Minister explains construction deposit ‘exemption’ for developers
- 4 years ago
Housing and Local Government Minister Zuraida Kamaruddin has explained that the gross construction cost deposit “exemption” accorded to several developers is not a full exemption.
Firms need to have a good track record and sufficient financial capabilities before they are allowed to pay below the usual three percent deposit, Zuraida said.
“Those people given the exemption, we have to trace their track record first plus their financial capability."
"Based on that, we are willing to do the exemption because we want to ensure they have the liquidity to finish the project, that it will be sustainable and will not be stopped halfway."
Firms need to have a good track record and sufficient financial capabilities before they are allowed to pay below the usual three percent deposit, Zuraida said.
“Those people given the exemption, we have to trace their track record first plus their financial capability."
"Based on that, we are willing to do the exemption because we want to ensure they have the liquidity to finish the project, that it will be sustainable and will not be stopped halfway."