Mar 15, 2011
SHAH ALAM: With the launch of the My First Home Scheme, the Government may review the Housing Developers’ Act to make developers more accountable.
Housing and Local Government Minister Datuk Chor Chee Heung said the Act needed to be balanced to make it fair to buyers and developers.
“We are looking into revamping the Act to add more stringent measures and regulations. I would like to see developers complete their scheme, as advertised,” he told reporters after officiating SP Setia Bhd’s new smartphone application here yesterday.
Chor said there were several cases where people were cheated by misleading housing advertisements.
“Once a group of buyers who had already paid the 10% down payment came to see me, saying the developers had failed to keep their pledges as advertised,” he added.
He also advised first-time buyers not to be too choosy when buying their first property.
“Houses in the Klang Valley are becoming more expensive because of land value,” he said.
Last week, Prime Minister Datuk Seri Najib Tun Razak launched the scheme which allows first-time buyers with an income of less than RM3,000 to buy a house with 100% loan from selected financial institutions.
SP Setia president and chief executive officer Tan Sri Liew Kee Sin said about 300 units of medium-cost apartments, priced at RM120,000, would be built at Setia Alam.
He said profits obtained from high-end projects would be cross-subsidised to low and medium-cost projects.