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Is There Bite in the Amended Malaysian Housing Development Laws?

January 2016
PropertyBanking & Finance

Abstract

The Malaysian government has recently introduced major changes to the Housing Development Act 1966 (“HDA”) which is the mother of all housing development regulations in Malaysia. The HDA essentially governs the licensing rules of housing developers and their duties and responsibilities as well as providing fundamental statutory protection to purchasers of housing accommodation. Since its implementation, the HDA had undergone a series of amendments and the latest amendments which came into force as of 1 June 2015 have resulted in more stringent rules being imposed on the housing developers in the country and greater protection for purchasers.

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Author

Portrait image of Angeline Yee Yi Wei
Angeline Yee Yi Wei
Vice President, Maybank, Malaysia

Angeline has been in the banking industry since 2011. Prior to that, she was a practising lawyer in a reputable legal firm in Malaysia for 5 years. She was also a senior prosecutor in the Securities Commission of Malaysia for 8 years dealing with cases relating to capital market offences before she joined the banking industry.

Company

Maybank logo

Maybank

Maybank is Malaysia's largest bank by market capitalisation and total assets and one of the largest banks in Southeast Asia, with total assets exceeding US$183 billion and having a net profit of US$1.92 billion for 2014. Maybank is also ranked 103rd in The Banker's 2014 Top 1000 World Banks (as at July 2014) and is ranked 371 in the Forbes Global 2000 Leading Companies (as at May 2015). Maybank is the largest public listed company on Bursa Malaysia, the Malaysian stock exchange, with a market capitalisation of US$24.4 billion as of 31 December 2014. Maybank is ranked as one of the World’s Top 20 Strongest Banks by Bloomberg Markets. Maybank's network spans across all 10 ASEAN nations as well as key Asian countries and global financial centres with a network of 2,400 offices worldwide with more than 47,000 employees.

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