Malaysia’s property sector may soon see a major regulatory overhaul as authorities move to address systemic weaknesses in building management. Housing Minister Nga Kor Ming revealed plans for specialized legislation to professionalize the industry, citing alarming statistics showing just 594 licensed firms managing over 2.9 million stratified housing units nationwide.
The current regulatory framework under the 1981 Valuers Act has proven inadequate, combining property management with unrelated professions. This fragmented oversight has allowed unqualified operators to flourish, leading to mismanagement of maintenance funds and declining living standards. Minister Nga emphasized that dedicated legislation would enforce stricter qualifications, ensuring residents receive proper services for their maintenance contributions.
Parallel to these reforms, the government continues addressing Malaysia’s abandoned housing crisis. Official data shows remarkable progress, with 1,016 stalled projects worth nearly RM99 billion revived since late 2022. These derelict developments had created financial hardships for buyers forced to pay mortgages on uninhabitable properties while covering rental expenses elsewhere.
The proposed property management law represents a crucial step toward restoring confidence in Malaysia’s real estate sector. By separating professional standards from other disciplines and tackling both current mismanagement and legacy project failures, authorities aim to protect homeowners’ investments while improving urban living conditions across the nation.