Another KL property news. Many Chinese (China) developers have set up huge development bases in Malaysia. It began with Iskandar but this has since moved to the Klang Valley. Recent one was Agile, with their Mont Kiara plan. Read here: Huge developer, big intention, starting with Mont Kiara One more was in the property news about Plaza Rakyat revival recently, Debao Property Development Ltd from China. Plaza Rakyat is the ‘famous’ abandoned project since 2007 and it has now been taken over by Profit Consortium Sdn Bhd together with its investment partner, Debao. It has also paid RM70mil or 10% of the total price of the property to Kuala Lumpur City Hall (DBKL) as an initial payment.
Profit Consortium lawyer Derek Fernandez said the company will handle all legal claims and there were still some work to be done before the buyers are contacted. The good news is that those with sufficient documentation or even without would be considered for some claims. DBKL would provide them with a list while an advertisement would also be put up in newspapers next year. (I hope the buyers are still buying newspaper today…) These claims would be settled under the RM40 million allocation. According to the article, more than 200 people have invested in the project and many of the buyers were senior citizens and some have passed on.
First thing that they would have to do is to drain out the current pooled water in the basement of the partially constructed building. This will allow them to assess the safety of the structure. There are snakes and haruan fish within the pool. (Haruan should be good for many people!) Profit Consortium is owned by Maxcorp Development Sdn Bhd, SW Land Sdn Bhd and Abdul Samad Alias. Maxcorp is the private vehicle of Major (Rtd) Anuar Adam who controls Tadmax Resources Bhd (formerly Wijaya Baru Global Bhd), while SW Land is the developer of Sungai Wang Plaza. Debao? Debao Property Development Ltd is listed in the Singapore stock exchange. It started in the year 2000 from Foshan in China. If we google its company name, there are quite a lot of articles about it.
I think it’s good that this huge development would finally be going ahead. It’s location is also considered prime and I seriously think many are already following this development news. However, I do not think they will announce much for now until after the settlement of all the buyers. There’s also little need to rush with the current market anyway. As for the buyers, they just have to be a little patient and wait a little more. Now, there’s finally something for them after waiting for such a long time. Seriously, the response from the DBKL should have been faster and stricter. If the partner has failed to honour their part of the commitment, faster actions should have been taken. Let’s watch this case and see if everything is fully settled by next year. Happy waiting.
written on 8 Nov 2015
Next suggested article: Luxury condominiums oversupply in Kuala Lumpur