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>108 projects rescued
28/02/2007 The Star

KUALA LUMPUR: A total of 108 abandoned housing projects nationwide, valued at RM2.4bil, have been rescued and completed as of December last year. 

The projects, comprising 25,058 units abandoned since 1990, have been handed over to purchasers. 

Construction work on another eight projects (valued at RM396mil) which were previously abandoned was continuing after being taken over by newly appointed developers. 

“Another 147 schemes or 59,882 housing units with a sale value of RM5.6bil have the potential for revival. However, we have found that it is not viable to do so for three other projects,” said Housing and Local Government Ministry monitoring and enforcement division director Dr G. Parameswaran. 

He said Syarikat Perumahan Negara Berhad (SPNB) had revived nine schemes while 99 other projects were taken over by companies appointed to rescue them. 

Dr Parameswaran said most of the projects were abandoned due to financial difficulties, low demand and poor marketing strategies. 

He said his division had placed a lot of emphasis on protecting housebuyers to prevent projects from falling behind schedule or being abandoned. 

“We also act as mediators or facilitators to revive or speed up projects,” Dr Parameswaran said. 

He also said that between 1990 and December last year, the ministry approved 14,261 licences for the construction of 2.6 million housing units (including apartments).  

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