Tighten Sale And Purchase
Agreement To Deter Speculators - Hilmi
PENANG, Jan 27 (Bernama) -- State governments should tighten the sale and
purchase agreement (SPA) of medium-low-cost houses to deter speculative
buying, said Finance Ministry Parliamentary Secretary Datuk Seri Dr Hilmi
He suggested that a clause be incorporated in the SPAs involved to compel
the buyers to keep their houses for at least 10 years before they can be
"This can help prevent unscrupulous people from taking advantage of the
situation to make quick profits by buying houses built by the government at
below market prices and later selling them at higher prices," he told
reporters after handing over keys to 213 housebuyers in Taman Manggis Indah
in Balik Pulau here today.
He said that the tightening of the SPAs would also help the government to
sell the houses to only those who were eligible as the cost of building
houses was increasing.
"For example, in Penang as the cost of houses is rather expansive, the state
government is building affordable houses to help the people own houses but
unscrupulous people take advantage of the situation to make quick profit,"
He said that the tightening of these SPAs was necessary as the state and
federal governments did not have the authority to stop medium-low-cost house
owners from reselling them to others.
"If the situation persists, housing schemes meant to help people own houses
will fail as speculators take advantage to rake in huge profits," he added.