Assessing Opportunities and Challenges in Waterfront Development in Malaysia

Abstract

Waterfront development is already a well-established phenomenon internationally. Nowadays, many waterfronts have been transformed from working industrial ports into commercial, recreational and tourist areas. In Malaysia, as the economy began to develop in the 1980s, so did the use of land along many of the waterfronts. The pressure of new technology coupled with urban population growth and urbanization began to force a transition from water dependent industries to a variety of non-water dependent urban developments. Residential waterfront development has taken advantage of the land made available by changed land use and has incorporated the water amenities as a feature or “selling point” of the development. However, the development of waterfront land has occurred with limited federal, state, or municipal planning guidance and in some cases has added a cost in terms of flooding and pollution. Although some waterfront development projects continue to remain profitable and also maintain a successful public access component, many have not. The focus of this study was to examine the opportunities and challenges for undertaking waterfront developments. The findings of this research were based on the questionnaires mailed and e-mailed to property development companies listed under Bursa Malaysia. The findings has identified nine opportunities that drove property development companies when undertaking waterfront development projects in Malaysia, and to introduce a new concept of development was the main reasons that motivated the respondents. Moreover, the findings has identified seven challenges for successful implementation of waterfront development in Malaysia, and the difficulty in balancing the various social, economic and financial needs of the various stakeholders was determined as a main barriers. The opportunities and challenges identified were then to be considered to balance property development right against waterfront development needs.