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HBA urges government to implement ‘build-then-sell’ system

affordable-housingThe National House Buyers Association (HBA) has urged the federal government to address the issue of abandoned housing projects in its plans for the housing sector in Malaysia.

Speaking to FMT, HBA secretary-general Chang Kim Loong said the best way to do this was to implement the system of build-then-sell 10:90 (BTS 10:90), which it had proposed to the previous administration for several years.

Under the BTS 10:90 system, house buyers only pay the initial downpayment of 10% when booking a house and make no further payments until vacant possession of the property is delivered to them.

“Aside from being an eyesore, abandoned projects cause hardship to house buyers who need to continue with their monthly bank instalments for housing loans.

“The BTS 10:90 is a far safer mode of home delivery system and the new federal government should implement it without further delay.

“Compel the housing industry to adopt the system as we believe it will drastically, if not totally, eliminate cases of housing projects being abandoned,” he said.

Last November, then-urban wellbeing, housing and local government minister Noh Omar revealed that 253 abandoned private housing projects had been registered in Peninsular Malaysia since 2009.

This, he said, involved 64,290 residential units, of which 43,537 units had been sold.

Chang said HBA was hopeful and excited about the future, as PH’s election manifesto contained many promises which would benefit the public and house buyers.

He said these included pledges to build one million affordable homes across two terms, tax incentives for companies which focused on affordable housing, widening rent-to-own schemes and the setting up of a National Affordable Housing Council, chaired by the prime minister, to bring together various agencies and coordinate matters related to affordable housing.

“HBA also fully supports any measures to reform the 1Malaysia People’s Housing Scheme (PR1MA) as it has deviated from its original and noble aspirations to provide affordable housing.”

He said under PR1MA’s present partnership with private developers, only 50% of the allocated land area was reserved for affordable homes. The balance was reserved for commercial and lifestyle properties.

Source: Free Malaysia Today 

 

 

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  1. Harmon
    May 19th, 2018 at 08:46 | #1

    I think in Penang Island there is a vast area in Teluk Bahang is being “totally neglected”. A very ideal area for affordable housing once the NCPR is built.
    In fact, affordable housing is not just necessary must be on the mainland.

  2. Steven Lim
    May 29th, 2018 at 12:02 | #2

    Great, at least this will avoid unethical developers to advertise 5 star rating property and claimed to be design by award winning designer and then end up with not even a 1 star or defect property.

  3. Obak
    May 29th, 2018 at 15:23 | #3

    SUPPORT
    Now supply over demand. If the developers build an over price property, then they will have to bear the cost. Yeah, that should be it for the market that is soft

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