This website is
 

 Welcome    Main    Forum    FAQ    Useful Links    Sample Letters   Tribunal  

SPN to revive 47 abandoned projects

13/11/2000 The Star 

KUALA LUMPUR: Syarikat Perumahan Negara, which now aims to be a property developer, has initiated work to revive 47 abandoned housing projects, some of which had been neglected since 1986.

Its chairman Datuk Ahmad Zahid Hamidi said the SPN had begun its "rescue'' work on abandoned projects in Klang Valley which comprise low-and medium-cost houses.

Zahid said the projects, previously under a Bank Negara's fund, was now being handled by SPN.

"The Government is concerned over the plight of the buyers,'' he said, noting that 80% of the units in the 47 projects had already been taken up by buyers.

He said the SPN had identified 197 abandoned housing projects throughout the country but priority was given to the 47 schemes first.

Zahid said SPN's new role was to become a full-fledged developer. "We will no longer buy in block, low-cost houses built by other developers,'' he said.

Neither would SPN provide bridging loans to developers who were building low-cost houses, he said.

Zahid also said the company would look into the plight of middle-income earners who were not entitled to buy low-cost homes but could neither afford other houses.

"We want to help this group to purchase affordable homes especially those living in the city,'' he said.

The SPN is a wholly-owned subsidiary of Ministry of Finance Inc.