Convert Land First Before DP Approval
clock 25-05-2017
hit 4,749

SHAREDA has been consulted by the State Government's Core Working Committee (CWC) and noted that the proposed flow chart system for approval does not differ from the present system.

news-banner


SHAREDA upholds the following policies for enhancement and improvement of real estate industry in Sabah context:-

1. Transparent and shorter time for ALL SUBMISSION and hence lower holding cost for developers and faster delivery to all purchasers;

2. Earlier issuance of subsidiary title and subdivided title together with OC issuance would allow the formation of Management Corporation (MC) immediately and to discard any misunderstanding between buyers and developers and also to relieve the developer's burden. It is also to reduce the cost of transaction in the secondary market; and

3. Earlier conversion of NT title to CL title would facilitate the drawdown of bridging finance and enhance the liquidity and market of our products.

Speaking at a press conference on Wednesday (May 24) afternoon, SHAREDA President, Mr Chew Sang Hai reiterated the importance of converting NT (Native Title) titles to CL (Country Lease) before submitting Development Plans (DP).

"There are steps which need to be followed. NT titles must be converted into CL titles before Development Plans can be submitted. Only after that then the letter of offer will be released and after receiving it then the developer starts paying", he said.

He also added that without the CL conversion, a developer would not entertain such request to develop something and the bank will not release the land to the developer.

The present system is a concurrent activity which is in-line with other activities like the submission of Building Plans (BP) and not inclusive of the working time.

"The proposed flow chart also includes KPI activities. I believe that this will help improve the Government's delivery system", he said.

"SHAREDA urges the State to monitor and be transparent as to the attainment of the KPI by the various departments so as to achieve the objectives of the Circular", he concluded.





WHAT DO YOU FEEL ABOUT THIS?

0
LOVE
0
HAPPY
0
SURPRISED
0
SAD
0
ANGRY


COMMENTS
Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.

SIGN UP NEWSLETTER

logo
Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

logo
Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.