SHAH ALAM, 24 Oct: The Selangor government approved the establishment of a special fund to restore abandoned housing projects.
The Exco for Housing, Building Management and Urban Living, Iskandar Abdul Samad, said that the fund will be called the Abandoned Project Restoration Fund (TEPAT) which has funds up to RM20 million.
He said that the fund will be contributed by the Selangor government and the Selangor Housing and Property Board.
“The restoration cost will be borne by the state government and the buyers,” said Iskandar Samad in a media statement.
He said that the percentage of cost borne by the state government and buyers to restore an abandoned project are as below:
(i) Low Cost Houses (RM35,000 to RM42,000) – 100 percent state government/0 percent buyer.
(ii) Medium-Low Cost Houses (RM72,000) – 80 percent state government/20 percent buyer.
(iii) Medium Cost Houses (RM100,000) – 70 percent state government/30 percent buyer.
(iv) Sale Price RM101,000 to RM200,000 – 40 percent state government/60 percent buyer.
(v) Sale Price RM201,000 to RM300,000 – 30 percent state government/70 percent buyer.
He said that however this fund will priorities Low Cost Houses, Medium-Low Cost Houses and Medium Cost Houses.
“So far, four abandoned housing projects involving almost 1,000 housing units have been identified to be restored.
“Other projects will be identified after this,” he said.
Iskandar said that the establishment of this fund is another effort by the state government to help victims of abandoned projects.
“Previously, the state government had set up the Abandoned Project Recovery Committee (JPPT) to help developers and buyers of abandoned projects to find solutions,” he said.
NS