Move to boost housing sector
Nga announces initiative at StarProperty Real Estate Developer Awards 2025
PETALING JAYA: Amid ongoing global economic uncertainty and geopolitical tensions, the Housing and Local Government Ministry is taking proactive steps to safeguard the housing sector by developing the framework for Home Ownership Campaign 3.0, says Nga Kor Ming.
The minister said this initiative aims to cushion potential economic impacts and sustain market confidence.
'With the national homeownership rate currently at 76.9%, we are committed to supporting prospective buyers and preserving market stability,' he said in his opening speech at the StarProperty Real Estate Developer Awards 2025 last night.
He said the initiatives would be unveiled in the lead-up to the Asean Real Estate Conference, scheduled from July 23 to 26.
In an interview later, Nga shared excitement over Malaysia's candidacy for the UN-Habitat Assembly Presidency 2025–2029, with the outcome expected by May 30.
He expressed confidence in Malaysia's diplomatic efforts and support from key countries.
'Winning this would be a world-class achievement, allowing us to shape global housing and sustainable development policies,' he said.
Nga also highlighted the success of the ministry's Taskforce on Sick and Abandoned Private Housing Projects, which has rescued 1,044 projects nationwide, valued at RM100.1bil, benefiting nearly 125,000 homebuyers.
'This achievement underscores our dedication to addressing housing challenges and ensuring that homebuyers receive the homes they deserve,' he said.
Nga noted that most of the PR1MA affordable housing projects, initially numbering 34, have been resolved, with only three remaining.
'I am confident that by the end of this year, PR1MA will have no more sick projects,' he added.
Looking ahead, Nga said the ministry plans to take stern action against developers who tarnish the industry's reputation.
Proud moment: Nga (centre), flanked by Chan and Wong in a group photo with the winners. — GLENN GUAN/The Star
Commenting on the much-anticipated Urban Renewal Act, set to be tabled in Parliament on June 23, Nga urged political parties to not politicise the matter.
'We have seen dilapidated housing that is poorly maintained and unfit for settlement. If we politicise it, people will be at the losing end.
'We want to build not only liveable homes but liveable cities,' he said.
Nga also called for reforms to ensure that funds from homebuyers are used solely for their intended projects.
In his welcoming speech, Star Media Group (SMG) group chief executive officer Chan Seng Fatt expressed excitement as this year's StarProperty Real Estate Developer Awards took a unique twist by celebrating both current winners and revisiting past achievers.
'As part of the 10th anniversary celebration, StarProperty undertook a special initiative to revisit past Excellence Award recipients, reaffirming their commitments and validating the promises they made. This also gives due recognition to those who have stayed true to their original goals and visions,' he said.
Chan said the initiative was made possible through the support of various industry organisations and associations, whose leaders and members generously dedicated their time and effort to visits across Peninsular Malaysia.
'I extend my heartfelt thanks to our panel of judges and the StarProperty team for their invaluable time and dedication in ensuring that the recipients remain truly deserving of their awards.'
He added that the initiative also highlighted how the StarProperty Awards has grown from a simple awards ceremony into a lasting benchmark of excellence and commitment within the real estate industry.
Chan also highlighted the renewed confidence in the real estate market, citing increased home sales and growing buyer assurance.
'In 2025, the property landscape is promising, with developers noting renewed interest and improving the long-standing property overhang issue, creating a more balanced market,' he said.
Chan also pointed to the Johor-Singapore Special Economic Zone as a catalyst for cross-border growth, further boosting industry optimism.
This year, a total of 99 recipients across 38 categories are being honoured, alongside 13 Special Recognition Awards to mark the 10th anniversary.
A prestigious award for Visionary Leader of the Decade, presented only once every 10 years, was given to Sunway Group founder and chairman Tan Sri Sir Dr Jeffrey Cheah KBE AO for his outstanding leadership and vision in the real estate sector.
Also present were ministry secretary-general and PR1MA Corporation member Datuk Wira M. Noor Azman Taib, SMG chairman Tan Sri Wong Foon Meng, chief operating officer Lydia Wang and chief content officer Datin Paduka Esther Ng.
The event was organised by StarProperty Sdn Bhd, a wholly-owned subsidiary of SMG.
The official beverage partners were Heineken Malaysia Bhd and Wineplug.co.
For more information, visit awards.starproperty.my.
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