01/09/2008 The Star

SEREMBAN: The Government has deferred the build-and-sell concept, said Housing and Local Government Minister Datuk Seri Ong Ka Chuan.

“Developers are finding it difficult to secure loans from banks for their projects because banks feel the risks are greater,” he said.

He said this after opening the new building for the Negri Sembilan and Malacca Automobile Repairers’ Association yesterday.

New landmark: Ong opening the building for the automobile repairers’ association in Seremban Sunday. With him is the association’s chairman Kent Mar.

Ong said if homebuyers took individual loans from banks, the risks would be spread out.

“The possibility of loans going bad will be reduced,” he said.

The Government had in 2006 agreed in principle to introduce the build-and-sell concept, with buyers paying 10% deposit and the balance 90% be paid after the houses were completed.

The then minister Datuk Seri Ong Ka Ting said developers who chose this concept would enjoy several incentives, including exemption from paying the RM200,000 deposit and stamp duties to the Government.

On MCA matters, Ong said there was no evidence of money politics in the party.

He said as party election steering committee head, he had not received any report of money politics within the party and there was no reason to believe that it was actually being practised.

“As far as the committee is concerned, there’s no such things as money politics in the MCA. These claims are baseless,” he said.