KUALA LUMPUR: The Ministry of Local Government Development (KPKT) plans to implement a build-then-sell (BTS) housing delivery system rather than a sell-then-build (STB) delivery system next year, to reduce the number of “sick’’ or delayed housing projects.
KPKT Minister Nga Kor Ming said the ministry will work together with the Real Estate Housing Development Association (Rehda) to overcome the issue.
“I will discuss with Rehda about the new business model incentives so that developers build new houses and sell them.
‘’This is so that there will be no more abandoned projects in the future as you are only allowed to sell upon completion,“ he told the media after launching the Malaysia Property Expo (MAPEX) 2023 here today.
Nga said the ministry’s special task force revived 256 projects worth RM23.37 billion as at August this year.
“We managed to save a total of 28,863 buyers and we want to make sure there are no more abandoned projects,‘’ he said, adding that 9,500 affordable housing units are on track to be completed under the 1Malaysia Housing Programme (PR1MA) this year.
Nga said that to date, 17 out of 24 sick housing projects under his scrutiny have been restored.
MAPEX 2023, which runs until Oct 29 at the Mid Valley Exhibition Centre, is participated by 44 exhibitors comprising developers, financial institutions and government agencies.
Meanwhile, KPKT will be joining hands with Rehda to co-organise MAPEX 2024, in a mission to further boost the country’s property sector. -Bernama