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Urgent need for refurbishment and modernization of Malaysia’s aging buildings

The real estate situation in Malaysia is encountering a major challenge as many of the country’s buildings are getting old and not up to current standards. It is expected that around two-thirds of Malaysia’s existing buildings will still be in use until 2050, so there is an urgent requirement for renovation and modernization to adhere to updated building codes, energy efficiency, and safety regulations.

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Challenges in building maintenance and upkeep

As buildings age, they naturally deteriorate, exacerbated by neglect and environmental factors. According to Nippon Paint Malaysia’s general manager, Tay Sze Tuck, insufficient upkeep, such as neglected air conditioning systems and substantial water leaks, threatens the stability and market value of these properties. This neglect can lead to prolonged energy and financial losses, making it crucial for property owners to prioritize maintenance.

The panel at the “Sustainable Refurbishment of Ageing Buildings” conference emphasized the significant issue of low emphasis on building maintenance in Malaysian culture. Neglected systems and substantial water leaks are common in older buildings, causing financial strain and potential safety hazards.

The pervasive problem of waterproofing issues

Waterproofing problems have become a significant issue in Malaysian buildings, with 80% of building defects being attributed to these issues. These defects result in water leaks, mold growth, and structural damage, which can endanger occupants. By law, developers are required to offer a two-year liability period for defects. However, waterproofing issues often arise in the third year due to poor workmanship and the use of substandard materials.

This issue emphasizes the importance of developers and property owners investing in high-quality waterproofing solutions and ensuring effective maintenance to prevent long-term damage.

Cost and funding challenges for refurbishment

Refurbishing private buildings is costly. Joint management bodies (JMBs) and management corporations (MCs) often face funding challenges, relying mainly on maintenance fees and government incentives. To overcome these financial constraints, experts recommend exploring alternative income sources. Innovative solutions, such as renting out rooftop gardens or creating co-working spaces, can generate extra revenue to support refurbishment projects.

President Ishak Ismail of MIPFM stressed the need to find new revenue sources to cover the high refurbishment costs, particularly when government assistance is limited.

Emphasizing quality construction and energy efficiency

Quality construction materials and workmanship are crucial for minimizing resource waste and the need for constant rectifications. High standards in the pre-development stage can significantly reduce long-term maintenance costs and improve building sustainability.

Furthermore, prioritizing energy efficiency is crucial. Instead of only emphasizing the use of greener power sources, it is more effective to introduce solutions that decrease overall energy consumption. This involves implementing energy-efficient systems and encouraging energy-saving habits among residents. Small steps, like transitioning to LED lights, can result in an average saving of 15% on electricity usage.

What this means for property buyers and owners

For foreign property buyers interested in Malaysian real estate, the current state of aging buildings presents both challenges and opportunities. Investing in properties that require refurbishment can yield significant returns if modernization efforts are pursued. However, it is crucial to know the potential costs and the importance of quality maintenance.

Property owners in Malaysia must prioritize refurbishment and maintenance to preserve the value and safety of their investments. Owners can mitigate the financial burdens associated with maintaining older buildings by exploring alternative income sources and focusing on energy efficiency.

In conclusion, there is an urgent need to refurbish and modernize Malaysia’s aging buildings. Addressing these challenges directly will not only enhance the safety and efficiency of these properties but also provide lucrative opportunities for savvy investors who are willing to invest in their revitalization.

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