JULY 7 — Most housing developments in Malaysia are undertaken by private developers who use the concept of sell then build (STB). Even though most of the projects are ultimately completed, there are a number of abandoned projects — leaving the homebuyers in the lurch.
Most developers go scot-free while the homebuyers are burdened with instalment payment for incomplete homes. Imagine the burden of having to pay rental for a place to stay and then pay instalments for a home that you cannot occupy. The problem with the current STB is that developers start collecting payments as soon as buyers sign on the dotted line.
Problems associated with STB are constantly reported in the media and in Selangor alone it is estimated that there is nearly 45,000 units abandoned and it is estimated that it would required RM3 billion to RM5 billion just to revive the projects.
Due to STB-related problems, in April 2007, the government introduced the build then sell scheme (BTS) — to protect homebuyers. There are two types of BTS, the first one the complete BTS whereby homebuyers do not pay any deposit and type two whereby the buyers pay a 10 per cent deposit and only begin paying the remaining 90 per cent when the house is ready.
Unfortunately, the BTS approach is solely voluntary. With developers not being paid on a progressive basis, hardly any of them adopt this approach. The previous STB approach enables developers to source funds on a progressive basis.
Therefore the BTS is not feasible and it is only good in paper as developers shun it.
As such a new approach is necessary, to balance the interest of both developers and homebuyers.
From the buyers’ perspective, they want completed projects and not liable if they are abandoned.
Developers are concerned that without steady financing during construction, they would lack the cash flow to complete the project.
In addition, the funding cost to complete the project would have factored into the selling price of the home resulting in higher selling price. In between the developer and the homeowners, financial institutions provide the funds and recover the disbursement through the instalment payment received from the homeowners.
Taking into account the perspective of the homebuyers, developers and financial institutions, my hybrid of the BTS and STB is as follows;
Role of the Homebuyer
The homebuyer would pay a 10 per cent deposit for the projects and no more until project completion.
If the project is delayed there will not be any instalment payment.
Upon project completion, the instalment scheme starts immediately and the buyers is not allowed to withdraw from the sale and purchase agreement.
Role of the Developer
Any interest cost for the drawdown to pay the progress of the home is borne by the developers instead of the homebuyers.
If there are delays, the developer will continue to pay the interest cost. This will ensure speedy completions of the units.
Role of the financial institutions
Financial institutions predominantly only assess the ability of homebuyers to service their loans.
Under this approach the financial institutions evaluate developers’ ability to complete the project.
Financial institutions will forward progressive disbursements to the developers based on percentage completion.
However, if the project is abandoned, the financial institution would have to take the necessary action against the developer and NOT the homebuyers.
Once the project is completed the instalment will be serviced by the homebuyers.
No doubt, the above proposed scheme is not full proof and a lot of small developers may find this approach unattractive but the government can probably set aside some fund to ensure this approach is a success. I am glad to note that some developers have actually undertaken a similar approach on a voluntary basis to attract homebuyers during this period.
The financial institutions may not agree due to higher risk as they would have to assess both the homebuyer and developer. Under the current scheme, financial institutions are relatively risk free as loans are tied to the homebuyers.
There is also a possibility that the cost of homes would be slightly higher. This is because developers would factor in the interest expense incurred during the construction period.
For a home costing RM350,000 taking three years to complete, it is estimated that the interest cost would amount to +/- RM30,000. Even though the selling price is higher, the homebuyer is at least assured that if the project is abandoned they will not be burden with instalments.
Ultimately the Government has to weigh the benefits of this proposal compared to the risk of having more abandoned projects.
Financial institutions cannot be ignorant and hope to rely on the homebuyers to judge if a project can complete. Developers with good track record have nothing to worry about.
In summary, any new approach would require buy-in from the homebuyers, financial institutions and developers. Dialogue, forum and discussion are necessary to get feedback and to formulate a detailed revised approach.
我们都知道，大马私人发展商的房屋计划大多数是以先售后建的方式推售。虽然大部分的房屋计划已完成，不过还有一些房屋计划因种种原因被搁置而让购屋者陷入困境。
但是，这些无法完成工程的发展商大多逍遥法外，购屋者就必须摊还被搁置房屋的贷款。想想，付房租和为不能居住的房子摊还房贷是完全是两码子事。先售后建的问题在于一旦购屋者签合约，发展商就开始收钱。
先售后建的问题常见于报端，根据估计，单在雪兰莪就有约4万5千间房屋被搁置，如果要恢复工程，预料需要耗资30亿至50亿令吉之间。
政府了解先售后建的问题后，于2007年4月推介先建后售的计划，以保护购屋者，避免成为搁置房屋计划的受害者。目前有两种先建后售的方式，第一种方式是购屋者无需付任何订金，第二种方式是购屋者付10%订金，其余90%在房屋建好后再付。
只可惜，先建后售完全是自愿性质，胥视发展商的意愿，实际上如果发展商没有以逐步方式向购屋者收取付款，发展商很难落实先建后售的计划，相反地，先售后建可以让发展商取得一些资金。因此，先建后售并不可行，加上发展商大多不会自愿推行，让这个计划沦为纸上谈兵。
购屋者需要的是房屋计划如期落实，发展商关注的在施工期间有稳定的资金以完成工程。何况，工程资金成本会影响房屋售价，而金融机构的角色是从购屋者的每月还款中为发展商提供资金。因此，当局应该实行一套让发展商和购屋者都能平衡的方法。
因为购屋者、发展商和金融机构有不同角色和需求，我建议当局考虑结合先售后建和先建后售的特色，实行下列的方式：
购屋者的角色
购屋者付10%订金，过后无需付款，直到工程完毕。
如果工程延迟，购屋者无需摊还每月贷款。
工程完成后，购屋者马上摊还贷款，不能取消买卖合约。
发展商的角色
工程进行期间，发展商可以向负责贷款的金融机构获得工程进展付款。
任何工程进行中的利息成本由发展商承担，并非购屋者。
如果工程受到拖延，发展商必须负责接下来的利息成本，以确保房屋计划尽速完成。
金融机构的角色
金融机构传统上只能评估购屋者的借贷能力，我建议金融机构今后开始评估发展商完成工程的能力。
金融机构根据工程进展，为发展商提供工程进行中的资金。
如果工程被搁置，金融机构可采取行动对付发展商而并非对付购屋者。
一旦工程完成，购物者将开始摊还贷款。
无可否认，上述建议不是十全十美，许多小型发展商会认为这项建议没有吸引力，不过，政府可以先提供一些基金，确保这项建议成功进行。目前一些发展商自愿进行类似方式，以吸引购屋者，我对此感到高兴。
目前，贷款是由购屋者负责，所以金融机构的风险比较小，因此金融机构可能会因为上述建议的风险高而不表赞同。
上述建议下，房屋的价格可能会比较高，这是因为发展商需要计算施工期间的利息。以一间价格35万令吉的房屋需时3年完成来计算，利息成本大概需要3万令吉。虽然售价比较高，不过购屋者至少可以确保他们购买的房屋不会被搁置，也不会因此而受到贷款所累。
政府需要以这项建议和被搁置房屋计划的风险互相比较和衡量。金融机构不能冀望购屋者自行判断房屋计划是否会完工。有能力和记录良好的发展商固然会依时完工，没有什么好担心。
简而言之，新的计划应该考虑到购屋者、金融机构和发展商的需求，当局应该通过对话、论坛和讨论来检讨现有的方式。
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