A win-win situation for all
NST 26/06/2006

THE announcement that the Government will adopt the 10/90 or build-then-sell system is good news for house buyers.

This can be considered one of the biggest social changes in recent times. The decision has very far-reaching implications. Now developers and suppliers must lift their game if they are to stay competitive.

The Real Estate and Housing Developers Association (Rehda) must not see this as a setback but look at it positively. For one thing, it will mean the end of abandoned projects and shoddy workmanship by unscrupulous developers who give the industry a bad name.

Hopefully, this change will also mean the end of the onerous regulations which have been the bane of the industry.

Banks must also do their part by facilitating honest developers to build-then-sell.

The National House Buyers Association argued the case for build-then-sell convincingly. The association must be congratulated for this public service.

However, this does not reduce the relevance of the association. Its next job is to convince the banks to come to the party.

It should also give its input to any change in regulations affected by this decision.

Often, calls for change come from the public but unless the Government is receptive nothing happens. In this case, it was the Prime Minister who suggested that a build-then-sell system should be looked into.

Credit is due to Housing and Local Government Minister Datuk Seri Ong Ka Ting for adopting this system despite intense lobbying by industry players.

Perhaps the minister should now repeal the regulations that have become irrelevant with the changed circumstances. This would make it less onerous and less expensive for developers.

This is a "win-win-win" situation for buyers, developers and the Government. Syabas!

YIN EE KIONG, Penang