Be ethical, Chor urges property sector

KUALA LUMPUR (Dec 1): Housing and Local Government Minister Datuk Seri Chor Chee Heung has urged all parties in the property sector to always put the interests of the buyers first, by ensuring quality and timely delivery of their developments.

Chor said all stakeholders, from bankers to project consultants and property consultants, should uphold their professional code of ethics in executing their respective responsibilities.

"I urge all professional bodies involved directly or indirectly in the property segment to remind their members to be ethical at all times on their exercise of responsibilities.

"Bankers who provide financing should only disburse funds based on actual work carried out on site, while developers should only use the funds from the banks and their project accounts for legitimate and allowable expenses," he told reporters after launching the official website of Rimbun property project by Amphil Corporation Sdn Bhd, here on Thursday.

Chor said project consultants, on the other hand, should only certify payments when real work has been properly carried out, and at the same time provide true and fair property valuations and market trends to house buyers.

"These measures will address the current shortcomings in the industry and ensure continuous and sustainable growth of the property sector," he said.

Chor said the government can always regulate the property players and relevant bodies by means of a bill in Parliament.

"However, as the world is moving towards liberalisation and deregulation, any act of over-regulation would stunt the growth of any business activity including the housing sector.

"It would also drive away potential investors," he said. — Bernama