Developers need more
incentives to take up buy 'n' sell concept
20/01/2007 The Star By Elizabeth Looi
KAJANG: More incentives should be given to property developers who are
willing to take up the build and sell concept.
House Buyers Association advisor Datuk Seri Yuen Yuet Leng said although the
existing incentives were encouraging, the Government should also consider
throwing in more incentives to attract more developers to start practising
At present, only several well-established developers are practising the
concept. Yuen said currently developers who were willing to adopt the 10:90
concept would be able to enjoy fast approvals of their project, exempted
from having to pay RM200,000 deposit as well as the obligation of building
The 10-:90 concept allows buyers to pay only 10% when they first buy the
house and settle the balance when their houses are completely built.
Yuen said among other incentives that the Government should consider
included lower premiums for land conversion and tax relief incentives.
"Developers should be allowed lower premiums although some land offices are
offering 15% discount to those who can pay as soon as possible.
"Tax relief incentives can also be granted to projects that adopt the 10:90
concept, waiving stamp duties and allowing direct hiring of foreign workers
without having to go through agents," he said.
Yuen also said the concept would protect house buyers from falling prey to
abandoned housing projects.
"The public deserves a more effective system of delivery, quality control
and consumer protection," he said at the launch of Taman Langat Ceria at
Hulu Langat here today.