Knight Frank: KL prime office market improves in Q1, rents hold steady
Kuala Lumpur's prime office market showed further signs of resilience in the first quarter of 2025
The final draft of the legislation has been submitted to the Attorney General's Chambers for final vetting and refinement of the wording, Nga added.
"We are now at the final draft. It has reached the Attorney General's Chambers for the final review of the language. Once it is cleared, we will proceed with the first, second and third readings in Parliament," he said at a press conference at the URA Expedition with members of parliament here today.
According to Nga, the ministry had undertaken extensive consultations during the drafting process, describing it as one of the most thorough exercises ever conducted for a piece of legislation.
These sessions included discussions with a wide range of stakeholders such as house buyers' associations, housing developers' associations, universities, academics, non-governmental organisations (NGOs) and the special select committee on nation-building.
"We have worked extremely hard - I don't believe any other act has undergone such a rigorous process. We held 79 engagement sessions.
"Every suggestion, every piece of feedback aimed at strengthening the act has been carefully considered and incorporated wherever appropriate," he said.
The ministry today held a visit to four redevelopment sites namely Flat Sutera Taman Desa Bakti Selayang, Flat Kuchai Jaya, 1 Razak Mansion and Residensi Kerinchi.
Property developer JL99 Group is leading the redevelopment projects, having received non-objection letters from Kuala Lumpur City Hall (DBKL) to proceed with revamping ageing flats and walk-up apartments.
After the completion of 1 Razak Mansion, the company gained the government's trust to spearhead three more similar projects.
For the new developments, JL99 Group senior project manager Mohammad Hazri Aziz said all residents would receive brand-new, larger units on a one-to-one basis, with modern condominium-style facilities.
"Original units of about 504 square feet (sq ft) will be replaced with 800 sq ft units featuring three bedrooms and two bathrooms. The new homes will also include facilities such as lifts, multipurpose hall and surau," he said.
Hazri added that JL99 would bear the cost of residents' monthly rental, legal fees, relocation subsidies, the memorandum of transfer and moving cost during the interim period.
"In return, the group will be allowed to utilise a portion of the redevelopment site to build open-market residential units," he added.
