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Wednesday, March 25, 2009

Selangor to revive abandoned housing projects

SELANGOR aims to revive a third of 147 abandoned housing projects in the state over the next one year.

The projects cover more than 50,000 houses, worth some RM5 billion in total, and they have been sitting idle since 1997.

"It will be good for developers to revive these projects, instead of launching new ones. Incentives will be given to those who come forward," said Iskandar Abdul Samad, the state executive councilor in charge of housing, building management and squatters.

These includes fast-track approvals and the rescheduling of up to RM1 million in quit rent payment owed by previous developers on a single project.

Iskandar said developers will also make money faster as the projects have units that have been sold.

He was speaking to Business Times on the sidelines of a real estate convention organised by the Selangor Development Corp (PKNS) in Kuala Lumpur yesterday.

The projects were abandoned by some 80 developers that had faced cash flow problems, causing hardship to buyers.

"We have formed three groups to match the developers of the abandoned projects to those who are willing to take over. So far, 13 projects have been revived," Iskandar said.

The state will also seek help from the Real Estate and Housing Developers Association and the Malaysian chapter of the International Real Estate Federation on the matter.

By Business Times (by Sharen Kaur)

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