Anyone here bought PR1MA projects and is today staying in one? Please share your experience yeah. What about those who bought and is now informed that the PR1MA project is cancelled? Well, for those projects which will not be proceeding, compensation will be paid so that the government reduce their losses. Yes, I do wonder how much the compensation would be, assuming that this has already been decided and these compensation for ‘failed’ PR1MA projects will be paid. This was what was shared by the Housing and Local Government Minister Zuraida Kamaruddin.
Article in edgeprop.my The Housing and Local Government Ministry will pay compensation for the 24 development projects under PR1MA Corporation Malaysia (PR1MA) that have been cancelled. It’s minister Zuraida Kamaruddin said the compensation would depend on the value of the land for the area involved. Out of 94 PR1MA projects, 70 will continue while 24 would be cancelled and compensations will be paid.
She said, “Most of the land was purchased by the ministry. Only some have made an offer letter at that time, that is, they have done the initial work. We will take that into account. If any work has been done, we will compensate. These projects were cancelled after it was discovered that the lands were not suitable, not strategic as they were far and there is no market value. We will see what can be done with the land.” For full article click here yeah: Article in edgeprop.my
Yea, I think I am like many of my friends who are waiting for more details on the compensation to be paid. Plus also whether all these ‘unsuitable’ land which had been purchased, what would the land be used for? I am sure we will get a clearer picture soon since the amount is unlikely to be small since the total is for 24 developments. Even more importantly would be what would the ministry do in order to ensure these do not happen again. Plus all the 70 projects which continue should be smoothly completed so that it could benefits the buyers yeah. After all PR1MA presents an opportunity for many first-timers to own a quality home at an affordable price point. Happy buying and staying yeah.
Love to be updated of investment news? Sign up for KopiWeekly. (once per week for property, finance, investment news and more)
Next suggested article: 4 things about personal finance we need to do these days