Homebuyers should be cautious of 109 developers blacklisted by the Housing and Local Government Ministry for various offences.
Speaking at a press conference on Monday (April 7), Housing and Local Government Minister Nga Kor Ming said the directors of these companies are also blacklisted to prevent them from re-establishing under new entities.
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Speaking at a press conference on Monday (April 7), Housing and Local Government Minister Nga Kor Ming said the directors of these companies are also blacklisted to prevent them from re-establishing under new entities.
Read more at https://tinyurl.com/yhcmp6nz
WATCH MORE: https://thestartv.com/c/news
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NewsTranscript
00:00KPKT has blacklisted 109 developers for non-compliance to safeguard homebuyers' interests.
00:12We through the National Housing Department have blacklisted 109 developers nationwide
00:20due to non-compliance with regulatory requirements as part of our ongoing efforts to safeguard
00:28the interests of homebuyers whereby we are here to issue a stern warning about the importance
00:38of adhering to housing regulations.
00:41All developers who carry out the project without licence will not only be blacklisted, they
00:49will be facing compel and even charged in court.
00:53Today, according to the National Housing Department, a total of 471 notices were issued last year,
01:04resulting in fines of $9.03 million.
01:10In the first two months of this year, JPN has also issued 56 compels with fines amounting
01:19to $1.25 million.
01:22The majority of the violations basically involve failure to submit development status reports
01:28as well as failure to submit their audit reports, including balance sheets and profit and loss
01:34statements to the authorities.
01:38So as a result of the blacklisting, these developers will be ineligible to apply for
01:44new licences until they have settled their outstanding fines.
01:51If we have a new practice, not only that we will blacklist the company, we will also
01:56blacklist the members of the Board of Directors.
02:00Therefore, directors cannot camouflage in using corporate view to run away from their
02:10duty and responsibility.
02:13The blacklisting of these developers sends a clear message that the Madani government
02:18will not tolerate illegal activities.
02:21We are taking a strong action to protect the hard-earned money of homebuyers to ensure
02:29they receive the home they deserve.
02:32Just like what I say, we are not building homes, but we are building hope for the homebuyers.
02:39Of course, by saying so, we only blacklist the unscrupulous developer.
02:46Don't take me wrong, Malaysian developers have a very high reputation in global stage.
02:54We have won 35 gold medals at the world event, accolades given by FIAPC World Headquarters
03:03based in Paris.
03:05For instance, we won the best affordable housing project in the world last year in Setapak, Kuala Lumpur.
03:15Therefore, my message is very clear.
03:19We will reward those who perform well, but at the same time, we are also very strict
03:27on the unscrupulous developers.
03:31So again, I encourage homebuyers.
03:34Today, I will release the full list of the 109 developers which has been blacklisted.
03:41I take this opportunity to encourage homebuyers to verify the licensing status of developers
03:49on the official website.
03:51Pergi ke TEDUH.
03:56You just key in TEDUH, you can find out all the information are there before making financial commitment.
04:03So don't buy property from developer which has been blacklisted.
04:10You buy at your own peril.
04:12You buy at your own risk.
04:14That's important.
04:15So we are committed to upholding regulatory compliance to protect the rights of the homebuyers
04:21and ensure a fair and transparent housing market for all.
04:27Most of the developers are sell and buy.
04:31Correct.
04:32So how about those people who are waiting for their houses to be built while they are blacklisted?
04:37The blacklisted doesn't mean that their current project will be affected.
04:42They will be stopped from applying new license.
04:46Developers cannot stop because they have financial commitment.
04:50They are operating expenses.
04:54So if they only stop, this is their last project.
04:57Means they have to close down their company soon.
05:00So the current existing project will not be affected.
05:04But they are, of course, required to pay out the fine.
05:07So far, from the $9.03 million we issued a compound, 80% already paid out.
05:14So the balance 20% is still appeal at the appealing stage.
05:19This is a government for the people, by the people.
05:22That's why we listen.
05:24When they appeal, we also entertain.
05:26Some will come out with valid reason.
05:29Then, of course, we have to listen.
05:31Some, if they have no valid reason, then the only choice is to comply with the requirement.