Apa Nawaitu Sebalik Penipuan Projek PR1MA

I told you so. 

From Day 1 this PR1MA crap was just another idea to rip off the peoples' money. Here are two news items.

Folks, these two question have NOT been answered. 

HOW MANY BILLIONS HAVE ALREADY BEEN SPENT BY PR1MA SO FAR? 

WHERE HAVE THESE BILLIONS GONE?

Keep these two questions in mind as you read this news.  The fellow who was put in charge of this PR1MA was the late JJ.

1.   PR1MA initiative a ‘total failure’, consultant claims 

PR1MA has failed to provide affordable housing in right locations
“PR1MA total failure. not delivering homes at right value in right place
govt not happy, developers not happy, market not happy

all developers in M'sia combined only deliver less than 160,000 units per year

govt only approved 72 PR1MA projects 50k ie 10% of target 500,000 by 2020

“Of course, out of the 50,000, none has been delivered

forget about pricing, location of the projects is far-flung

PR1MA changed JV with private developers 

increasing difficulty in obtaining funds to buy land and build 

too many govt agencies hampering success

no one able to even agree on price range of “affordable” housing

“We need to define that first and then we need to put all these agencies under one agency that will drive this and I believe the way to do this is not to blackmail or twist the arm of developers,” the panellist said.

Private developers should not be forced to do social responsibility work or be asked to partner the government in doing so, as it would not generate good results, he added.

Budget 2016, govt allocate RM1.6b for PR1MA to build 175,000 houses 

10,000 units expected to be completed by next year.

SPNB will have RM200m to build 10,000 units with a RM20,000 subsidy each  

KPKT will be given RM863 m to build 22,300 apartments, 9,800 units terrace houses 

- See more here.  

2.    PR1MA  TOTAL FAILURE, SAYS PROPERTY EXPERT
 

PR1MA failed to meet demand for affordable homes

PR1MA total failure. 

not delivering homes at right value in right places. 

only 10% of 500,000 units targeted approved

PR1MA target 500,000 homes by 2020 

72 projects approved, can only deliver 50,000 units. 

only 10% of target. 

Of 50,000 approved, none delivered, don’t know when they will be delivered

main issue with programme is location of projects, which are “far flung”

numbers in last three Budgets ridiculous

all developers in M'sia cannot deliver 160,000 homes a year 

how can govt promise 500,000, 600,000 or 700,000 units?

Budgets 2014, 2015, 2016, 800,000 homes promised, less than 25,000 launched

questionable approval of many units in areas with low population 

segregation of allotments in such projects

6,000 PR1MA units approved in areas with population less than 20,000

just to meet the numbers

PR1MA realised funds to buy land and build almost impossible (to get). 

So changed style to joint venture

property market to remain soft, if not worse, in 2016 

financing gets tougher for both developers and home buyers

approval rates of home loans trend downwards 
less than 50% now
last quarter, approval rate 47% for residential loans, 41% for commercial
tougher to get financing now,” he said.

65% seven to eight years ago compared with 53% in 1st qtr 2015

homes more unaffordable prices increased 

salaries not catching up with prices 

banks have become more stringent on lower income group

Source: The Sun

My comments : First look at this sentence "..location of the projects is far-flung"

What this means is that the crony may come and say 'Dato Seri give me a PR1MA contract. I can deliver 1000 units. I have cheap land in Jerantut."

The crony wants to build the PR1MA houses on his land because his land cost is cheaper and he can make a higher profit.  

Not where the demand is for affordable housing, usually in Klang Valley and other urban centers (Penang, JB, Kota Kinabalu etc).

When this PR1MA crap was announced, the Pee Man's son immediately set up a company that would supply Cat1Malaysia? (1 Malaysia Paint). Can you folks recall that?  The company was supposed to be listed. Dont know what has happened.

That is why I want to know how much money has PR1MA already spent.

They have NOT BUILT a single house yet by themselves. Yet they were given RM1.6B in the 2016 Budget, RMxx Billion in the 2015 Budget, RMyy Billion in the 2014 Budget.

Where has all this money gone?

PR1MA is yet to build even one block of apartments.  Duit pi mana? Sudah beli cat kah? Rumah belum start pun, habis pasai apa beli cat dulu? Sudah bayar cash up front kah?    

Just shut down this fake agency called PR1MA. The nawaitu was just to create another "conduit" to channel "liquidity" into the lubuk buaya.