JOHOR BARU: The state authorities have been urged to be consistent with the regulations on the release of unsold bumi property units to avoid manipulation.
Johor Real Estate and Housing Developers Association (Rehda) branch chairman Datuk Steve Chong Yoon On said developers were required to release the unsold units after nine months if there were no takers for bumi property.
“But we (developers) are forced to hold them for two to three years, which is becoming a burden for most of us,” he said yesterday.
Chong said holding on to the unsold units for such a long period would result in developers facing cash flow problems and cause the delay in the construction of new property units.
It must be a win-win situation for all the bumiputra buyers and developers, added Chong.
KGV International Property Consultant (M) Sdn Bhd director Samuel Tan Wee Cheng said the bumi quota system needed to be tweaked to avoid manipulation by certain quarters.
“If the demand in a particular location is high, the percentage can be increased and vice-versa.
“Hopefully, this will reduce imposition of unrealistic quotas in different localities. Incidents of applying for waiver can then be reduced,” he said.
Tan said the current bumi quota system had created an artificial shortage and denied the rights of deserving bumi buyers to own houses.
Under the State Housing Enactment, developers are required to build 40% of affordable houses in their projects, an increase from 20%, 30% or 35% previously.
The affordable houses in Johor are defined as landed or the high-rise properties with a price bracket of between RM150,000 and RM250,000.
Johor Consumers Movement Association chairman Abdul Majid Kayat said the state authorities should impose a directive for developers to publicly declare the unsold properties.
Follow us on Wechat or Facebook for the latest updates.
Download StarProperty.my e-Mag(bit.ly/StarProperty_Emag) for more articles.
Want to contribute articles to StarProperty.my? Email editor@starproperty.my.
[slider id='81590' name='StarProperty' size='full']
