Housebuyers association renews proposal for build-then-sell concept

The National House Buyers Association (HBA) has renewed its proposal to the government to implement the mandatory build-then-sell (BTS) concept for housing units.

Speaking to Malaysiakini, HBA secretary-general Chang Kim Loong said this is the way forward for the Housing and Local Government Ministry after the Federal Court ruled its issuance of extension of time (EoT) for developers to complete the housing projects are null and void.

"I want the government to now to revisit our proposal on the BTS 10:90 concept, whereby the housebuyers only pay 10 percent of the house price upon signing the sales and purchase agreement (SPA).

"The balance 90 percent will be paid upon completion, with the Certificate of Completion and Compliance (CCC) issued and water and electricity facilities installed," Chang said, adding that HBA had been fighting for this mandatory method for the past 15 years.

The proposal should be implemented gradually, instead of drastically, as this would be fairer to the developers, he said.

"So, the sooner developers complete the housing project, the sooner they will get the money," said Chang.

In July 2018, Housing and Local Government Minister Zuraida Kamaruddin was reported as saying that the government would push for the implementation of the build-then-sell method as a primary method of housing delivery.

Currently, the country goes by the sell-then-build policy and some developers have applied for the extension of time to allow more time for them to complete their housing projects.

Once the EoT is granted, the buyers cannot pursue liquidated damages (LAD).

On Nov 26, the Federal Court ruled that the Regulation 11(3) of the Housing Development (Control and Licensing) Regulations 1989, which allow the controller to waive and modify the terms of the sales and purchase agreement (SPA) between buyers and developers is ultra vires the Housing Development (Control and Licensing) Act 1966. - Mkini

✍ Credit given to the original owner of this post : ☕ Malaysians Must Know the TRUTH

🌐 Hit This Link To Find Out More On Their Articles...🏄🏻‍♀️ Enjoy Surfing!