Bank Negara: Risks contained for non-residential property sector despite challenges
Risks in the non-residential property (NRP) sector remained contained in the second half of 2024 (2H 2024) despite continued challenges
These residents were among 40 who sought assistance from Bukit Bintang MP Fong Kui Lun’s office for the title conversion process.
It was found that their properties, built on freehold land, had been erroneously granted leasehold titles.
This issue mirrors a similar case involving 7,000 landowners in Sri Petaling, who, with the help of Seputeh MP Teresa Kok, successfully petitioned the Federal Territories of Kuala Lumpur Lands and Mines Office (PTGWP) director to convert their leasehold titles to freehold in 2022.
It was found that a 99-year lease condition had been wrongfully imposed on these properties, which were originally held as freehold.
Expressing happiness over the successful conversion, Taman Desa Seputeh resident Hum Kee Kuang said the change in title has significantly increased the value of his property.
“A leasehold title makes it cumbersome to transfer ownership,” Hum said.
“Several of my neighbours faced similar issues. So, we turned to the MP for assistance and hired a lawyer to resolve the matter,” he told StarMetro at a press conference in Taman Seputeh.
Lawyer Sweeney Fong, who assisted in the title conversion process, said the Taman Desa Seputeh case closely resembled the Sri Petaling situation.
She said the initial group of 20 residents who successfully converted their titles had no outstanding loans, which streamlined the process.
“We will continue to support the remaining residents who are still awaiting their title conversions,” she added.
“In September 2022, residents approached me and I scheduled a meeting with Mohd Firdaus Ibaruslan, the then acting director of PTGWP, to discuss the matter,” said Kui Lun.
“He had suggested filing a legal case against the land office. Once a court judgment is obtained, it can be submitted to the land office for direct processing.”
He encouraged other residents facing similar circumstances and seeking to convert their property titles to come forward.
Kui Lun said at that time, freehold houses on the same road were valued at approximately RM1.3mil, while leasehold properties were valued at about RM900,000.
Additionally, leasehold properties involve more complex procedures for ownership transfers, he said.
Also present at the press conference were Bukit Bintang Federal Territory Residents Representative Council (MPPWP) chairman Ben Fong, sub-zone 4 chairman Cynthia Hor and Kui Lun’s aide Lee Bing Hong.
