SEPANG: The revival of over 74 per cent of abandoned housing projects nationwide was made possible with the government's intervention, Prime Minister Datuk Seri Najib Razak said today.
The prime minister said the initiatives by the government allowed some 159 housing developments to be revived and another 10.7 percent of all abandoned projects were in the building phases.
The remaining housing projects deserted by private companies, he said, were all in the proposal stages of being re-developed.
Najib added this would not have been realised without the good management of government-linked companies (GLCs) such as the Malaysian Building Society Berhad (MBSB) which had funded such projects.
Najib said this during his speech at a mock-key handover ceremony to mark the successful rehabilitation of a housing project in Bandar Salak Perdana, near Bandar Baru Salak Tinggi this evening.
“To deliver something out of the ordinary, an institution needed to be well-managed to become profitable,
“MBSB has successfully done so to allow the funds it made to be used for this project,”
Najib said commercial banks would not fund such projects because the interest rates on offer were below the normal commercial rates.
However, he said MBSB had allocated some RM215 million to recover the abandoned project under the government's instruction.
At the ceremony, some 713 home buyers received their keys after waiting over 12 years after the project was abandoned.