Ministry has rescued 663 struggling housing developments since January 2023


KUALA LUMPUR: From January 2023 to May 31, 2024, the Housing and Local Government Ministry's special task force on sick and abandoned projects successfully revived 663 ailing and abandoned housing developments, says Nga Kor Ming.

It represents a gross development value of RM57.09bil, added the minister.

He said the ministry’s Task Force resolved 452 sick and abandoned private housing projects last year, involving 53,697 housing units valued at RM39.14bil.

"Meanwhile, until May 31 this year, 211 additional private housing projects classified as sick and abandoned have been successfully revived, involving 24,857 housing units valued at RM17.28bil.

"In less than two years, the task force has protected 78,554 house buyers," Nga told the Dewan Rakyat on Tuesday (June 25).

He was responding to MP Manndzri Nasib (BN-Tenggara), who inquired about the ministry's efforts to assist house buyers dealing with sick housing projects.

Nga said the ministry has implemented targeted measures to support home buyers affected by sick and abandoned housing projects, such as submitting lists of affected buyers to the Public Sector Housing Financing Board for potential loan restructuring.

He said the ministry had also issued confirmation letters for sick or abandoned private housing projects through the Housing Controller under Section 8A(1)(c).

"These letters are intended for buyers who wish to terminate their purchase agreements. In such cases, buyers are advised to seek legal assistance to proceed with the termination process," he added.

Nga said the ministry is considering new legislation, the Real Property Developers Act, to further safeguard the public interest.

"Under this proposed law, developers guilty of fraud could face imprisonment and a travel ban.

"Any developer involved in fraud will be proposed to be banned from leaving the country. Those found guilty can also be prosecuted under Section 18A of Act 118 to serve as a deterrent. This aims to eliminate the existence of dishonest developers," Nga added.

Regarding the rise in diesel prices, Nga said that the commercial construction sector has never enjoyed diesel subsidies; therefore, the price increase should not impact house prices.

He said the ministry would continue to monitor the industry to ensure no price gouging or unnecessary profiteering.

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