KPKT minister: A strategic and inclusive budget for all

PUTRAJAYA (Oct 29): The Housing and Local Government (KPKT) minister Datuk Seri Reezal Merican Naina Merican described the newly announced Budget 2022 as a strategic plan that covers every aspect, including socioeconomic, strengthening businesses and the health system to facilitate the country moving towards recovery.

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79 abandoned housing projects currently, says Reezal Merican

KUALA LUMPUR (Oct 7): Among the leading causes of abandoned projects in Peninsular Malaysia are weak financial positions of developers involved and weak project viability, said Housing and Local Government (KPKT) Minister Datuk Seri Reezal Merican Naina Merican (pictured).

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Do not pay beyond 50% until property fully redeemed by developer

It sounds incredulous, but banks had initiated foreclosure proceedings against homebuyers, not because the latter had failed to pay their instalments, but to recover loans which their developers had defaulted! And this was legal because the developers had secured their loans by using the purchasers’ houses as collateral! The crux of the problem was that the Housing and Local Government Ministry’s (KPKT) prescribed sale and purchase agreement (SPA) allowed developers to build houses with the instalments of the purchase price paid by purchasers from the day the SPAs were signed.

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