“The principles of land valuation, compensation calculations, and the legal framework governing land acquisition must be reviewed to reflect current market trends,” said Prof Dr Ismail Omar in the forum.
The Penang state government has opened a Request for Proposal (RFP) for a redevelopment project in Mak Mandin, covering over 10 acres of land with decades-old flats. This initiative aims to rejuvenate the area, introducing modern and sustainable development while enhancing the living conditions of the local community.
Axis Real Estate Investment Trust (Axis-REIT) expects sustained demand for industrial property and disciplined capital management to drive its growth outlook.
ISP Group of Companies is acquiring an industrial property in Plentong, Johor, for RM35.1 million, strengthening its commitment to expanding its industrial real estate portfolio by investing in high-potential locations.
President Datuk Ho Hon Sang said the optimism is driven by the robust performance reported in 2024, of which Malaysia had recorded the highest property transactions over the past decade, increasing by 18% to RM223.2bil as compared to RM196.8bil a year earlier.
PRIME Minister Datuk Seri Anwar Ibrahim said the compensation for owners under the proposed Urban Renewal Act (URA) will be according to future property value, not the current one. He also reiterated that the original owners affected will also get to live in the redeveloped property.
The initiative is being led by the Penang Institute through a Request for Expressions of Interest (EOI) process. This aligns with Penang’s historical role as a global trading hub and its strong presence in manufacturing and technology.