<p>KUALA LUMPUR: Homeowners should not be expected to surrender properties they already own in exchange for promises of replacement homes under redevelopment schemes without adequate legal and financial safeguards.
Key takeaways
HBA's Chang Kim Loong argues that the proposed Urban Renewal Bill unfairly shifts development risks to homeowners by valuing replacements based on developers' projected profits. He contends that Malaysia's existing legal framework adequately covers redevelopment issues, making new legislation unnecessary.
- Chang warns that developers' projected profits are not financial guarantees and should not determine replacement property values.
- The HBA representative states that existing laws, including the Land Acquisition Act, already govern compulsory land acquisition.
- Chang questions the necessity of new legislation, arguing current procedures, despite complexities, do not justify a comprehensive new law.
Summarised automatically by AI from the original article by New Straits Times. AI can make mistakes, so check the original for details.
KUALA LUMPUR: Homeowners should not be expected to surrender properties they already own in exchange for promises of replacement homes under redevelopment schemes without adequate legal and financial safeguards.
Datuk Chang Kim Loong, the Honorary Secretary-General of the National House Buyers Association (HBA), said the proposed Urban Renewal Bill (URA) raises fundamental questions about the necessity of new legislation, the fairness of its valuation framework and the protection of homeowners whose properties could be earmarked for redevelopment.
Housing and Local Government Minister Nga Kor Ming has said the proposed legislation would complement existing laws governing dilapidated strata buildings, with developers' projected profits factored into determining the value of replacement properties for affected homeowners.
