KUALA LUMPUR, March 17 (Bernama) -- The Housing and Local Government Ministry is targeting to generate RM180 billion property sales across all sectors this year, said its minister Nga Kor Ming.
He said the ministry is also working closely with the Real Estate and Housing Developers' Association (Rehda) Malaysia to organise the inaugural ASEAN Real Estate Conference (AREC) 2025, scheduled for July 23-26 this year.
“The event will be held alongside the Architecture, Interior Design & Building Exhibition (ARCHIDEX) and will involve ASEAN countries. At the same time, we will also invite China to participate,” he said in a press conference in conjunction with a three-day Asia Real Estate Leaders (AREL) study tour to Melbourne, Australia recently.
He said more than 50,000 visitors are expected with sales of about RM1.2 billion.
AREL brings together more than 180 key stakeholders from Australia and Malaysia’s housing and real estate sectors. Rehda Institute and Monash University organised the event.
The study trip provides an opportunity for Malaysian developers to engage with leading Australian experts in mixed-use developments, retirement villages, sustainable development, social housing, and urban townships.
Nga highlighted that Malaysia has achieved the highest volume and value of property transactions over the past decade in 2024. Total property transactions rose 18 per cent to RM223.2 billion versus RM196.8 billion a year ago.
Meanwhile, earlier in his keynote address, Nga said Malaysia’s population is ageing rapidly with those 60 years and above projected to rise to 14.5 per cent in 2040 from 8.3 per cent in 2020.
“One in every ten will require housing solutions specifically designed to meet senior citizen needs. However, the reality is that only 2.1 per cent of Malaysia’s total housing stock is designated for senior living.
Nga said this calls for the urgent need for Malaysia to develop specific solutions to address elderly needs. He said Malaysia is keen to explore senior living developments as an emerging segment within the domestic housing market.
Meanwhile, Nga said his ministry has allocated RM30,000 to REHDA Institute to help with research assignments.
-- BERNAMA
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