Ong Urges Developers Urged To Form More Strategic Tie-ups With Banks

Written by Writer on Thursday, November 13th, 2008

Ong Urges Developers Urged To Form More Strategic Tie-ups With Banks

KUALA LUMPUR, Nov 13 (Bernama) — Housing and Local Government Minister, Datuk Seri Ong Ka Chuan, has encouraged property developers to form more strategic collaborations with local banks on home buyer financing facilities.

“Such a more, I believe, will reduce the difficulties in obtaining loan facilities by buyers due to stricter policy and more stringent terms imposed by banks in view of the uncertain economic outlook,” he said in his keynote address at the opening of National Property and Housing Summit 2008 here Thursday.

Ong said the economic uncertainties would provide a good reason for property developers to focus on human capital and talents.

He said with the increase in the challenges, companies needed to think out of the box to achieve sustainability in business.

“Thus, this is the time where creativity and talent come into play.

“No doubt that many companies would opt for downsizing as the first measure, but I believe talents and skilled employees should be retained and put to better use in running the business,” he said

Ong advised the industry to focus on managing costs of doing business and follow proper due diligence exercise in any potential project engagements with external parties.

“I would like to see more innovations in property developments and marketing initiatives that would help strengthen the demand in the property industry,” he said.

– BERNAMA