Malaysia to introduce measures to promote property sector

The Malaysian Ministry of Housing and Local Government is expected to introduce four measures to improve its public services for the property sector.

A one-stop center will be set up to shorten the approval time for developers to construct buildings to four to six months from one and two years practiced now, the ministry said on Friday.

The Certificate of Completion and Compliance issued by professionals will replace the Certificate of Fitness for Occupation presently issued by the local governments, it said.

Setting the post of Building Commissioner in the Buildings and Property Act will overcome problems in the maintenance and management of buildings and property.

In addition, the government will offer incentives to encourage developers to use the build-and-sell concept which allows developers to sell the houses only after the houses have been completed and the Certificate of Completion and Compliance obtained, the ministry said.

The one-stop center will ensure that approvals are given within four months for applications by developers practicing the build- and-sell concept, and those handling high impact projects, projects involving foreign investments and government development projects, it noted.

This will place Malaysia on par with several other countries in this respect, including Singapore.

Source: Xinhua