KUALA LUMPUR: Developers are urged to seize the incentives offered under the build-and-sell concept. 

Housing and Local Government Minister Datuk Seri Ong Ka Ting said the incentives included speedy approval of land matters and development plans. 

He said such approvals, which normally took one to two years, would be put on a fast track and shortened to four to six months. 

Developers who opt for the concept would also be exempted from paying the RM200,000 deposit and stamp duties. 

He said the ministry would also propose that developers which adopt the concept in areas with surplus or enough low-cost houses be given the flexibility to build low-medium cost houses, which were in greater demand. 

He was at the Malaysia’s Top Property Developers Awards 2006 presentation ceremony last night and presented awards to Bandar Raya Developments Bhd, IGB Corporation Bhd, IOI Properties Bhd, Island & Peninsular Bhd, MK Land Holdings Bhd, SP Setia Bhd, Sime UEP Properties Bhd, Sunrise Bhd, Sunway City Bhd and YTL Land & Development Bhd.