Property players support Rental Tenancy Act for fairer rental market

While property players believe the proposed Rental Tenancy Act is long overdue — given the younger generation’s preference to rent — there are concerns over its scope, particularly in relation to rent control and deposit management. We find out what some property experts think about this in the Feb 17 issue of City & Country.

CBRE | WTW Malaysia adviser Foo Gee Jen believes its enactment is a positive move that would instil confidence and certainty in investors. In addition, it will help promote property investment and make Malaysia more investor-friendly.

Tan Kian Aun, president of the Malaysian Institute of Estate Agents (MIEA), said the act is necessary because of the high number of disagreements and disputes, as well as misunderstandings and confusion between landlords and tenants over tenancy agreements

Nevertheless, some of the proposals in the act, such as controls on the number of rent increases and the quantum, have been deemed unnecessary. See Kok Loong, executive director of Metro Homes Realty Bhd, advocates letting the market decide rental rates as rent control can discourage landlords from maintaining or renting out properties, leading to reduced supply and market distortions.

The same issue features the launch of a high-rise residential development in Bandar Seri Botani in Ipoh called Santorini @ Botani Ipoh (Pangsapuri Rafflesia) by Miclebina Properties Sdn Bhd on Feb 1. Founder and director Ting Chee Ming said the development registered a 40% take-up upon its launch.

We also have a story on enhancing underused assets with pickleball and padel facilities, as the global trend of these sports arrives on our shores. Zerin Properties CEO Previndran Singhe and head of research and consultancy Roja Rani share their views on the return on investment to set up a pickleball and padel courts, as well as things to consider before jumping on the bandwagon.