PENANG is poised to become the first state government to play a role in rescuing abandoned housing projects instead of leaving it in the hands of the federal authorities.
State executive councillor Datuk Seri S. Sundarajoo disclosed plans to rescue two such projects, citing that it is a win-win situation for all parties.
The developer, the authorities and the buyers will benefit from this pioneering scheme of rescuing projects, said Sundarajoo.
"We need to be responsible, and we cannot wash our hands from the plights faced by the unfortunate buyers. We should help them."
Sundarajoo said that he has brought up the matter at the state exco - level and received blessings from Chief Minister Chow Kon Yeow over the matter.
He said that he has come up with a scheme to help all those affected, and that he will bring in a "white knight" to help underwrite the rescue plan.
"Every month these buyers go through the burden of having their salaries deducted for the housing loan they undertook. It is really sad because majority of the buyers are just mid - income people."
The state is sensitive to the plight of the buyers of the Quinton dan Sri Bayu affordable housing scheme.
At Quinton, there are 379 units and at Sri Bayu, a total of 246 units remain uncompleted.
Sundarajoo said that the state has devised a plan to salvage both projects by bringing in a third party to assist.
He said that the state will impress upon the developers of both projects that it is better to complete the units now because they can eventually save more than incurring the compensation payout for failure to deliver. - March 12, 2025.
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