In a way, yes, there is a new royal family.
Malaysian Monarchy differs from most other Monarchies in that it is an elective one. There are eight states that are hereditary Monarchies - Kedah, Johor, Pahang, Perak, Terengganu, Kelantan, Selangor and Perlis. Another state, Negeri Sembilan, is an elective monarchy.
Every five years, Conference of Rulers - meeting of the sultans of those nine states - takes place, where they elect (among themselves) the Head of State of the whole of Malaysia - the Yang di-Pertuan Agong (the King). The election is made through rotation system, based on agnatic primogeniture, thus excluding females and their descendants. Only one thing can temporarily break the rotation system - if the heir is too young to succeed. For example, when Tuanku Munawir died in 1967, his son and heir, Tunku Muhriz, was deemed too young to succeed; instead, the Conference of Rulers elected his uncle, Tuanku Jaafar, to succeed Tuanku Munawir. However, when the next turn came, the Monarchs of the nine states bypassed Jaafar's son and elected the original heir - Tunku Muhriz - as the next King.
Right now, the royal house of Malaysia is Kedah since the current King, Abdul Halim, was the Sultan of Kedah. He is also the only King to be elected twice, his previous tenure being from 1970 to 1975. The next Yang di-Pertuan Agong will be from Kelantan.