RIMBUNAN Corporate Advisory Sdn Bhd, which is tasked by the government to revive abandoned housing projects, expects to complete 15 such developments by end of 2013.
Rimbunan managing principal and founder Kumar Nathan said the company expects to complete seven projects by the end of this year and another eight next year.
“Although our company started in 2004, we only undertook abandoned housing projects in 2010 after we were appointed one of the 22 companies by the Ministry of Housing and Local Government to revive such projects,” Kumar said in an interview with Business Times recently.
“We will complete the 15 projects, valued between RM130 million and RM140 million, before taking on new ones, including commercial buildings,” he added.
Most of the abandoned projects were in Selangor, Johor, Penang and Kedah.
“We find that the majority of the abandoned projects were undertaken by developers who were first timers in the business,” said Kumar.
According to the statistics provided by the government, so far this year there were 154 abandoned projects nationwide, of which 104 have been revived.
Kumar said the projects were mainly within the medium-low to low-cost apartments or houses.
“Usually these projects are done at a loss.
“That is why most of the time these projects are often abandoned,” he added.
Kumar did not discount the possibility of the company undertaking its own property developments in the near future.
“We have the expertise and we know how to revive abandoned projects.
“We are definitely looking into property development but that will probably take place later.
“Right now we have our plate full with the abandoned projects,” he added.
Source: Business Times Dated: 12/08/2012
