RM400 mil unsold Bumi properties in Kedah to be released

Kedah exco member Tan Kok Yew says about 1,000 houses, shophouses and industrial buildings had remained unsold in Kedah for the past 10 years. (Facebook pic)

ALOR SETAR: The Kedah government is planning to release RM400 million worth of Bumiputera property lots built before 2017 which have remained unsold for the past 10 years.

State Industry and Investment, Local Government and Housing Committee chairman Tan Kok Yew said this involved about 1,000 houses, shophouses and industrial buildings.

He said the proposed release would only be granted to freehold properties. Between 30% and 50% of such properties are usually reserved for Bumiputera buyers.

“Once the release is granted, everyone, Bumiputeras or not, can buy these properties.

“But a levy will be made payable for the release. This will be channelled to the ‘dream house trust fund’ which will only be used to help the less fortunate people own a house,” he said after opening the Kedah Malaysian Property Expo (Mapex) here today.

According to Kedah/Perlis Real Estate And Housing Developers’ Association chairman Rick Cheng Wooi Seong, the districts with the most unsold Bumiputera lots were Kota Setar, Kuala Muda and Kubang Pasu.

A total of 3,000 property units, costing RM950 million, are being offered at the expo.