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Govt to monitor build-then-sell concept

SHAH ALAM, 19 Jan 2009: The government has no plans to fully implement the Build-Then-Sell (BTS) concept at the moment in view of the current global economic crisis, said Housing and Local Government Minister Datuk Seri Ong Ka Chuan.

However, he said the ministry would closely monitor the system throughout this year to gauge the reaction from the housing industry, before implementing it fully.

“The BTS system would be monitored during this period to ensure its relevancy to the industry.

“We must now monitor and see the industry’s reaction and eventually establish what is ultimately the best for the country,” Ong told reporters after launching SP Setia’s 5/95 Home Loan Package, near here, today.

Ong said at the moment, the ministry still allowed the BTS system of housing delivery to run alongside the conventional practice of selling before building the houses.

The government had in 2006 agreed in principle to introduce the BTS concept, with buyers paying 10% deposit and the balance 90% to be paid after the houses were completed.

The then minister Datuk Seri Ong Ka Ting said developers who chose this concept would enjoy several incentives, including exemption from paying the RM200,000 deposit and stamp duties to the government.

Earlier in his speech, Ong who is also former MCA secretary-general, lauded SP Setia Bhd for its brave move in setting new industry standards by coming up with the home ownership campaign which was adapted from the government’s 10:90 initiative.

“At a time where many developers are taking a ‘wait and see’ attitude, I am heartened to see that there are others like SP Setia taking the lead in ensuring the property sector remains active.

“In turn, it will not only help boost the construction industry but help to stimulate the country’s economy as a whole,” said Ong adding that for the past 20 years, about 2.7 million houses had been successfully delivered to the buyers. — Bernama

 

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