29.2 C
Kuala Lumpur
Saturday, July 13, 2024
HomeNewsBuild-then-sell housing delivery system to heal ‘sick’ projects

Build-then-sell housing delivery system to heal ‘sick’ projects

Date:

Related stories

AFFORDABLE: Paya Terubong / Sunrich Conquest Sdn. Bhd.

AFFORDABLE: Paya Terubong / Sunrich Conquest Sdn. Bhd. A proposed...

Upward momentum likely for property players

The local property sector is poised for significant growth,...

Silicon Island: Leading the charge towards sustainable urban development

Silicon Island reclamation works ongoing as of June 2024....

Restored Fort Cornwallis moat to reopen to the public in July 2025

Penangites and visitors can now look forward to visiting the...

Build-then-sell housing delivery system to heal ‘sick’ projects

abandon-project

The Ministry of Local Government Development (KPKT) plans to implement a build-then-sell (BTS) housing delivery system rather than a sell-then-build (STB) delivery system next year, to reduce the number of “sick” or delayed housing projects.

KPKT Minister Nga Kor Ming said the ministry will work together with the Real Estate Housing Development Association (Rehda) to overcome the issue.

“I will discuss with Rehda about the new business model incentives so that developers build new houses and sell them.

“This is so that there will be no more abandoned projects in the future as you are only allowed to sell upon completion,” he told the media after launching the Malaysia Property Expo (Mapex) 2023 in Kuala Lumpur yesterday.

Nga said the ministry’s special task force revived 256 projects worth RM23.37 billion as at August this year.

“We managed to save a total of 28,863 buyers and we want to make sure there are no more abandoned projects,” he said, adding that 9,500 affordable housing units are on track to be completed under the 1Malaysia Housing Programme (PR1MA) this year.

Nga said that to date, 17 out of 24 sick housing projects under his scrutiny have been restored.

Source: Bernama

telegram-logo2Join our Telegram Channel now to receive instant update on Penang latest projects and property news

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here