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PEPS President Advocates Against Proposed Residential Tenancy Act

NEWS

Written by Property Genie Editor


16th Malaysian Property Summit 2024, organised by PEPS in Johor on Jan 18, which attracted about 300 delegates. This year's theme was "Proptech, Big Data, and High-Impact Projects: Building the Future of Real Estate.".


The president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), Subramaniam Arumugam, has expressed the belief that the proposed Residential Tenancy Act (RTA) is unnecessary and asserting that the current system operates effectively. He cautioned against potential constraints on free market practices, expressing concern that the proposed Act, aiming to micromanage landlord-tenant affairs, could deter investors and adversely affect the property investment climate.

Subramaniam also highlighted the Central Database Hub, Padu, as a "game changer" in subsidies distribution, emphasizing its potential to revolutionize the landscape of affordable housing. He suggested that Padu could ensure the construction of houses aligns with the preferences and needs of the people.

The summit's guest of honour, Abdul Razak Yusak, president of the Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEP), discussed Johor's emergence as a property hotspot, citing factors such as the Johor Bahru-Singapore Rapid Transit System, LRT lines, Special Economic Zone, Special Financial Zone in Forest City, and the region's status as a data center hub. He emphasized the need for strategic collaboration among stakeholders for efficient property research, analysis, valuation, assessment, and execution.

 

Johor Bahru's Expansion and the Integration of AI

 

 

Johor Bahru, a key focal point of growth, is poised for significant development, particularly with the integration of artificial intelligence (AI).

According to KGV International Property Consultants executive director Samuel Tan, Johor Bahru's growth is intricately linked to various infrastructure projects, notably the Rapid Transit System (RTS) connecting Bukit Chagar to Woodland North in Singapore. Tan's insights during the summit emphasized the positive impact of the three Light Rail Transit (LRT) lines, which are expected to alleviate traffic congestion in the state capital, along with the introduction of a double-track electrified rail.

Additionally, recent collaborations between Singapore and Malaysia, such as the signing of a memorandum of understanding on Jan 11 for a special economic zone and financial zone, as well as the proposed high-speed rail, contribute to the optimistic outlook for Johor's development. The opening of data centers at Sedenak Tech Park further augurs well for the region.

Despite ongoing concerns about an oversupply of high-rise units, Tan indicated a reduction in volume. The region's growth trajectory remains robust, driven by strategic infrastructure projects and collaborations.

In discussions revolving around AI during the summit, panelists, including Professor Sing Tien Foo, William Lai, and Teh Kim Guan, highlighted the transformative role of AI in the real estate market. They underscored the importance of utilizing high-quality data to train AI algorithms effectively, ensuring accurate and usable information for decision-making.

The consensus among the panelists was that AI is not just a passing trend but a permanent fixture, serving as a crucial tool to enhance the efficiency of data analysis processes. The application of AI, they argued, is fundamental to achieving better and faster decision-making in the dynamic real estate landscape.

 

 

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Article Highlights

16th Malaysian Property Summit 2024

Private Sector Malaysia

PEPS

Johor

Real Estate

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