SPNB Revives Housing Project in Sarawak
SPNB, which is embarking on a project to revive abandoned housing projects in Sarawak, has delivered the first 426 homes for the employees of Bintulu Port Sdn. Bhd.
The homes is set on 70 acres and are of double-storey detached, semi-detached and detached houses. The project was left idle in 2003 when the previous developer ran into some financial difficulties. SPNB was requested by the Ministry of Finance to acquire and revitalise this housing project which was launched in 1997. SPNB is a unit of the Minister of Finance Incorporated (MOF Inc).
According to a report in the Edge:
- SPNB had taken over this 0% to 80%-completed project without any additional costs to the purchasers and at the same time had to absorb the deficit incurred.
- The cost to rehabilitate amounted to more than RM33 million, the works for this project started in January 2004 after SPNB had received consent from the relevant parties.
- The management also pledged to continue to work towards reviving stalled housing projects in Malaysia. To date, SPNB had rehabilitated and delivered 11 abandoned housing projects comprising 3,527 housing units with a total estimated value of RM114 million throughout Malaysia.
- This year, SPNB had targeted to rehabilitate 13 abandoned housing projects worth more than RM196 million.
- Currently, SPNB is revitalising 12 housing projects comprising of 6,026 houses with construction cost of RM207 million, of which nine projects are expected to be delivered before year-end.
- Since the MoF had appointed SPNB as the implementation agent for rehabilitation of abandoned housing projects in 2001, SPNB had been entrusted to undertake and rehabilitate 177 abandoned housing projects comprising 52,271 units of houses with an estimated project value of RM4.3 billion.
