SPNB Rehabilitates RM4 Billion
Worth Of Houses Since 1990
PUTRAJAYA, Aug 31 (Bernama) -- Syarikat Perumahan Negara Berhad (SPNB)
has rehabilitated 53,000 low and medium cost units worth RM4 billion
since 1990, said its Executive Chairman Datuk Tengku Adnan Tengku
He said SPNB was now rehabilitating a number of abandoned housing
Tengku Adnan, who is Member of Parliament for Putrajaya, said he
agreed with a suggestion by Rating Agency of Malaysia (RMA) that
only completed houses should be offered for sale to the public.
RAM also proposed a 10:90 Formula of a 10 per cent payment first and
90 per cent payment upon completion of the houses to safeguard the
interest of buyers.
The system would also eliminate the burden of house buyers who had
to service their loan although they had yet to taken possession of
their houses, he told reporters, here Tuesday.
Tengku Adnan said the government should review the Housing Act to
provide strict guidelines for developers because many of them were
not aware of their obligations and this becomes a burden to the
"When they want to build houses, they have to look into the market
ability of the project because you don't put something high-rise in
the rural area to sell at low cost, nobody will buy. In certain
area, you can sell high-rise low cost like Kuala Lumpur, Johor
Baharu and Penang," he said.
As such, he said Housing and Local Government Ministry should
conduct a detailed study to assess the value of housing projects and
the area they were being developed, before giving approval.
"I have been informed that Indonesia practises a similar system, the
10:90 formula," he said.
He said SPNB was rehabilitating abandoned medium cost housing
project in Klebang, Melaka where buyers were only required to pay