Not only do they have to continue paying their monthly mortgage over an abandoned property, they have to deal with the psychological battle to having peace in their mind.
To add to their horror, many may not get to obtain additional housing loan for a 2nd property. In short, they may be stuck for a few years.
The good news is, the government has taken some approach to work with stakeholders in order to revive the abandoned project. Laws have been introduced to punish these irresponsible developers.
However, it may take a long time to revive a project. One example will be "Main Place" @ Subang Jaya. It was abandoned for more than 10 years, but luckily it has been revived and is doing extraordinarily well now (Main Place shopping mall by Bina Puri Construction Company).
Besides, whether we have strict enforcement of the laws to prevent abandoned projects is another key issue that has to be addressed.
In my next post, I will share some ways we could use to reduce our risk of buying a project that could be left abandoned.
Stay tuned!
P/s: You may 'LIKE' my page in Facebook (George Leong's Investment
Journey) and 'SHARE' this post to benefit others as well. Thank you! :)
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