ALOR SETAR: The Kedah government is planning to grant the release of bumiputra property lots built before 2017 in a bid to overcome the issue of over RM400mil worth of such properties that have remained unsold in the state over the past 10 years.
State Industry and Investment, Local Government and Housing Committee chairman Tan Kok Yew said the issue involved around 1,000 houses, shophouses and industrial buildings.
However, he said the proposed release would be granted to freehold properties, of which between 30% and 50% were usually reserved for bumiputra buyers.
“Once the release is granted, everyone – bumiputra or not – can buy the property.
“Levy will be made payable for the release and will be channelled to the ‘dream house trust fund’, which will be used to help the less fortunate people own a house,” he said after opening the Kedah Malaysian Property Expo here yesterday.
According to Kedah/Perlis Real Estate And Housing Developers’ Association chairman Datuk Rick Cheng Wooi Seong, the districts with most unsold bumiputra lots were Kota Setar, Kuala Muda and Kubang Pasu.
A total of 3,000 property units totalling RM950mil are offered at the expo. — Bernama