Nga highlighted that SP Setia Bhd and Gamuda Bhd’s property arm, Gamuda Land, were playing a significant role in Australia’s urban renewal efforts.
“Ironically, while these Malaysian firms are transforming foreign cities, similar efforts in their home country remain sluggish,” he told a press conference at the Asia Real Estate Leaders Study Tour to Melbourne, Bernama reported.
Gamuda Land has invested in urban redevelopment projects in Melbourne and is currently developing “The Canopy on Normanby”, located in an up-and-coming precinct within Fishermans Bend, which is Australia’s largest urban renewal project, covering 480 hectares.
Meanwhile, SP Setia has been actively involved in urban redevelopment projects in Australia, particularly in Melbourne, with Sapphire by the Gardens set to become a landmark in the city.
Nga added that other Malaysian developers, such as Sime Darby and OSK, have also successfully established a presence in Melbourne and other Australian cities.
“OSK’s Melbourne Square development, valued at A$2 billion (RM5.64 billion), is one of the city’s largest and most significant mixed-use developments.
“With over 1,400 apartments and 10,000 sq m of retail space, it stands as a testament to the expertise of Malaysian developers in delivering world-class projects,” he said.
Set to be tabled in the Dewan Rakyat in July, the URA has sparked heated debates among property developers and homeowners, with key concerns revolving around the percentage of Bumiputera ownership and the “en bloc” sale of entire strata developments. This has raised fears of potential displacement, particularly among lower-income house owners.
Nga clarified that the proposed URA will require 80% approval for urban renewal projects, mirroring Singapore’s standard. In contrast, Melbourne mandates a 75% threshold for strata properties, while Tokyo and Shanghai require a two-thirds majority.
“Malaysia’s URA is more inclusive than other countries as it also covers abandoned projects. In such cases, the government plans to lower the consent threshold to 51% as some developers have fled. In certain instances, the owners cannot even be traced,” he said.
On Saturday, Prime Minister Anwar Ibrahim cautioned the opposition against obstructing efforts to improve the living conditions of urban Malays.
Responding to the opposition’s threat to follow through with a demonstration to protest the bill, Anwar vowed to mobilise an even larger rally to defend the proposed legislation.
PAS is among the most vocal opponents, with its youth wing’s deputy chief, Hafez Sabri, labelling the proposed legislation as “modern colonisation” and comparing it to the forced displacement of Palestinians.
‘Scale back on projects overseas, invest domestically’
Commenting on the developers abroad, Nga said the government had called on major institutional investors to reallocate at least 70% of their investment portfolio in Malaysia to stimulate domestic investment.
“Permodalan Nasional Bhd is a shareholder of SP Setia. We have urged it to scale back on overseas projects and focus more on domestic redevelopment efforts.
“The goal is to create greater demand for the ringgit and strengthen the economy by ensuring Malaysian developers prioritise local projects.”