|Housing And Local Government Minister Datuk Wira Chor Chee Heung showing the newly launched Setia Application for smartphone to SP Setia Berhad President and Chief Executive Officer Tan Sri Liew Kee Sin (right) at Setia Alam Welcome Centre, Shah Alam.Pic: Azman Firdaus|
He said that irresponsible housing developers were a problem, and the best way to address this is to "tighten" the Act.
"We are overhauling the Act to put in more stringent rules and regulations to make developers accountable and protect the buyers.
"We are looking at ways to make the Act more stringent at entry level for upcoming developers," he told reporters after launching Setia App, the new smartphone application of SP Setia Berhad.
Setia App will alert users on the latest information from the ministry on matters of interest to house owners or buyers.
Key features of Setia App include a comprehensive property search function, image gallery, home loan calculator and an interactive map.
SP Setia Berhad president and chief executive officer Tan Sri Liew Kee Sin said SP Setia would take advantage of the My First House Scheme launched by Prime Minister Datuk Seri Najib Tun Razak last Tuesday.
The scheme, which Najib announced when tabling the 2011 budget, allows first-time buyers, especially young people with a family income of less than RM3,000 a month, to get 100 per cent loan from selected financial institutions payable within 30 years.
Liew said SP Setia, a leading property developer, is planning to build 300 apartment units each costing about RM120,000 in Setia Alam which will incorporate unique features to support the government initiative.
He said that profits made from high end projects would cross subsidise low and medium cost units.
"The profits made from the high end projects would be cross subsidised to help the development of vernacular schools as required by the government," Liew said, adding that SP Setia earned RM3 billion a year from its property sales.