REHDA Seeks Help For House Buyers Affected By Abandoned Projects
03/08/2007 Bernama

KUALA LUMPUR, Aug 3 (Bernama) -- The Real Estate and Housing Developers' Association (REHDA) is urging Bank Negara Malaysia to consider its proposal that financial institutions waive the interest and capital repayment for affected purchasers of property projects deemed abandoned by the Ministry of Housing and Local Government.

Its president Ng Seing Liong said the proposal was sent to the central bank last month and that the issue was also brought up to the Housing and Local Government Ministry.

He said the association was appealing to the central bank to get commercial banks to waive temporarily interest and installment payments on properties affected by abandonement.

"We ask that the affected purchasers be required to continue payment only after the project has been resumed," he said to reporters at the sideline of the Malaysia Property Expo (MAPEX) 2007 here, Friday.

Ng said the authorities should instead go after the developers who have abandoned the projects and not let the purchasers suffer by paying for a house they have yet to occupy.

Some affected purchasers are not even able to get car loans because their house installments have been classified as non performing loan, he added.

Todate some 60,000 purchasers are said to be affected by abandoned property projects.

Meanwhile, the Mapex event being held from Friday until Sunday at the Mid Valley Exhibition Centre here, is showcasing over 10,000 units of properties valued at more than RM5.6 billion.

Some 22,000 visitors are expected to attend the expo, which features 60 property developers, 11 financial institutions and several related government sectors.

-- BERNAMA