New Regulations for Property Managers in Malaysia

Updated on Thursday 01st February 2018

Starting with 11th of January 2017, the Malaysian government enacted new regulations for  property managers. The property practitioners for strata developments have a period of one year to register with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP). This is required under the new provisions of the Act 242, known as Valuers, Appraisers, Estate Agents and Property Managers Act 1981.

Investors interested in opening a company in Malaysia in this sector and those who are already operating on the property market are required to comply with this requirement in order to have the right to remain in practice. Our team of consultants in company formation in Malaysia can provide in-depth information on the main modifications of the Act
 

What is strata property in Malaysia? 


Strata property refers to a type of real estate project in which the individual ownership is mixed with common property. This can apply to numerous types of real estate developments, such as apartments or townhouses. Since the common areas belong in an equal share to all the persons owning a property, the expenses for such areas are to be shared by all the owners. Persons who are interested in purchasing a property in Malaysia built under a strata title may receive assistance on other regulations on this matter from our team of specialists in company registration in Malaysia
 

Registration under the BOVAEP in Malaysia 


According to the official data, only a small number of practitioners in this sector are registered with the relevant authorities (1,200 entities). Following the new regulations, other 5,000 practitioners are expected to register and those failing to meet the requirements of the law in the 12 months period will be fined and may lose the right to perform their activities in this industry. 

30% of the total urban population in Malaysia lives in strata properties, which accounts for 19,000 units. Under the new law, the rights of the homeonwers in Malaysia will be better represented by avoiding malpractice activities and it can ensure a higher professional level of the persons working in the industry. 

Businessmen are invited to contact our team of representatives in company registration in Malaysia for further information on this subject. 

Dana

February 1, 2018

I hope that the legislation will have a positive impact on the property market in Malaysia.



Please note that URLs are not allowed in the message.

*
*