Ong: Cabinet wants written feedback
24/09/2005 The Malay Mail 

KUALA LUMPUR, Sept 23 (Bernama) -The Housing and Local Government Minister Datuk Seri Ong Ka Ting want all parties involved in the housing development industry to give the ministry their "firm opinion" on the Build and Sale Concept.

He said the ministry had completed the draft related to the concept, which was based on the Australian model but their "firm opinion" in written form, was needed for Cabinet consideration before any final decision on the matter could be made.

"A lot of discussions have been conducted (on the build and sale concept). They have given us the feedback, most are verbal feedback but what we want now is a firm opinion, not just verbally," he told reporters after launching the Mapex 2005 Exhibition here Friday.

Mapex is a annual property exhibition organised by the Real Estate and Housing Developer Association (REDHA) for the developers to showcase the various types of property available for sale.

Ong said the draft would be presented to the cabinet soon and hoped all the parties involved developers, housebuyers, architects, surveyors and financial institutions would submit their feedback in writing to the ministry as soon as possible.

Ong said in the past, the parties involved had given their opinions verbally, but some of them did not give any clear opinion or feedback on the concept, which is also known as 10:90 model.

The build and sale concept was first mooted by the Prime Minister Datuk Seri Abdullah Ahmad Badawi in August last year, in order to relieve housebuyers from the burden of loan repayments before their houses were ready.

Following that, Ong who led the ministry's visit to Australia where a similar concept had been implemented and proposed the 10:90 build and sell model be adopted.

Under the model, house buyers pay 10 per cent upon signing the sale and purchase agreement. It will be deposited with a stakeholder and the developer will build the house while the remaining 90 per cent will be paid later.

However, the developers have been resisting the model while the housebuyers wereall for it.-BERNAMA