A developer has proposed to open a joint fixed deposit account with its house buyers for a sinking fund to promote transparency in its business transactions.

Eternal Holdings Sdn Bhd managing director Ong Tai Chin said his company was among the first to adopt the approach, noting that most developers opened their own bank accounts for the fund.

"We want our buyers to have confidence in us as well as feel comfortable doing business with us,'' he told reporters at a drawing of lots ceremony for its Taman Sri Idaman low medium cost units yesterday.

The event was opened by Paya Terubong assemblyman Dr Loh Hock Hun.

Among others, the sinking fund, he said, would be used for painting or repainting of any part of the common property and for the renewal or replacement of any fixtures or fittings.

He said a representative from the housebuyers would be asked to sign on their behalf for the account while the company would be represented by a management staff.

Ong also noted that the company would produce quarterly reports to the buyers on how their monthly RM40 maintenance fees were being utilised.

"Ground works on the project in Jalan Bukit Kukus, Farlim, had started on April 9 and we hope to complete it by the end of 2003,'' he said.

The 490 sq ft units, with two bedrooms priced at RM50,000 each, would be constructed at a 16-storey block and 18-storey block.

Ong also said Eternal Group was presently developing 38 double storey semi-detached units at Taman Ihsan III in Jalan Selasih Kulim priced from RM188,000.

Another 27-storey block of 850 sq ft apartment units, with full condo facilities in Jalan Yeap Chor Ee, would be launched in September. The units are priced from RM138,888 upwards.