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RM25m rescue package to revive project

20/06/2002 The Star

A turnkey contractor is ready to inject RM1mil to kick start efforts to revive Pangsapuri Widuri in Butterworth, which has been abandoned for nearly three years.

Harta Intan Construction Sdn Bhd director Amir Hussain Abdul Majid said the total cost of the rescue package was estimated at RM25mil, provided all house buyers agreed not to claim late delivery charges from the developer, Diamond Crest Sdn Bhd.

He said squatters must also agree not to seek the RM400 monthly rental which was supposed to be paid by the developer.

“In return, the buyers do not have to fork out a single sen for the revival work and all transactions involved will be handled by a financial institution through a Real Estate Housing Developers Association account for transparency reasons.

“We hope more buyers and squatters will come forward to sign a supplementary agreement endorsing the rescue package to prevent further delay on the revival efforts.

“If they do not sign the agreement and still insist on claiming the late delivery charges, we may have to incur higher costs,” he told reporters after representatives from an independent financial adviser, Ferrier Hodgson MH, visited the project site in Lorong Cempa on Tuesday.

Present were Bagan Jermal assemblyman Datuk Dr Sak Cheng Lum, Pangsapuri Widuri Purchasers Committee chairman Jasper Tan Kok Peng and Ground Tenants Committee chairman Ong Thian Chuan.

The abandonment of Pangsapuri Widuri, which comprises 740 low-medium cost units and 230 low-cost units, had left some 500 buyers of low-medium cost units and 157 squatters who had bought the low-cost units in the lurch.

Amir said the project’s original bridging financier, Mayban Finance Bhd, had appointed Ferrier Hodgson to evaluate and audit Harta Intan’s proposal before giving it the green light to revive the project.

Dr Sak said Housing and Local Government Minister Datuk Seri Ong Ka Ting had informed him that the ministry had continuously initiated efforts to help the project, adding that the ministry had sent officers to talk to Mayban Finance on the rescue package.

“It is now in the final stages and in the hands of the financing bank, which we hope will make a decision as soon as possible,” he said.

Tan said so far 440 house buyers and ground tenants had signed the supplementary agreement, leaving some 200 who have yet to do so.

He advised those yet to sign to either contact the appointed law firm, Dana Vallen & Associates (04-3241032) or call him (012-4636003).


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