Housing Ministry Eyes Option to Purchase Clause From New Bill to Reduce Risks of Sick and Abandoned Projects

Housing ministry eyes option to purchase clause from new bill to reduce risks of sick and abandoned projects

KUALA LUMPUR, May 8 — The Housing and Local Government Ministry (KPKT) is studying to introduce an Option to Purchase (OTP) clause under the proposed Real Property Development Bill, aimed at giving homebuyers and developers greater flexibility to withdraw before signing the Sales and Purchase Agreement (SPA).Housing and Local Government Minister Nga Kor Ming said the proposed measure would help both parties reduce unnecessary financial and legal…

KPKT mulls OTP clause to reduce abandoned projects

The Housing and Local Government Ministry (KPKT) is exploring the introduction of an Option to Purchase (OTP) clause under the proposed Real Property Development Bill, in a move aimed at reducing sick, delayed and abandoned housing projects. Minister Nga Kor Ming said the proposed OTP mechanism would allow both homebuyers and developers to withdraw before signing the Sale and Purchase Agreement (SPA), offering greater flexibility and lowering ea…

KPKT studying Option to Purchase to allow buyers to withdraw before signing SPA, curb abandoned housing

PETALING JAYA (May 8): The Ministry of Housing and Local Government (KPKT) is studying the introduction of an Option to Purchase (OTP) clause under t...