KUALA LUMPUR, Feb 28, 2025 – Nga Kor Ming unveils the ministry’s RM700 million collaboration with Khazanah Nasional Berhad to revitalize Malaysia’s cultural landmarks.
In a recent press conference at MAREC 2025, the Housing and Local Government Minister announced that Khazanah Nasional will take lead in the redevelopment of several historic sites, including Seri Negara, Carcosa Hotel, Dataran Merdeka, the Old Post Office, and the Sultan Abdul Samad Building.
“The MADANI Government has made the decision to rejuvenate six iconic landmarks, enhancing the national symbols of our country,” he stated. He also emphasized that the Seri Negara building is set to be completed within this year, in time for the upcoming ASEAN Summit.
“Not only will these sites be accessible to Malaysians, but our goal is to attract international tourists and establish Malaysia as a top tourist destination,” Nga Kor Ming shared with enthusiasm, noting that TripAdvisor recently ranked Kuala Lumpur as the second most popular city in the world— surpassing well-known destinations such as Kyoto, Seoul, Beijing, and Shanghai.
Indeed, the influx of international tourists last year highlighted Kuala Lumpur’s rapid rise in popularity among global travelers. He further emphasized the media’s pivotal role in shaping a positive narrative, encouraging international investors to consider Malaysia, which will also benefit the Malaysian Institute Of Real Estate Agents (MIEA).
Nga Kor Ming described the partnership with Khazanah Nasional Berhad as a rewarding outcome following years of unproductive discussions with little immediate action. This transformative collaboration, he assured, will receive substantial financial and strategic backing.
When asked about the progress of the People’s Residential Programme (PRR), the minister confirmed that construction and development will commence later this year. Upon completion, the ministry plans to host a visit with various media outlets to showcase several key improvements, such as Solar Energy, a Rainwater Harvesting System, and a Well Integrated Development approach.
“We encourage all state governments and private developers to surrender your land to KPKT for consideration in the PRR,” he stated. So far, the ministry has received 32 pieces of land from various state governments, and technical studies are currently underway to ensure thorough planning and viability.
Developers who choose to contribute land to the PRR programme will have the opportunity to negotiate exemptions from the mandatory 30% affordable housing quota, creating a mutually beneficial outcome for both the public and private sectors. The minister also emphasized the importance of implementing the 4P concept: a collaboration between People, Public, and Private sectors
Such exemptions ensure that land donated for PRR projects is used effectively for public housing, while developers can focus on high-value projects without the need to allocate units for affordable housing.
In addition, Nga revealed that the ministry is moving forward with the proposal for a Residential Tenancies Act, which aims to regulate fair tenancy agreements. He explained, “The new law will establish a clear process for resolving disputes between tenants and landlords, fostering a fair environment for both renters and property owners.”
Earlier, he extended his congratulations to MIEA for hosting one of the most successful Malaysian Real Estate Conventions to date, with 476 registered real estate agents taking part in this remarkable event. MAREC has been an established platform for real estate professionals, marking this year as their 39th anniversary in the property industry.
