Authorities pledges win-win formulation for city renewal initiatives
Housing and Native Authorities Minister Nga Kor Ming has assured that property homeowners concerned in housing renewal tasks underneath the proposed City Renewal Act (URA) will obtain compensation exceeding market worth.
Citing previous redevelopment successes, Nga pointed to the Razak Mansion Flats in Bandar Tun Razak and Kampung Kerinchi in Kuala Lumpur, the place residents had been upgraded from 400 sq ft models valued at RM70,000 to 800 sq ft properties price RM450,000. “I’ll guarantee compensation given is healthier than the property’s present worth. Why politicise one thing good when our solely intention is to assist the individuals?” he stated, as reported by Berita Harian.
Nga, who can also be Teluk Intan MP, made the remarks through the launch of the Teluk Intan PR1MA venture and gross sales gallery. He defined that the URA is designed to safeguard homeowners’ pursuits and stop abuse by builders. The Act will characteristic mechanisms equivalent to a mediation committee and an govt committee chaired by the minister to make sure honest selections that prioritise public curiosity.
He additional emphasised that the proposed 80% consent threshold for redevelopment was established in 2013 after a complete three-year examine. The brink, he famous, is among the many strictest globally—increased than Shanghai’s two-thirds requirement and Tokyo’s 60%.
“For many who disagree, negotiations will likely be carried out by way of the mediation committee,” Nga stated, reiterating that the URA goals to create a win-win consequence for each property homeowners and builders.
Nga urged all events to not politicise the initiative, stressing that city renewal is in the end meant to boost residents’ high quality of life whereas making certain honest compensation and clear processes.
Be part of our Telegram Channel now to obtain instantaneous replace on Penang newest tasks and property information
