THE EFFICIENT URBAN GOVERNANCE IN MANAGING AND ENHANCING COMPETITIVENESS OF PROPERTY MARKETS IN KUALA LUMPUR CITYREGION (Keefisienan Governans Bandar dalam Mengurus dan Memperkasakan Daya Persaingan Pasaran Hartanah di Wilayah-Bandar Raya Kuala Lumpur)

Abstract

This article discusses on the preliminary study of efficient urban governance (EUG) towardsenhancing competitiveness of the property market with regards to the performances of the shoppingcomplexes and office sectors in the Kuala Lumpur city-region (KLCR). City-region competitivenessis currently one of the major tasks in the country’s development agenda. The issue is more obviouswhen the city-region acts as an engine of growth to help attaining a fully developed nation by 2020.Bearing in mind that the urban governance is one of the key players to spearhead the city regioneconomy and the property market in particular, the roles of urban governance in managing andenhancing the competitiveness of property markets is crucial. Nevertheless how well does the urbangovernance enhance the efficiency of local authorities (LAs) in city-region is understudied. Anotheraspect is the extent of the EUG initiaties to boost the property market within city-region. Based on astudy carried out in 2009 and the Kuala Lumpur City Plan 2020, and the National PropertyInformation Centre (NAPIC) 2009 act as the basis of discussion., this article discusses theperformances of the property market in city-region economy. The study found that the main challengeof enhancing competitiveness of property sector in city-region is the implementation of efficient urbangovernance by LAs. One crucial prequisite is the existence of urban governance that integrates allsectors including public, private and other social organisations in participatory decision making. Inparticular, EUG helps to speadhead the city region and property market as the principles ofsustainability, subsidiarity, equity, transparency and accountability, civic engagement and citizenshipand security are secured and in practiced.