PUTRAJAYA: The government will draft a new bill on urban development, which will among others set "consent thresholds" for redevelopment.
Presently, redeveloping a building requires a hundred per cent approval from residents.
Housing and Local Government Minister Nga Kor Ming said this requirement could lead to unfairness if the majority of a building's residents want it redeveloped, while the minority do not.
Nga said the ministry plans to establish a threshold of 80 per cent approval for buildings which are less than 30 years old and 75 per cent for buildings older than 30 years.
For buildings deemed unsafe and abandoned properties, he said, the ministry proposes a reduced approval threshold of 51 per cent.
"We are several decades behind other countries in urban renewal, compared to countries like Singapore and Australia," Nga said in a statement.
"With this act, we can ensure that urban development is sustainable and safe for residents," he said, adding that there are risks associated with aged and dilapidated buildings.
Nga said the National Council for Local Government chaired by Deputy Prime Minister Datuk Seri Fadillah Yusof, has agreed to draft the bill for the Urban Renewal Act.
It is expected to be tabled in Parliament next year.
Meanwhile, Nga said Kuala Lumpur City Hall has identified 139 potential sites for redevelopment with a gross development value of RM355.5 billion.
Previously, the National House Buyers Association (HBA) insisted that any plans for redevelopment, rejuvenation, or renewal of real estate in Malaysia must have the unanimous consent of all unit owners.