Konvensyen Hartanah Kebangsaan ke-32 (NREC 2025) menekankan kepentingan mengikuti trend terkini untuk memacu pertumbuhan dan mengatasi cabaran dalam industri hartanah Malaysia.
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00:00The 32nd National Real Estate Convention, NREC 2025, emphasized the importance of staying ahead of emerging trends to drive growth and overcome challenges in Malaysia's real estate industry.
00:13With the theme fostering innovation for a sustainable future, bricks, blueprints and beyond, the convention gathered industry's leaders, policymakers and academicians to explore transformative trends.
00:25Key highlights included the welcome address by RIMS President Ahmad Sanusi Chekhov, who highlighted the need for innovations, resilience and visionary thinking in the real estate sector.
00:36Kuala Lumpur Mayor Dato' Sri Maimunah Muhammad Sharif emphasized building a smart, sustainable and resilient Kuala Lumpur.
00:43The event underscored the need for sustainable development, policy innovation and strategic investments to ensure the real estate sector's growth and resilience.
00:52And for that discussion, I welcome you, our guest, Tiba Lakshmi Kunasukaran at the Research Associate, Kazana Research Institute.
01:00I want to say thank you very much, Tiba, for joining me.
01:03Firstly, Asia Pacific investment in Malaysian real estate have reached $9.5 billion.
01:09But can urban renewal efforts like the URA transform the short-term capital into long-term commitment to local communities and infrastructure?
01:19Okay, thank you, Nina, for the opportunity.
01:24I think URA might help, but it needs to be done right for it to turn the short-term investment into long-term value for communities, right?
01:33So, this means redevelopment shouldn't just be about profit.
01:37It needs to protect existing residents and actually benefit the communities living there.
01:43So, I think the questions that we need to ask are like, what kind of developments are we going to bring in?
01:49For example, if low-cost flats are being demolished and replaced with medium-end apartments,
01:55will they still be affordable over time, especially when it comes to maintenance, right?
02:01So, poor workmanship and upkeep are actually part of the reasons why these buildings needed renewal in the first place.
02:12So, we need to make sure that we shouldn't be repeating that cycle.
02:15So, other questions are also like, are we going to keep the original communities or push them out?
02:21Are we going to involve them in the planning?
02:24And are we going to plan for what happens after redevelopment?
02:28Like, ensuring there is enough infrastructure to support more mobility
02:34because we're going to expect high density coming in from the redevelopment, right?
02:38So, if EORA is going to create a long-term value, it needs to be backed by a strong regulation
02:46and generating early-stage community involvement.
02:52Tiba, redeveloping aging in underutilized areas is a key national agenda.
02:59But are our current urban policies and planning frameworks evolving fast enough
03:03to ensure these transformations benefit communities and not just the developers?
03:08Yes, redeveloping aging and underutilized areas are important, right?
03:17Because it is needed to generate the local economic development.
03:21But the current proposal for EORA seems to be favoring the developers more than the communities.
03:28So, right now, the proposal is to lower the concern threshold to 75% to 80%
03:34so that the projects that need to be redeveloped can be redeveloped
03:39because with the existing threshold of 100%, it hinders potential redevelopment, they say.
03:45But this also means that voices of remaining 20% to 25% will not be heard.
03:52And with a lower concern threshold, then there is a risk of overdevelopment,
03:58like more developments coming in for profit, sidelining community needs.
04:03So, that is risky, right?
04:05Because we could end up displacing communities just to make room for higher return development.
04:11So, more needs to be done in safeguarding the resident's interest.
04:16If they consent with redevelopment, the agreements, then better protection needs to be given,
04:22adequate compensation, better relocation options because redevelopment,
04:28if their buildings are going to be redeveloped, they will be relocated and have to stay away for like many years.
04:34So, we need to make sure that they are not staying far away that will disrupt their daily routines.
04:40And then we need inclusive planning processes.
04:43Stronger roles need to be played by mayors and local councils involved in identifying the right areas and projects
04:50and guarantee that housing that is affordable for them.
04:56So, yes, in some cases, residents will be getting a free one-to-one unit, right?
05:01But would they be able to maintain them in the long term?
05:05So, if not, then redevelopment actually risks benefiting mainly the developed risks
05:11and leaving the vulnerable groups behind.
05:15All right.
05:15Redeveloping is only worth it, as you mentioned, if we can maintain the sustainability for a long term.
05:22And definitely, that is the main focus that we should take a look at.
05:25And the URA is seen as a catalyst to revive neglected neighbourhoods.
05:28But how do we prevent the risks of forced evictions, property speculations and gentrifications
05:34that could displace long-time residents?
05:38Okay.
05:39So, these are the very right emerging concerns that we need to address, right?
05:44If we are going ahead with URA, we have seen in the past redevelopment projects
05:50how things can go wrong, like forced eviction.
05:54Owners that opposed the project or disagreed, they had to move out to different places.
06:01The rising property prices and gentrification that ends up pushing long-time residents out.
06:07Like, we think Baksar South, for example, right?
06:10After redevelopment, property values, the surrounding property values, searched.
06:14And businesses shifted to cater for a more affluent crowd.
06:19So, changing the character of the city and also increasing the cost of living in that area.
06:26So, first and foremost, what we need is we need to conduct a needs-based analysis.
06:31We need to analyse whether redevelopment in that area is actually necessary
06:36or a proper maintenance upgrade will be sufficient.
06:40So, we need to see whether we can just start with the maintenance process first
06:47before going into redevelopment.
06:48So, it's important that any redevelopment is based on a thorough needs-based analysis
06:54and that the voices of residents, especially property owners, are heard and respected.
07:01So, for property speculation, to avoid speculation,
07:05especially if affordable housing projects are included as part of the redevelopment
07:10plan, we don't want our speculators to take advantage.
07:14So, we might need stronger measures like perhaps we can introduce moratoriums
07:20to stop people from flipping units just for profit.
07:23So, ideally, right, we want urban renewal to improve lives and not displace communities.
07:31And Thibau, we're also Malaysia heading to Aging Nation.
07:34We need investors-friendly urban renewal but also one that's fair and inclusive.
07:39What concrete changes must we make to our land loss, approval processes and planning system
07:45to ensure equitable outcomes for all stakeholders?
07:50Okay, in my opinion, right, I think what we really need is the community-friendly urban renewal.
07:57So, one that puts people at the centre rather than prioritising property value gains.
08:03So, urban renewal should start with a human-centred approach, focusing on what residents truly need.
08:10That means looking at whether existing buildings can be maintained and extended in life
08:16instead of jumping straight into demolition.
08:19And if and only maintenance is truly no longer viable, not cost-effective,
08:25then redevelopment can be considered but only after a thorough needs analysis.
08:30And then approval systems need to ensure that this analysis has been done properly,
08:37check if there's an actual local demand, assess the developer's track record,
08:42and make sure plans include supporting infrastructures like roads, schools, and public transport,
08:49especially since we're going to expect higher population density, right?
08:52So, this will bring issues like traffic congestions.
08:57And we also need to be cautioned of longer waiting times for residents for redevelopment to complete.
09:05So, we have seen in past projects like Residency Kerenshi or Razak Mansions,
09:09this resident actually waited for many years, like five to six years,
09:14for not knowing when they will be able to return to their homes.
09:18And that creates a very deep sense of insecurity, right?
09:23And you also need to make sure that the plans are like actually planned comprehensively,
09:29like taking into consideration that the risks that might come,
09:33that will cause the projects to be stalled or what.
09:36So, the processes need to be carefully planned and phased, in my opinion.
09:42Yeah.
09:42So, the processes need to be completely planned and phased, in my opinion.
09:43So, the processes need to be completely planned and phased, in my opinion.
09:44So, the processes need to be completely planned and phased, in my opinion.
09:45So, the processes need to be completely planned and phased, in my opinion.
09:46So, the processes need to be completely planned and phased, in my opinion.
09:47So, the processes need to be completely planned and phased, in my opinion.
09:48So, the processes need to be completely planned and phased, in my opinion.
09:49So, the processes need to be completely planned and phased, in my opinion.
09:50So, the processes need to be completely planned and phased, in my opinion.
09:51So, the processes need to be completely planned and phased, in my opinion.
09:52So, the processes need to be completely planned and phased, in my opinion.