However, there may be times when the developer is unable to deliver the project within the stipulated date in the SPA. As a homebuyer, you have a right to claim compensation for the late delivery through the Liquidated Ascertained Damages (LAD) clause in your SPA.

What does all this mean for those who have bought properties that are now being built?

Will they get a property that has been build according to the specifications spelt out in the sales and purchase agreement? Would all the building processes be executed the way they should be?

Both parties agree to establish linkage and co-operation to maximise the utilisation of their resources through mutual cooperation and sharing of expertise in education, training and promotion to raise the profile and recognition of professional management in construction and projects for the benefit of the industry, its clients and society at large.

The objectives of the report were to find out what the costs contributing to the overall increase in development costs and prices were, and to provide practical solutions and recommendations to reduce costs so that house prices will be affordable for the rakyat.

Respondents in the survey expect construction costs to surge an average of 19% in 2022 due to rise in prices of building materials, wages and financing costs.

“In 1H22, we’re still faced with high numbers of daily infections, so people are looking forward to better times later in the year. I think everyone is hoping that the pandemic is going to be behind us by the second half of the year,” Rehda acting president Datuk N K Tong (pictured) said during a virtual presentation of the “Rehda Property Industry Survey for 2H2021 and Market Outlook 2022” on Tuesday (March 15).

The number of units sold compared to those launched translated into a sales performance improvement of 11 percentage points to 50% in 2H21 versus 39% in 1H21.

In a statement, Rehda acting president Datuk N K Tong (pictured) recognised the intention behind the proposed RTA that aims to facilitate some issues arising in the market. However, such an act should take into account the fact that not all tenants and landlords have the same needs and capabilities, and require different levels of protection, particularly tenants from the B40 group.

In the media conference held on Thursday (Jan 20), Rehda Institute chairman Datuk Jeffrey Ng noted that the price for building material has led to the increase of a 13% to 20% in construction cost.

Wong Boon Lang, chairman of Rehda Johor has stated that the state government has tried various approaches such as the enforcement of compliance and delivery of low-cost houses through the Transitional Programme to tackle the issue in the past but were not able to procure the intended result.