By Shannon Teoh
Mar 15, 2012
Raja Nong Chik pronounced the use of EPF monies would "encourage some-more responsibility". File pic
The Employees Provident Fund (EPF) is providing the initial tranche of RM300 million to the special role car (SPV) undertaking the financing for those shopping some 24,000 low-cost flats in the collateral city.
Datuk Raja Nong Chik Raja Zainal Abidin pronounced DBKL "did not ask [for] income from the government" as it longed for to "avoid politics" in the intrigue described as the "liquidation exercise."
The sovereign territories as well as urban well-being minister told reporters DBKL had motionless against creation approach loans to up to 35,000 city dwellers who are still renting as well as incompetent to borrow from banks as it needs supports for "future projects."
"When you sell these houses, you wish the income in palm so you can build brand new low-cost houses. But many importantly, you really need to urge maintenance," he said, notwithstanding claiming DBKL has RM1.4 billion in reserves.
"To be frank, you never asked the supervision for income because you longed for to equivocate politics. If there is the default, afterwards when you wish to take movement they will get angry. But right away as it is EPF's money, it will inspire some-more responsibility," he added.
The senator forked out that for the 70,000 low-cost homes still being rented out at RM124 per month, the monthly upkeep pr! ice per unit was about RM240.
Raja Nong Chik triggered open cheer in January when he disclosed the proposed loan intrigue will concede utter City Hall tenants to buy homes regulating up to RM1.5 billion from the EPF, that is tasked with defence the early early retirement supports of over 5.7 million active contributors.
The Malaysian Insiderreported final week that the devise to lend an initial RM300 million from the EPF to utter residence buyers in the collateral has strike the deadlock over confidence conditions demanded by the country's largest early early retirement fund.
The EPF had pronounced upon February 8 that it is in talks with the sovereign supervision though the deal has not been inked for the initial sum of RM300 million to be lent to the special role car linked to the Federal Territories Foundation (FTF).
The foundation is directly controlled by Raja Nong Chik.
The minister, however, pronounced in Parliament yesterday that the EPF has already signed "a policy agreement to loan RM1.5 billion" for the housing scheme.
He previously pronounced the loan would be secure as it is upon trial by City Hall, the supervision agency, as well as that the EPF would get the 5.5 per cent return upon investment annually from repayments by the brand new home owners.
The Umno senator also pronounced he expects "not some-more than 10 per cent (of the borrowers) will default".
He explained currently 24,000 renters have been given offers to buy their homes though only 12,000 have accepted with 5,000 having found their own financing.
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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