Latest news with #HousingDevelopmentAct
The Star
17-05-2025
- Business
- The Star
‘Define mixed development'
PETALING JAYA: Consumers and stakeholders have called for the proposed Real Property Development Act (RPDA) to clearly define what constitutes mixed development, which currently lacks protection under the law. Voicing their support for the government's proposal to introduce the RPDA, they say it is a long-overdue effort to protect buyers of commercial and mixed-use properties. They said mixed developments such as retail, commercial, small office/home office (Soho), small office/flexible office (Sofo) and small office/versatile office (Sovo) developments lack legal protection under the existing Housing Development Act (Act 118). Federation of Malaysian Consumers Association's (Fomca) chief executive officer Saravanan Thambirajah, emphasised the critical need for the RPDA to clearly define what constitutes mixed development. 'The Act must clearly state what qualifies as mixed development and ensure that all such projects are fully regulated – just like residential ones. 'This clarity is essential to ensure comprehensive regulation and protection for buyers in this evolving sector of the property market,' he said in an interview yesterday. Saravanan noted that robust safeguard measures are necessary to protect buyers from abandoned projects. 'We need mandatory developer licensing and financial checks, regulated accounts for buyer payments, strong and transparent Sale and Purchase Agreements, and a clear 'Option to Purchase' system to let buyers exit if a project is delayed.' He also advocated for the establishment of a dedicated tribunal or complaints platform for buyers affected by such issues. Reiterating the need for proper enforcement, he said: 'Laws are only as good as their enforcement.' 'We need a system that monitors projects, penalises rogue developers, and gives buyers timely updates and help when problems arise,' he said. Despite the support for the RPDA, Saravanan cautioned against hasty implementation. He stressed the importance of thorough consultation with all stakeholders – buyers, NGOs, legal experts and developers – to prevent unintended consequences or market instability. PMC Facilities & Real Estate chief executive officer Paul Puah Chee Keong lauded the RPDA, and called for the standardisation of assessment rates for commercial and residential developments. He highlighted a pressing issue where consumers are currently paying commercial rates for properties intended for residential or dwelling purposes. 'Even though it's a commercial title, many Soho, Sovo and service apartments are designed for dwelling purposes. 'It's only fair that these should fall under residential categories for taxes and utilities. The quit rent, assessment and utilities should be adjusted accordingly,' he said. Puah noted the RPDA's potential benefits in extending purchaser protections to commercial properties. 'If the new Act can extend protections similar to those in the Housing Development Act (HDA), it would be a significant improvement,' he said, referencing the HDA's existing safeguards like accrual accounts and transparent billing processes as 'sufficient.' He highlighted the importance of aligning the RPDA with the Strata Management Act to ensure seamless implementation by property management practitioners. 'The Act should clearly spell out management components for mixed developments. This includes service charges and other operational standards,' he said. Puah also stressed the necessity of clearly defining mixed developments within the RPDA. 'We need clarity to avoid confusion, as the market is already complicated by various terms like Soho, Sofo and Sovo. 'They are essentially the same,' he said, cautioning against being swayed by commercial interests that might manipulate definitions for profit. Strata Property Owners Association Selangor & KL advisor Law Hock Hua weighed in on the proposed Building Managers Act, which aims to tackle the widespread issue of inadequate property and building management. 'The chronic issue of poor property and building management is due to the quality and commitment of the building managers, not the quantity of licences,' he said. To address this, Law proposed property management exams at different levels, like the LCCI for accounting, to help employers assess candidates' academic qualifications. 'This structured approach would enhance the evaluation of managerial capabilities.' Secondly, he suggested that licensed property managers should place a bond when handling finances. 'Unlike unlicensed managers who must post a bond, licensed ones don't, which affects their commitment,' he said, pointing out the imbalance in the current system. Meanwhile, The Housing and Local Government Ministry had earlier said it is considering introducing a law to address abandoned commercial properties and to improve consumer rights protection, says its minister Nga Kor Ming. He said Sofo and Sovo properties are not covered under the current Housing Development (Control and Licensing) Act, which is limited to residential developments. 'Due to the absence of legal protection, buyers affected by abandoned projects under these categories often find themselves with no legal avenue for recourse. 'Following extensive engagements with industry professionals, NGOs and other stakeholders, the ministry has decided to study a new law known as the Real Property Development Act (RPDA) to resolve this issue,' said Nga in his speech at the StarProperty Real Estate Developers Awards 2025 on Thursday. Nga said the RPDA will include certain commercial developments which will safeguard the rights of property purchasers. Nga also said his ministry is mulling the Building Managers Act to address the chronic issue of poor property and building management. At present, he said there are only 594 firms licensed to practise management, serving 26,334 strata schemes or 2.91 million strata units in Malaysia. 'This highlights a serious gap where there are insufficient licensed firms to effectively manage all existing strata schemes. As a result, many property owners and tenants face significant challenges due to declining property values caused by poor property management,' he said. 'With the Building Managers Act, along with the soon-to-be tabled Urban Renewal Act, we are committed to addressing the root problem of aged, dilapidated urban buildings,' he added. As of March, the ministry, through the Taskforce on Sick and Abandoned Private Housing Projects, has successfully revived 1,044 private housing projects nationwide worth RM100.1bil in total, benefiting 124,539 homebuyers.
Yahoo
02-04-2025
- Business
- Yahoo
Moore's remodeled housing bill approved by House; still needs Senate consideration
Del. Robbyn Lewis (D-Baltimore City) discusses amendments for House Bill 503. (Photo by Danielle J. Brown/Maryland Matters) The House voted 104-15 Tuesday for what started as Gov. Wes Moore's (D) priority housing legislation but which was so heavily amended that the not even the original name remains. What began as the governor's 'Housing for Jobs Act' will now head to the Senate as the 'Housing Development Act' – with nearly every component of the bill that tied housing development to job growth stricken. The heavily amended House Bill 503 now prompts the Department of Housing and Community Development to set 10-year housing targets for the state, its counties and every municipality, and report on their progress annually. 'It allows our entire state to work together to make sure that each jurisdiction has a role … in showing how to produce the housing that our people need,' said Del. Robbyn Lewis (D-Baltimore City) during debate on the House floor. 'Our state is 96,000 housing units short. We're not serving the needs of our constituents. This bill allows us to do that.' Most of the changes adopted by the House were first introduced in the House Environment and Transport Committee last week. When introduced in January, the governor's bill was framed as an expansion on his housing package from last year. The original version aimed to expedite housing development by requiring counties to automatically approve most qualifying project requests in areas where the state determined there was an imbalance between housing and jobs. House members overhaul Moore housing bill with 'simpler' amendments The bill did not get its first hearing until March, but representatives from the counties and others quickly expressed 'significant' concerns, particularly over the bill's language that would have forced counties to approve housing in some situations. Under the amended bill approved Tuesday, each jurisdiction would have a hand in creating those targets and would consider estimates for future employment and housing demand along with population growth and other considerations. The bill also creates so-called 'vesting rights' so that a housing developer with an approved project proposal would retain the right to develop the property for at least five years, or a period granted by the local jurisdiction or the Maryland-National Capital Park and Planning Commission, whichever is longer. The legislation creates a new Housing Opportunities Made Equitable Commission — the HOME Commission — a group of various stakeholders that would study the housing crisis in the state and make recommendations to lawmakers to address the issue. During a floor session Tuesday morning, Del. Christopher T. Adams (R-Lower Shore) secured one amendment to add a residential real estate owner to the commission, which was seen as a friendly amendment and accepted into the bill. Other Republican amendments were not as lucky. Del. Kathy Szeliga (R-Baltimore County), noting that 'quite a bit of the bill was stricken in the reprint,' offered an amendment to opt Baltimore County out of the provisions of the legislation. She said the county is more proactive in setting future housing plans than what the bill would require. 'We are, in Baltimore County, setting these targets and these goals on a local level through our county council that does a great job of doing this every four years,' Szeliga said. 'I don't think that the state setting housing goals should be preemptive over the local county. My county councilman does an amazing job, as do all seven of them. I prefer to leave this in the hands of our local government and not have the state override that.' With clock ticking, lawmakers still hope to iron out issues on Moore's housing bill Lewis argued that the bill does not attempt to override any local planning efforts but calls on the counties to work with state housing officials to set local targets that would help boost housing supply in their unique areas. 'These targets are non-binding, and the process for having each jurisdiction work with the department actually sets up a really strong and regulatory consistency standard,' Lewis said. 'So that, across our state, we're all working together to make sure that each jurisdiction builds and produces the amount of housing it uniquely needs on a timeline, supported and encouraged by the Department and the HOME commission. 'This is not a preemption bill,' she said. 'We, the committee, understood very well the concerns about that.' Szeliga's amendment failed on party lines, as did another proposed by Del. Matthew Morgan (R-St. Mary's) that would have restricted local jurisdictions from approving new housing projects in areas where schools are overcrowded. Despite the hefty changes, the Moore administration has previously expressed support for the new direction of the legislation, saying it still 'moves the needle' toward the governor's goal of boosting housing supply in the state. Senators will need to take a look at what is essentially a brand new bill than the Senate version they last considered in early March. With just days left in session, senators will need to work quickly to pass the legislation out of committee and before the full chamber before Sine Die on Monday.
Yahoo
13-02-2025
- Business
- Yahoo
Malaysia Elevators and Escalators Market Report 2025-2030: Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group and KONE are Top Manufacturers in Malaysia's Elevator & Escalator Market
Escalators used in public transit accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. Malaysian Elevators and Escalators Market Dublin, Feb. 13, 2025 (GLOBE NEWSWIRE) -- The "Malaysia Elevators and Escalators Market Size & Growth Forecast 2025-2030" report has been added to Elevators and Escalators Market was sized at 2,691 units in 2024, and is projected to reach 3,549 units by 2030, rising at a CAGR of 4.72%. KEY INSIGHTS The Malaysian elevators market by the installed base is expected to reach 89.1 thousand units by 2030. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025 from high government expenditure on construction projects. The machine room traction segment accounted for the largest industry share due to its high popularity. The Malaysia-installed base escalators market is expected to reach 17.4 thousand units by 2030. Escalators used in public transit accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high preference for commercial elevators. The modernization market in Malaysia is expected to surpass USD 130 million by 2030. Real estate developers are optimistic about Malaysia's property market in 1H 2025, driven by expected economic growth and stable interest rates. Key legislative changes, such as the Urban Redevelopment Act and updates to the Housing Development Act, are set to influence the industry. MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) is Expected to Create Future Opportunities in the Malaysia Elevator and Escalator Market The integration of AI in the Malaysia elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies like KONE and Otis have already implemented AI-based predictive maintenance globally, including in Asia-Pacific regions like Malaysia. Growth In the Tourism and Hospitality Industry The Malaysia elevator and escalator market growth is closely tied to the dynamic resurgence of the country's tourism industry, driven by government initiatives, infrastructure development, and the growing popularity of medical and eco-tourism. The growth of medical tourism is another key factor boosting the Malaysia elevator and escalator market. Malaysia's reputation for providing affordable, high-quality healthcare with a focus on patient experience has positioned the country as a leading destination for health-conscious travelers. In alignment with the National Tourism Policy 2020-2030, the Malaysian government is actively working to transform the country into one of the world's top 10 tourist destinations. Sustainable Construction and Green Building Penetration to Be Major Demand Drivers in the Malaysia Elevator and Escalator Market Malaysia's shift towards sustainable construction has gained momentum, driven by increased collaboration between the government and private sector. Organizations like Tenaga Nasional Berhad (TNB) and SP Setia have initiated strategic partnerships to incorporate smart energy and renewable energy solutions into housing developments. The construction phase of buildings contributes approximately 15% of greenhouse gas emissions. By adopting sustainable construction practices, such as Industrialized Building Systems (IBS), the sector has reduced carbon emissions and waste generation during construction. Malaysia's commitment to green and resilient urban development is evident through initiatives like the Malaysia Smart City Outlook 2021-2022, which focuses on integrating technology to build sustainable communities. Revival of the Construction Industry to Propel Demand The Malaysia elevator and escalator market is poised to rise significantly, driven by a resurgence in the construction industry fueled by increased private and public investments, infrastructure projects, and a rebound in tourism. The government has prioritized infrastructure development with a USD 20.1 billion allocation (23%) of the 2024 budget, for major projects like the Penang Light Rail Transit (LRT), the Sabah Pan Borneo Highway, and the Sabah Sarawak Link Road (SSLR). To ensure the sector's competitiveness amid rising tender prices, the government is enhancing public-private partnerships (PPPs) and driving key projects such as the Sarawak-Sabah Link Road Phase 2 and the Pan-Borneo Highway upgrades. INDUSTRY RESTRAINTS Skilled Labor Shortage in The Country to Hamper the DemandMalaysia is grappling with a severe skilled labor shortage, particularly in the construction and manufacturing sectors, which is set to impact the Malaysia elevator and escalator market growth. Slow hiring processes, bureaucratic delays, and a reliance on foreign labor have left the country short by over a million workers, with only 90,000 more foreign hires allowed under the current cap of 2.5 million. This shortage has led to a freeze on new foreign worker quotas as of November 2024, further straining industries like manufacturing and construction that rely heavily on skilled Dependency on Imported EquipmentA major challenge in the Malaysia elevator and escalator market is the heavy reliance on imported equipment, which drives up operational costs and limits the availability of locally produced alternatives. Most of the vertical transportation systems used in the country are supplied by international manufacturers from regions such as China, Japan, South Korea, and Europe. Also, fluctuations in currency exchange rates further complicate the situation, as a weaker Malaysian ringgit against foreign currencies increases procurement costs. This often results in higher prices for end-users or reduced profit margins for suppliers and service providers. VENDOR LANDSCAPE Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and KONE Corporation are the top manufacturers in the Malaysia elevator and escalator market. Other prominent players in the Malaysia elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation, Sigma Elevator, EITA Elevator, Nippon Elevator, Stannah Lifts Holdings Ltd., Dover Elevator, Delfar Elevators and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. In 2024, KONE introduced the High-Rise MiniSpaceT DX elevator in Southeast Asia. This advanced elevator is designed to serve buildings exceeding 60 floors, offering enhanced energy efficiency, customization options, and sustainability features. In 2023, Hitachi received orders for 160 elevators, escalators, and moving sidewalks, for the Hong Kong West Kowloon Station Complex in China. Recent Developments in the Malaysia Elevator and Escalator Market In August 2024, Otis unveiled its Gen3T connected elevator platform at its 'Platform for Possibility' launch event in Kuala Lumpur. In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, 'NEXIEZ-Fit', which is an elevator that combines superior cost performance with carefully selected specifications. In September 2024, Kone announced its New 2025-2030 Strategy "Rise". Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Stannah Lifts Holdings Ltd EITA Elevator Stannah Lifts Holdings Ltd Nippon Elevator DOVER Elevators CE Elevator Delfar Elevator Wiitrac Elevator Dong Yang Elevator Nibav Lifts KEY QUESTIONS ANSWERED How big is the Malaysia elevator and escalator market? What will be the growth rate of the Malaysia elevator and escalator market? What is the number of installed bases in the Malaysia elevator and escalator market in 2024? What are the key opportunities in the Malaysia elevator and escalator industry? What are the key Malaysia elevator and escalator market players? Key Attributes: Report Attribute Details No. of Pages 116 Forecast Period 2024 - 2030 Estimated Market Value in 2024 2691 Units Forecasted Market Value by 2030 3549 Units Compound Annual Growth Rate 4.7% Regions Covered Malaysia Key Topics Covered: Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Malaysian Elevators and Escalators Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
