Property professionals urge govt to defer second reading of Urban Renewal Bill

• “We strongly believe that in its current form, the Bill sidesteps equitable consultation with key stakeholders, including owners, professionals, and affected communities. It creates risks of abuse by centralising power without sufficient checks and balances. It also threatens property rights and investor confidence, undermining Malaysia’s reputation as a transparent and investor-friendly market.”

KUALA LUMPUR (Aug 26): Three professional bodies representing property valuers, managers and consultants have called for the second reading of the Urban Renewal Bill to be deferred pending comprehensive stakeholder engagement.

In a joint press statement issued on Tuesday by the Royal Institution of Surveyors Malaysia (RISM), the Malaysian Institute of Property and Facility Managers (MIPFM), and the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), the organisations said the current draft of the Bill “sidesteps equitable consultation” with key affected parties.

“We strongly believe that in its current form, the Bill sidesteps equitable consultation with key stakeholders, including owners, professionals, and affected communities. It creates risks of abuse by centralising power without sufficient checks and balances. It also threatens property rights and investor confidence, undermining Malaysia’s reputation as a transparent and investor-friendly market,” it said.

While they support the aim of modernising Malaysia’s urban renewal framework, the groups said legislation must reflect principles of fairness, accountability and due process.

The three bodies also urged that the Bill be realigned with international best practices and include provisions to safeguard owners’ rights and uphold professional standards.

“As the collective voice of property professionals who safeguard billions in real estate assets and valuations, we stand ready to engage constructively with the government to refine the Bill for the benefit of all Malaysians,” the groups said.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.