SPNB revives 20-year-old housing project
www.theedgedaily.com 05/01/2006 By Tamimi Omar

Syarikat Perumahan Negara Bhd (SPNB), a wholly owned subsidiary of the Minister of Finance Incorporated (MOF, Inc) has acquired a 20-year old abandoned housing project in Taman Sungai Pinang, Klang to revive at the cost of RM1.16 million.

In a statement on Jan 5, SPNB said the Housing and Local Government Ministry had requested SPNB to undertake and revive the project involving 17 double-storey houses.

“The house buyers of Taman Sungai Pinang had waited in vain for two decades as the housing project was abandoned (in 1985) following financial and management problems faced by the previous developer,” it said.

Developed on a 1.3-acre freehold site in Klang, the housing project consists of 29 residential units.

However, SPNB said it was only responsible to rehabilitate 17 units as the owners of those units had already received their individual titles.

“We have taken over this 80% completed project without any additional costs loaded on the house buyers,” SPNB executive chairman Datuk Seri Tengku Adan Tengku Mansor said.

He said the government had to absorb the deficit occurred in completing the project.

SPNB is currently reviving three stalled projects in Selangor at Taman Kantan Permai (Phase I), Kajang, Bandar Pinggiran Subang, Shah Alam and Taman Desaria, Petaling Jaya.

As instructed by the Housing and Local Government Ministry, SPNB’s ongoing rehabilitation initiative comprise 176 abandoned housing projects, involving 51,413 units with an estimated value of RM4.3 billion