SHAH ALAM, 8 May: The establishment of the Abandoned Housing Projects Restoration Fund (TEPAT) is a move to recover problematic projects through an allocation of RM20 million.

The establishment of the fund was announced by the Chief Minister, Mohamed Azmin Ali, in the Selangor Budget 2015 in November last year.

The Exco for Housing, Building Management and Urban Living, Datuk Iskandar Abdul Samad, said that the successful completion of abandoned projects since March 2008 is a good development.

“A total of 55 projects were recovered and it is a good achievement as most abandoned projects experienced a deficit.

“This means that the cost to complete the project is higher compared to the original sales price. This means that buyers have to pay extra if they want it to be completed.

“However, buyers are not able to make additional payments and this situation is true for low-cost housing projects,” he told Selangor Kini.

Through TEPAT, he said that it proves the Selangor government’s commitment to help the low-income group.

“Several projects have been identified by LPHS. Buyers do not have to make additional payments or only need to make a minimum payment for the restoration of the project,” he said.

“Although TEPAT cannot restore all abandoned projects, but it can help victims who require defence.

“For other projects, buyers have to reach an agreement with the developers about the best solution plan for both parties.

“Banks also cannot obtain the full amount of money and there must be sacrifices from all parties. Buyers have become victims and banks must understand their problem.” he said.

NS