Developers to lodge complaints over bank loans

  • Nation
  • Thursday, 10 Apr 2003

KUALA TERENGGANU: The state Real Estate and Housing Developers’ Association will lodge a complaint with the Finance Ministry and Bank Negara over the reluctance of banks to approve loans for certain projects. 

Its secretary Woo Mun Kit said developers were facing difficulties in securing loans for some high-rise projects, construction of factories and purchase of heavy machinery. 

“This problem has been occurring for about a year, probably because the banks are playing it safe as the risk involved is high,” he said. 

Also present were the association's state chairman Datuk Tok Teng Sai and treasurer Chong Fah Ming. 

“When we apply for a loan to buy a piece of land for a housing project, they make things difficult for us by asking whether we have a list of ready house buyers,” he said. 

Tok urged the Housing and Local Government Ministry to abolish the RM200,000 bank deposit requirement for developers seeking a licence to implement a housing project involving more than five units. 

He said the state association would hold a seminar on Land Development, Housing and Strata Titles at Primula Beach Resort on April 22 and a half-day seminar on the amended Housing Act the next day at Ibai Golf and Country Club. 

Those interested in attending can call 09-623-6886 or 09-624-6886. 

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