‘Set cooling off period for re-sale of medium-cost houses’
28/01/2007 NST

BALIK PULAU: The Finance Ministry wants the state government to tighten the conditions for the re-sale of medium-cost houses built by government agencies.

Parliamentary secretary, Datuk Seri Dr Hilmi Yahaya, said the state government should set a 10-year cooling off period before the units can be sold.

"There are many who buy the houses as an investment. They buy cheap but resell the units at a much higher price.

"We have received many complaints with regard to this but there is nothing the federal and state governments can do to stop the practice," he said after handing over keys to the Taman Manhhis Indah house buyers here.

"Unlike low-cost houses, which are controlled, anybody can sign up to buy medium-cost units."

Dr Hilmi said tightening the conditions would ensure that genuine house buyers need not have to compete with those out for a quick gain.