Urban Renewal Act Offers Significant Benefits, Overhang Remains A Concern -- Propertyguru Malaysia

Barnama

14-05-2025

REGION - CENTRAL > NEWS
By Durratul Ain Ahmad Fuad and Nur Atiq Maisarah Suhaimi
KUALA LUMPUR, May 14 (Bernama) -- The Urban Renewal Act, expected to be tabled in Parliament this July, could bring significant benefits such as preserving heritage, revitalising communities and generating economic impact, said PropertyGuru Malaysia country manager Kenneth Soh.
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He said the Act must be implemented thoughtfully and tailored within local contexts, with deep consideration for existing communities, cultural heritage, and livelihoods.
"It has to be a very hyper-localised approach depending on the area in question. The government is rightly consulting with all parties, trying to understand the nuances; that's commendable.
'We'll see how that develops. The effort of understanding all the stakeholders involved is necessary," he told reporters after a media briefing here today.
He also noted that international examples have shown how urban renewal, when conducted fairly, can yield meaningful benefits for local communities.
"We've seen some private initiatives in Malaysia that focus on preserving the heritage of certain areas. For example, small-scale redevelopment projects in Petaling Street have successfully retained the historical essence of the location while repurposing old buildings for new uses and integrating sustainable features.
'These efforts have transformed the area into a lively spot, frequented by young people and tourists alike,' he said.