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Govt to revive viable housing
projects
The Star 18/ 5/2002 By Nick Leong
KUALA LUMPUR: The Government will give priority
to reviving abandoned housing projects that are close to completion, said Housing
and Local Government Minister Datuk Seri Ong Ka Ting.
He said there was no point in reviving projects that were not viable to begin
with.
“We have to think of other alternatives for unviable projects that have been
abandoned for more than eight years or when the buyers have only paid 10% or
20%,’’ he said after a Kojadi function at Wisma MCA yesterday.
Ong said buyers should also be prepared to “chip in a little” to help revive
abandoned projects.
“Sometimes, developers cannot complete the project even if we threaten to take
action because they are close to bankruptcy,’’ he added.
Ong said the financial crisis of the past few years had taken its toll on some
developers.
Besides building houses, some developers had dabbled in other more risky investments,
he said, adding:
“They are exposed to other risks and as a result, the housing project suffers.’’
He said the Government had drawn up new requirements to ensure developers were
more capable in completing their projects.
“We have been quite selective over the past two years in issuing development
licences,’’ he said.
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