Cost of revival

15/04/2006 Published in NST-PROP A Buyer Watch Article by National House Buyers Association

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The buck stops here

An example of the expenses required to revive an abandoned housing project can found in the Majestic Heights scheme in Penang.

Here, the Federal Government had to pump more money into Syarikat Perumahan Negara Bhd (SPNB), which has been tasked with reviving abandoned housing projects, in order to carry out the job.

The Penang State Government also had to make sacrifices, through "write-offs" and "waivers" in order for the project to be resumed.

The buyers themselves were also made poorer by having to make additional payments, on top of the losses they suffered as a result of the extended waiting time.

The point is, who should take credit for the revival of an abandoned project the Federal Government, State Government or the buyers?

However, it is the developer that is laughing all the way to the bank. It must also be sneering at the Government's lethargy in its monitoring and enforcement efforts.