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New Straits Times
2 days ago
- Business
- New Straits Times
Blacklisting individuals behind parent developer companies may be strong deterrent against misconduct: Expert
KUALA LUMPUR: The proposed amendment to the Housing Development (Control and Licensing) Act 1966 should enhance Malaysia's reputation as a reliable property market, attracting more sustainable domestic and foreign investment. The move will lead to adoption of better governance and financial practices among developers, said an expert. Universiti Teknologi Malaysia associate professor in property economics and finance Dr Muhammad Najib Razali said by ensuring that both residential and commercial developments are subject to stricter oversight, the reform strengthens overall investor confidence and enhances market stability. "Developers will be compelled to adopt better governance and financial practices, reducing the risks of stalled or abandoned projects. "This, in turn, will improve Malaysia's reputation as a reliable property market, attracting more sustainable domestic and foreign investments," Muhammad Najib told Business Times. He added that the proposed amendment is both timely and necessary, pointing out that although the act has traditionally centred on residential projects, commercial developments are just as vulnerable to delays, financial mismanagement and abandonment. "Small businesses and investors who purchase units in commercial developments face risks similar to homebuyers, yet enforcement mechanisms have been limited. "By expanding the scope of the law, the ministry is closing a significant regulatory gap and ensuring comprehensive protection across the property sector," he said. Muhammad Najib added that the blacklisting of board members of parent developer companies and ultimate beneficiary owners under the proposed amendments could be a strong deterrent against repeated misconduct. "Historically, some Malaysian developers have dissolved companies or rebranded under new names to escape liabilities, leaving buyers stranded with little legal recourse. "This has been a recurring issue in Malaysia's property sector, where abandoned and 'sick' projects continue to undermine market stability. "By targeting the individuals behind these companies, the amendment ensures greater accountability and reduces the chances of repeat offences," he said, adding that the move reflects growing public expectations for accountability in the property sector. However, Muhammad Najib cautioned that while blacklisting is a useful measure, it should be carried out with proper due process and clear guidelines to prevent unintended repercussions. He also noted that experts have long stressed blacklisting on its own is not a comprehensive solution, as deeper issues such as fragile financing structures, weak project governance, and speculative development practices persist. "If executed fairly, however, blacklisting could help break the cycle of abandoned projects that has left more than 42,000 housing units, worth over RM12 billion, abandoned in the private sector alone as reported by the Rehda Institute in 2024." Muhammad Najib said in Malaysia's real estate sector, the persistent issue of abandoned projects impacts not just homebuyers but also undermines confidence in both the commercial and residential property markets. "The scale is significant: as of October 2024, Malaysia recorded 113 abandoned housing projects, 212 delayed, and 382 categorised as 'sick', with a total gross development value exceeding RM113 billion. "High-profile failures such as Plaza Rakyat in Kuala Lumpur, left incomplete since the 1997 Asian financial crisis, or the under-occupied Forest City in Johor, demonstrate that both residential and commercial projects are exposed to financial and governance risks," he said Global approaches Muhammad Najib noted that several countries have adopted similar mechanisms to ensure developer accountability and safeguard buyers. He said in Singapore, developers must channel purchasers' payments into Project Accounts, which are closely regulated to ensure the funds are used strictly for construction purposes. "In China, the government has tightened rules on real estate financing and imposed restrictions on developers' ability to take on excessive debt through the "three red lines" policy, directly targeting corporate governance and financial responsibility," he said. He pointed out that in India, the Real Estate (Regulation and Development) Act 2016 enforces stringent disclosure rules, compels developers to place at least 70 per cent of buyer payments into escrow accounts, and blacklists those who abandon or delay projects without valid reasons. "These international examples show that enhanced accountability, blacklisting of errant developers, and stricter financial oversight are increasingly seen as necessary tools to safeguard property markets and protect purchasers," he added. Preventive checks Muhammad Najib said preventive measures are crucial to reduce the risk of housing or commercial projects being delayed or abandoned. He said that developers should undergo stricter checks before getting a licence, including proving financial strength, clear ownership, and feasible project plans. "The government also needs to play a stronger role by having rigorous knowledge and thorough evaluation before approving any new development. "Too often, approvals are given without deep checks into a developer's track record, financial capacity, or whether the project is truly viable. "With better due diligence, weak or speculative projects can be filtered out early, reducing the chances of them being abandoned later," he said. Muhammad Najib said this ensures that only serious, credible developers can enter the market, which protects both buyers and the overall real estate sector.
The Sun
07-08-2025
- General
- The Sun
Penang stall defends charging extra for egg & ikan bilis — Netizens 'call it mixed rice, not nasi lemak!'
A nasi lemak stall in Penang found itself in the spotlight after a heated altercation with a dissatisfied customer over missing ingredients turned ugly. According to a viral post on Penang Kini, a customer berated a vendor for selling egg and ikan bilis (anchovies) separately from the nasi lemak rice, a practice the stall claims has been in place for the past two years without issue. ALSO READ: Man pays RM2 for 'Nasi Lemak Kosong', receives just plain rice 'Don't go pretending to be shocked after everything's already been packed — asking whether the anchovies and eggs are charged separately. Yes, we do charge them separately. We only add them if customers want them. If they don't, we don't include them,' the post read. 'We've been running this stall for over two years, and no one has ever complained. Suddenly you show up from who-knows-where questioning whether anchovies and eggs should be charged. Then you ask if the set doesn't normally come with rice, egg, and anchovies. 'Then you say we might as well sell scooped rice only. Well, that's our choice — because we don't include eggs or anchovies unless customers ask for them. 'Some people don't want anchovies or eggs. And after we explained everything to you clearly, you still went off swearing and cursing. 'Honestly, I think our prices are among the cheapest around — you won't find prices like these elsewhere. All our customers say our food is cheap. 'We give generous portions, but when it comes to paying, you curse us?' the user wrote. ALSO READ: Chef expresses frustration after Subang chain eatery charges RM5.90 for nasi lemak with no sambal The incident stirred debate online, with many Malaysians weighing in on whether the practice aligns with the expectations of the iconic national dish. One user called Muhammad Najib commented: 'Original nasi lemak must come with ikan bilis (anchovies) and egg. If you want to add other dishes, then yes, charge those separately à la carte. But don't call it nasi lemak if there's no ikan bilis and egg — call it 'scooped rice with dishes,' got it? 'You're running a business, others are running businesses too... but it seems like you don't even understand what you're selling. Only been selling for two years, but acting like you've been doing it for forty. 'When we do business, don't speak with arrogance. Remember, sustenance comes from God. Don't act like you're above everyone — we all came from the earth,' the user lashed out. 'Luckily they didn't charge separately for the rice and the coconut milk too,' Lili Madina wrote. 'If the anchovies and egg are charged separately, that's not nasi lemak, sis, that's mixed rice (nasi campur) hahahaha,' Syuhaini Ramli opined. Meanwhile, Sarah Faatihah begged to differ, stating, 'We're used to nasi lemak coming with egg and anchovies included. But maybe the seller is just trying to be fair to their customers — like, you didn't take the anchovies, so I don't want to earn dirty money by charging you for something you didn't take. 'The truth is, we can't assume that what applies in one place applies everywhere, or to everyone. The seller runs a business and bears the cost. As a buyer, you need to have manners and know the proper way to deal when buying.
The Sun
03-05-2025
- Business
- The Sun
Malaysia hotspot for rich property investors from China
PETALING JAYA: Malaysia's luxury property market is attracting interest from Chinese high-net-worth individuals, with momentum expected to accelerate into 2025 and beyond. The country now ranks fourth, behind Thailand, Australia and Canada, as a major destination for affluent Chinese buyers seeking upscale homes priced from RM22 million and above. Universiti Teknologi Malaysia Property Economics and Finance associate professor Dr Muhammad Najib Razali said Malaysia's solid economic fundamentals, including steady GDP growth, robust domestic consumption and a dynamic services sector, make it an increasingly appealing investment haven. 'Infrastructure development is another major driver supporting the optimistic outlook. Projects like the Tun Razak Exchange, set to be Southeast Asia's next financial hub, and ongoing upgrades to transport networks and urban amenities are transforming Kuala Lumpur into a more competitive global city.' He said the proposed high-speed rail link to Singapore, once finalised, would significantly enhance regional integration and boost demand in Kuala Lumpur and southern Johor. Muhammad Najib said Malaysia's luxury real estate offers some of the best value in Asia. 'In Kuala Lumpur, luxury condos average between RM1,900 and RM3,800 per sq ft, with the most premium developments reaching RM5,700, still considerably lower than in cities like Singapore or Hong Kong.' For example, RM4.75 million can secure a 1,500 to 2,000sq ft property in Kuala Lumpur as opposed to a 400 to 500sq ft one in Hong Kong. He said the country's strong education sector is another major pull factor. 'With over 44,000 Chinese students currently enrolled in Malaysian institutions, families often invest in property near education hubs such as Mont Kiara and Subang Jaya. 'These buyers see real estate not only as housing but also as a long-term asset tied to accessible, globally-recognised education.' He said demand is particularly high in prime locations such as Kuala Lumpur City Centre, Bangsar, Bukit Damansara and Kenny Hills where luxury condos, villas and gated communities match the expectations of international buyers. Muhammad Najib said property agents specialising in the luxury segment have reported not only rising enquiry volumes but also higher conversion rates, with more enquiries turning into purchases. 'In fact, we're seeing group viewings, multiple families or investor circles travelling together, making swift decisions when properties tick all the boxes.' High-rise condominiums and serviced residences have emerged as firm favourites among wealthy Chinese. He said while Kuala Lumpur remains the primary focus, interest is also growing in Johor Bahru, especially in large-scale projects like Forest City. 'They view Malaysia's luxury property market as a 'buy low now, appreciate later' opportunity. The country's global profile is rising with megaprojects, and the value proposition here is hard to beat compared with other Asian cities.' He said government incentives have also helped fuel interest, particularly the Malaysia My Second Home (MM2H) programme, which despite tighter conditions, continues to offer long-term residency. 'Malaysia's property ownership laws are relatively foreigner-friendly. Freehold titles are available in many projects, unlike in Thailand or Indonesia, where rules are more restrictive. 'Although the revised MM2H requirements, such as a RM40,000 monthly income and RM1 million fixed deposit, initially deterred some, they've since positioned Malaysia as a premium option for serious investors seeking a stable second home.'
