News about Rehda

President Datuk NK Tong: As responsible developers, Rehda members have plenty of other options to acquire development lands elsewhere which can be developed easily as compared to the redevelopment of existing buildings.

He acknowledged that KPKT and the state authorities are still facing challenges in addressing this issue, including detecting individuals who may build housing units in rural and suburban areas, and in pocket developments where the scale of the project is small and may go undetected.

"The information from the Sistem Pangkalan Data Utama (Padu) database could be utilised to ensure a sustainable real estate market via the residual approach.

"Recent initiatives including forging Green Lease Partnerships with tenants, has solidified our commitment toward realising a net-zero mall by 2050.

Nevertheless, he noted that increased demand and market shifts have led to an overall reduction in overhang units in 3Q2023, with a 22% decrease year-on-year from 3Q2022.

Consequently, this has led to “a number of unintended consequences”, the first of which is the increased number of completed but unsold units, which Tong said is incorrectly labelled as “overhang”.

Next month, the ministry will meet the Real Estate and Housing Developers’ Association (Rehda) Institute to discuss what incentives the government should provide to developers to encourage them to practise the build-then-sell concept, Local Government Development Minister Nga Kor Ming said in his welcome speech at the opening ceremony of the Malaysia Property Expo (MAPEX) 2023 at the Mid Valley Exhibition Centre on Friday.

The lorry drivers’ strike began on Oct 17 in states such as Kuala Lumpur, Johor, Melaka, Penang and Negeri Sembilan among others, in protest of the Road Transport Department's (JPJ's) enforcement operation of seizing overloaded lorries.

Maybank Investment Bank (IB) research noted that while a less stringent MM2H “should benefit the domestic property industry in both the rental market and property demand, the imposition of a flat 4% stamp duty on foreign buyers, could result in a 63% increase in stamp duty fees for a property priced at RM1.

Varied views from a number of stakeholders in the property segment The Association expresses concerns over plans to introduce a 4% flat rate for the stamp duty on memorandum of transfers on purchases by foreign individuals and companies.