Nga plans to breathe new life into abandoned projects

Nga plans to breathe new life into abandoned projects

PETALING JAYA: There are over 300 projects that are currently abandoned as of October, a situation that requires immediate attention, says Nga Kor Ming.

The Local Government Development Minister also said a special task force will be set up to deal with abandoned or “sick” housing projects in efforts to protect home buyers.

“The taskforce is formed to look into these issues (abandoned projects) to protect the home buyers’ interest and to find a win-win formula with the developers to solve this issue and make sure the industry survives,” he said in his opening speech at the StarProperty Awards Showcase here, on Friday (Dec 30).

According to the ministry, a “sick” housing project is one that has been delayed by more than 30% of its scheduled process or where the sale and purchase agreement (SPA) has lapsed.

He added that the ministry is reviewing the national housing policy to promote sustainable and affordable housing.

“The ministry is targeting to build 83,728 units of affordable houses throughout the implementation of the 12th Malaysia Plan whereby 22,209 units are completed, 47,637 units are under construction and the remaining are targeted to be completed by 2025,” he said.

He said the Singapore housing development board has agreed to send experts to share their experience on providing a world-class national housing policy.

“Discussions with industry players including associations, government agencies and housing-related stakeholders will be held next year to discuss potential prospects and challenges as the country braces for an economic slowdown, heightening policy, inflation and a possibility of recession,” he said.

Nga said there are currently 29,534 unsold houses reported in the third quarter of this year and the number will continue to rise should the matter go unresolved.

He said Malaysia needs a strong, collaborative effort from all parties in the industry, especially the developers for the well-being of the community and to avoid market mismatch.

Nga urged the industry to work hand in hand to assist the rakyat to own decent homes as a means of social responsibility.

Meanwhile, Star Media Group chief executive officer Alex Yeow said the StarProperty Awards Showcase brings together many winners of the StarProperty Awards 2022 and up-and-coming developers who are playing their part in elevating the real estate industry.

“More than an avenue for homeowners to find their dream home, the exhibition’s programme is also specially curated to share knowledge and create a deeper understanding about real estate purchase, investment and financial matters,” he said.

The StarProperty Awards Showcase will run from Dec 30 to Jan 1, 2023.

It will feature award-winning properties, special promotions as well as talks by renowned experts from the property scene.

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