However, he said it was difficult to estimate how much time was needed to revive these abandoned projects as many were difficult cases.
“From 1990 to 2007, there were 136 abandoned housing projects, or about 2% of the total housing developments in the country.
“Among them, 49 projects are currently being rehabilitated and 17 are difficult cases (to revive),” he said after launching the Housing Revival Initiative yesterday.
Kong said the previous and new developers, house buyers and bankers should negotiate and discuss “win-win” solutions for the revival of the abandoned projects such as writing off the loan interest for house buyers.
He said the Government would not provide funds for this initiative as it was not right to use tax payers’ money for the exercise.
However, coming up with the money could be the Government’s “last resort only” “should the problem be prolonged further,” he added.Under the initiative, corporate organisations are encouraged to undertake the revival of the abandoned housing projects.
By The Star
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