RM20m allocated for abandoned  housing revival RM20m allocated for abandoned  housing revival
Share this on WhatsAppThe government has allocated RM20 million to revive abandoned private sector low and medium cost housing projects next year, Bernama reported.... RM20m allocated for abandoned  housing revival

The government has allocated RM20 million to revive abandoned private sector low and medium cost housing projects next year, Bernama reported.

Deputy Urban Well-being, Housing and Local Government Minister Datuk Halimah Mohamed Sadique said the allocation would be given to developers to rescue abandoned projects which were not completed on time.

“The RM20 million allocation for next year is given to benefit the buyers and not developers,” she said.

Datuk-Halimah-Sadique

Halimah said the ministry will find white knights to help reviving the abandoned housing projects and the allocation will provide financial aid for that purpose.

“The ministry will also help smoothen out their development process such as the procurement of development orders,” she said.

Halimah advised potential house buyers to do thorough checks on upcoming projects before committing to a purchase.

She said house buyers should check the list of blacklisted developers and names of the company board members, which is available on the ministry’s website.

There are currently 134 abandoned private sector housing projects recorded in Peninsular Malaysia from 2013 to November this year, which she said, included 26 abandoned projects this year.

“The government is taking action to blacklist developers who failed to complete projects as per the Sale and Purchase Agreement (SPA) or who caused the abandonment of housing projects,” she told the Dewan Negara this week.

She said developers who were blacklisted were not allowed to apply for, or renew their licences, as well as advertising and sales permits. Their names would appear on the ministry’s website for reference by buyers and investors.

In addition, she said the government would take legal action to prosecute and compound errant developers.

To protect consumer interests, Halimah said they could apply to have the sales and purchase agreement terminated if there was no progress on the construction for a continuous period of six months or more.

Property 360 Online

Property 360 Online is a news portal focused on major issues, views and major market movements in the Malaysian real estate sector.

Shares