RM1b Bumi properties unsold
31/05/2007 NST

KUALA LUMPUR: About RM1 billion worth of Bumiputera properties in the city have remained unsold since 2003, prompting City Hall to organise a property fair.

Mostly houses and condominiums in Cheras, Jinjang, Kepong, Segambut, Sri Hartamas, Jalan Kia Peng and Bukit Jalil, the properties did not attract Bumiputera buyers due to unattractive pricing and location.

City Hall director-general Datuk Salleh Yusup said it is hoped the properties in non-Malay areas will sell.

"The fair also aims to provide a platform for Bumiputera buyers to view the properties for investment purposes or for their own use," he said.

Salleh announced the Property Fair, to be held from June 15 to June 17 at Mid Valley Megamall, yesterday.

About 10,000 visitors are expected.

He said about 4,000 units of houses and condominiums with prices ranging from RM100,000 to RM1 million will be on sale.

About 60 developers will take part in the fair to sell properties which fall in the 30 per cent Bumiputera quota in all housing developments. Bumiputeras also receive a seven to 10 per cent discount.

"City Hall is organising the fair to help developers sell properties which have been vacant for years," said Salleh, adding that properties in Ampang, Keramat, Wangsa Maju, Setapak, Selayang and Gombak were snapped up fast.

"Developers have no problems selling properties reserved for Bumiputeras in these areas.

"Sometimes the demand exceeds the 30 per cent quota."

Salleh said that based on City Hall’s observation, most Bumiputeras buy in the RM100,000 to RM150,000 price range.

"We also have problems selling the million-ringgit properties."

In the past, he said, City hall had bought some of the properties reserved for Bumiputeras and rented them out until a buyer was found.

"But after few years, if we fail to get a Bumiputera buyer, City Hall will release the property to non-Bumis."