PUTRAJAYA: The Government is studying a Korean housing scheme to see how Malaysia can introduce a mechanism to better protect house buyers and developers.
Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said it was looking at the Korean Housing Guarantee Scheme to understand the concept.
The Korean scheme provides, among others, compensation to buyers if houses are uncompleted while the developers get assistance in the event of unexpected increases in costs.
“It is a very interesting concept but we first need to determine who will provide the guarantee.
“At this stage, maybe the Government will provide an amount to the guarantee fund while the industry chips in.
“In the Korean scheme, there is a small fee collected from every transaction and the fee goes into the fund,” he told newsmen after delivering his New Year message to ministry staff here yesterday.
Abdul Rahman said he threw the idea to housing developers during a meeting recently and they responded favourably.
“Their question is who is going to provide the financing – which is what we are working on,” he said.
The Korean scheme is run by the Korea Housing Guarantee Co Ltd, which operates as a specialised housing finance company.
It offers guarantees for housing completion, rental dwellings, rental deposits, project financing, union housing completion and repair compensation.
It also provides housing performance certification services, guarantee execution, credit management, authorised housing efficiency rating and real estate financial services information. - The Star
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