SEREMBAN: Housing developers will be required to purchase insurance for their new projects in a move to safeguard buyers, Housing and LocalGovernment Minister Datuk Seri Chor Chee Heung said.
He said the ruling would be implemented after it is approved by the authorities and talks with insurance companies were concluded.
“We are in discussions with insurers to see how this can be implemented. We may need such a mechanism because there have been many housing projects abandoned in recent years with buyers left in the lurch,” he said.
Chor said that in the past decade, 167 housing projects comprising 53,238 units had been abandoned in the peninsula alone but 83 projects, comprising 15,806 units, have since been rehabilitated.
“We are also reviving 62 housing projects and hope to complete them soon,” he said.
Chor said his ministry revived 31 projects last year and hoped to rehabilitate another 35 comprising some 12,000 units this year.
Since 2007, some 5,000 directors of housing development companies and over 1,000 developers have been blacklisted.
Earlier, Chor gave away keys to 177 buyers of units at Taman Kerisi and Taman Bukit Ara in Kuala Pilah, near here.
The projects, which had been abandoned for several years, were revived at a cost of RM8mil, borne by the Federal Government. - The Star
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