Kuala lumpur: A proposed Real Property Development Act is in the final stage of drafting as part of efforts to strengthen regulation of Malaysia's property sector, according to Housing and Local Government Minister Nga Kor Ming. He stated that the proposed law aims to extend regulation beyond housing to include certain commercial property developments while ensuring a balance between industry and consumer interests.

According to BERNAMA News Agency, Nga Kor Ming spoke about the proposed legislation during the AREC Forum 2026: Rethinking Real Estate: Housing With Hearts. This legislation is part of five housing reforms introduced by the ministry to improve governance and transparency in the property sector. Other reforms include the electronic sale and purchase agreement (eSPA), the Housing Integrated Management System (HIMS), the National Property Data System, and regulated housing development accounts.

Nga expressed the reforms' goal to eliminate sick or abandoned housing projects in Malaysia by 2030. Additionally, the government has supported over 95,000 first-time homebuyers under the Housing Credit Guarantee Scheme (SJKP), utilizing RM22 billion of the RM40 billion allocation. The ministry expects to reach 100,000 beneficiaries under the scheme, with participation from more than 17 financial institutions.

The minister noted Malaysia's home ownership rate of 77 percent, with a target to exceed 80 percent. He emphasized that a home is more than just shelter; it is a refuge for families and a means for wealth creation and preservation.

The forum also featured China's Minister of Housing and Urban-Rural Development Ni Hong and Sime Darby Property Group managing director and chief executive officer Datuk Seri Azmir Merican, with moderation by United Nations Human Settlements Programme (UN-Habitat) executive director Datuk Seri Maimunah Mohd Sharif.