Selangor to revive
abandoned housing projects
25/03/2009 NST By
Selangor aims to
revive a third of 147 abandoned housing projects in the state over the next
The projects cover more than 50,000 houses, worth some RM5 billion in total
and they have been sitting idle since 1997.
"It will be good for developers to revive these projects, instead of launching
new ones. Incentives will be given to those who come forward," said Iskandar
Abdul Samad, the state executive councilor in charge of housing, building
management and squatters.
These includes fast-track approvals and the rescheduling of up to RM1 million
in quit rent payment owed by previous developers on a single project.
Iskandar said developers will also make money faster as the projects have
units that have been sold.
He was speaking to Business Times on the sidelines of a real estate convention
organised by Selangor Development Corp (PKNS) in Kuala Lumpur yesterday.
The projects were abandoned by some 80 developers that had faced cash problems
causing hardship to buyers.
"We have formed three groups to match the developers of the abandoned projects
to those who are willing to take over. So far, 13 projects have been revived,"
The state will also seek help from the Real Estate and Housing Developers
Association and Malaysian chapter of the International Real Estate Federation
on the matter.