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KUCHING: The Sarawak Housing and Property Developers Association (SHEDA) recently paid a courtesy visit to Sarawak Premier, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg, at Wisma Bapa Malaysia on Wednesday.
During the meeting, SHEDA Vice President, Louis Ting, highlighted several key issues affecting the housing and property sector, including the Limited Liability Compensation (LAD). He mentioned that the Sarawak Premier acknowledged the challenges faced by developers and assured that necessary actions would be taken to address them.
LAD: A Concern for Housing Developers
LAD is a financial penalty imposed on developers if they fail to complete a housing project within the timeline stated in the sale and purchase agreement. This clause serves as protection for property buyers, ensuring they receive compensation for delays that might cause financial strain.
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Ting expressed optimism that the state government would work towards solutions that benefit both developers and homebuyers. He emphasized the importance of balancing industry growth while protecting buyers’ rights to create a sustainable property market in Sarawak.
Government’s Commitment to the Property Sector
Sarawak Premier Datuk Patinggi Abang Johari reassured SHEDA that the state government is committed to addressing housing industry challenges. He acknowledged the need for clearer regulations and support for property developers to boost Sarawak’s housing sector.
The meeting was also attended by Deputy Premier of Sarawak, Datuk Amar Prof Dr Sim Kui Hian, who supported discussions on housing policies and development strategies in the state.
This visit reflects strong cooperation between the Sarawak government and property developers, aiming to ensure a more efficient and buyer-friendly housing industry. – UKAS