annum. RHB Research estimated the site could support a development with an estimated gross development value of about RM1.1 billion. E&O shares closed half a sen higher at 75 sen on Friday, giving the group a market capitalisation of about RM1.88 billion.

WCT to acquire EPF's remaining Jelas Puri stake for RM140 mil

WCT Holdings Bhd will acquire EPF's remaining 30% equity interest in Jelas Puri Sdn Bhd (JPSB) for RM140 million, giving the group full ownership of the company behind the Paradigm Petaling Jaya development. In a Bursa Malaysia filing on Friday (July 31), WCT said its wholly owned subsidiary WCT Land Sdn Bhd had entered into a share sale agreement to acquire 93 million shares, increasing its interest in JPSB from 70% to 100%.

WCT said full ownership would provide greater flexibility in managing JPSB and undertaking future corporate exercises without requiring a joint venture partner's approval. JPSB owns Le Meridien Petaling Jaya Hotel and 230 million units in Paradigm Real Estate Investment Trust, following the disposal of Paradigm Mall Petaling Jaya to the REIT in June 2025. For the financial year ended Dec 31, 2025, JPSB recorded revenue of RM101.22 million and a net loss of RM7.51 million.

The acquisition will be funded entirely through internal funds and is expected to complete by early August. WCT said the transaction would result in a pro forma net loss of RM66.6 million, mainly due to goodwill impairment, with pro forma loss per share widening to 1.19 sen from earnings per share of 3.08 sen. Completion remains subject to consent from the trustee of JPSB's RM500 million medium-term note programme within two weeks of the agreement.

Also on the radar today

Today's roundup

Friday's key Bursa Malaysia filings were led by E&O's RM189.9 million Jalan Kia Peng acquisition, WCT's RM140 million buyout of Jelas Puri, and Genting Plantations' RM200 million inaugural sukuk issuance. On the policy front, the proposed Real Property Development Act advanced to its final drafting stage, while the Johor-Singapore Special Economic Zone master plan remains on track for a December launch following a ministerial meeting in November.