KUALA LUMPUR: The Housing and Local Government Ministry's Special Task Force on Sick and Abandoned Private Housing Projects (TSFT) has successfully revived 862 sick projects from 2022 to October 31, 2024, enabling 102,808 buyers to finally receive their keys and move into their homes.
These rescued projects represent a gross development value of RM85.82 billion, according to Housing and Local Government Minister Nga Kor Ming.
Nga said that with developers like 168 Park Selayang driving progress, the government's target of achieving zero abandoned housing projects by 2030 is well within reach.
"Their dedication to delivering quality developments on time has set a benchmark for the industry, supporting the nation's mission to build trust and sustainability in the property sector," he said during his recent visit to the revitalised 168 Park Selayang development.
168 Park Selayang Sdn Bhd, the developer for 168 Park Selayang, was established in 2021 by the founders of Infra Segi Sdn Bhd after being appointed by the High Court as the white knight to revive the long-abandoned Selayang Star City
project, which had been left incomplete since 2017.
Under the judicial management order (JMO), Block C of 168 Park Selayang was designated to accommodate buyers affected by the abandoned project.
Going beyond the requirements of the original Sale and Purchase Agreement (S&P), the developer implemented significant enhancements to both individual units and the overall project, transforming it into a development of outstanding quality and exceeding expectations at every level.
These improvements were achieved without imposing any additional financial burdens on buyers affected by the previously abandoned project.
These unit owners were not required to top up payments, showcasing the developer's steadfast commitment to the well-being and trust of its stakeholders.
The units were sold at an affordable price of RM290,000, according to a statement issued by the developer.
Nga said that this is a significant achievement, as the project has been completed with excellent quality without adding financial pressure or burden to the buyers.
"In 2022, we were grateful that the High Court appointed the parent company of 168 Park Selayang, Infra Segi, as the rescue contractor and project manager to revive this development. The High Court's decision successfully saved a project comprising 2,093 units with a gross development value of RM1.12 billion," he said in the statement.
"Every unit that was previously abandoned has now been completed under Block C, which has been fully handed over, with the Certificate of Completion and Compliance (CCC) already issued," he said.
Edward Lum, the chief executive officer of 168 Park Selayang Sdn Bhd said that despite starting on a negative slate, the company took on the challenge and faced many hurdles along the way.