Now Time To Implement Build-And-Sell Concept, Ong Says

Bernama 30/11/2006

KUALA LUMPUR, Nov 30 (Bernama) -- The government's decision to amend the Housing Development (Control and Licensing) Act will encourage developers to adopt the build-and-sell concept, said Housing and Local Government Minister Datuk Seri Ong Ka Ting Thursday.

He said that this was because the amendment would give more protection to the buyers including giving them the right to cancel the sale and purchase agreement within six months after signing it.

The amendment also sought to provide heavier penalties on the developers if the projects were delayed, he told reporters here.

Besides, he said that the developers would enjoy various facilities and incentives when they adopted the build-and-sell concept which included that would be given priority in getting the approvals for the building plans.

Wednesday, Ong said the Cabinet had agreed to amend the legislation to give more protection to housebuyers as many of them had incurred losses when the projects had stalled.

"I see the amendment as something big because it can solve many problems affecting housebuyers," he said Thursday.

-- BERNAMA