Bumis told to buy allocated units

The Star 10/9/2005 By CHIN MUI YOON

The bumiputra community is urged to take advantage of the many units of homes and shop lots offered specially to them, as unsold units will be released to other races.

Kuala Lumpur Mayor Datuk Ruslin Hasan said property developers had allocated parts of their projects for bumiputra buyers under a quota in the planning guidelines.

Each private development project involving five acres of land and above are required to allocate 30% to bumiputra buyers.

“Kuala Lumpur City Hall is organising the first Bumiputra Property Exhibition 2005 to sell the units that have not been taken up,” Ruslin said in a press conference after launching the exhibition on Thursday at the Mid Valley Megamall.

He said several developers had applied to City Hall to sell the units under the bumiputra quota.

Ruslin (right) touring the exhibition at Mid Valley Megamall accompanied by REHDA chairman Teh Boon Ghee (second from right)
“Many developers have had to bear the cost and repay their bank loans even after their projects are completed, as the lots under the bumiputra quota remained unsold.

“It is unfair to expect developers to hold on to the units available under the quota even after the projects have been completed, or penalise them for not selling to bumiputras.

“The unsold units of shops or houses will be released by property developers in stages but not under any specific time frame,” he said.

Ruslin said many factors are involved as to why bumiputras were not buying property within Kuala Lumpur such as unsuitable or unattractive locations and low purchasing power. Many of these unsold properties are located in Batu, Segambut and Cheras.

“Many people prefer to buy landed property outside the Federal Territory. However, the new generation will get used to living in high-rise apartments and condominiums as land is becoming scarce,” he said.

Ruslin encouraged bumiputras to visit the exhibition and buy these properties as investment since the properties were being offered at a discount of between five and 15%. The exhibition features some 60 projects by 38 developers, encompassing nearly 5,000 units of properties.

Ruslin added that City Hall had bought some 20 units of medium-cost apartments in Menara Manjalara for around RM2.5mil last year.

He said these units would be rented out to City Hall staff, bumiputras and non-bumiputras alike

The Bumiputera Property Exhibition 2005 is organised by City Hall and the Real Estate and Housing Developers Association (REHDA) Federal Territory. The exhibition ends tomorrow.