An additional period of three months before Bumiputera quota units are released for public sale has been imposed to prevent developers from 'hiding' the units to obtain higher profits.
Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said in the past, developers were allowed to apply to the state government to release the units and sold the public if they could not find Bumiputera buyers.
Through the new mechanism, an additional period of three months would be used by the ministry in collaboration with the Bumiputera Economic Council to look for bumiputera buyers on the waiting list before the units are released.
He was speaking to reporters after the National Housing Council Series 3 meeting chaired by Prime Minister Datuk Seri Najib Tun Razak, at Putra Perdana, here on Friday.
Abdul Rahman said the regulation would be enforced nationwide with immediate effect and that developers must adhere to the new mechanism, which would be streamlined in accordance with state practice.
Bernama
Sat Aug 22 2015
An additional period of three months has been imposed to prevent developers from 'hiding' the Bumiputera quota units. - File pic
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