KUALA LUMPUR, Oct 27 — Housing developers may opt for the build-then-sell (BTS) housing delivery system rather than a sell-then-build (STB) delivery system next year.
Local Government Development (KPKT) Minister Nga Kor Ming said they are planning to introduce the move to reduce the number of “sick” or delayed housing projects, in which KPKT will work together with the Real Estate Housing Development Association (Rehda) to overcome the issue.
“I will discuss with Rehda the new business model incentives for developers to build and sell new houses.
”This is so there will be no more abandoned projects in the future as you are only allowed to sell upon completion,” he told the press today after launching the Malaysia Property Expo (Mapex) 2023.
As of August this year, the ministry’s special task force revived 256 projects worth RM23.37 billion.
“We managed to save a total of 28,863 buyers, and we want to ensure there are no more abandoned projects,” Nga said, adding that 9,500 affordable housing units are on track to be completed under the 1Malaysia Housing Programme (PR1MA) this year.
To date, 17 out of 24 sick housing projects under his scrutiny have been restored.
Mapex 2023, which runs until October 29 at the Mid Valley Exhibition Centre, features 44 exhibitors, comprising developers, financial institutions, and government agencies.
Meanwhile, KPKT will be joining hands with Rehda to co-organise Mapex 2024, in a mission to boost Malaysia’s property sector further.
— Bernama
