Taskforce set up for revival of RM270m project

05/07/2002 The Star

A special taskforce has been set up to monitor and expedite the revival of the RM270mil Bayan World Mega-mall project which was stalled since 1998, a statement from the Chief Minister’s office said.

Chief Minister Tan Sri Dr Koh Tsu Koon had last month initiated the taskforce comprising representatives of the developer Bayan Bay Development Sdn Bhd (BBDSB), Penang Development Corporation (PDC) and the purchasers.

The statement said Dr Koh would be represented by his political secretary Teng Chang Yeow, who is also Padang Kota assemblyman.

The Bayan Bay mixed development project is a joint venture between the KLSE main board property group Anson Perdana Berhad (70%) and PDC (30%).

The five-storey project, which was about 60% completed, was launched in 1996 for targeted completion in 1999.

The development was, however, suspended in March 1998 due to technical and financial problems faced by the developer.

The megamall was to have been part of a multi-billion ringgit project comprising a marina waterfront, theme park, resort hotels and condominiums.

According to the statement, Dr Koh had at a closed-door meeting on Tuesday outlined the duties of the taskforce which included exploring alternative revival solutions for the project.

The meeting was attended by representatives from Anson Perdana, PDC and 83 of the 157 purchasers.

The statement said Dr Koh, who is also the PDC chairman, had appointed several PDC personnel, including its deputy general manager Rosli Jaafar and housing and urban deve-lopment division manager Margaret Chan, to the taskforce.

The purchasers are represented by Bayan Bay Purchasers Action Committee chairman Ang Thean Hock and secretary Lau Heng Loon while Anson Perdana regional head Moey Boon Heng and other officials represented the company.

At the meeting, Dr Koh also announced plans to help the purchasers appeal to the banks through Bank Negara for a moratorium on the interest paid by the purchasers, a three-month due diligence exercise by PDC and an extension on the 99-year lease period.

Dr Koh also said he would be raising the matter with the Bank Negara governor.

The purchasers were also advised not to push for liqui-dated and ascertained damages (LAD) at this juncture as it would complicate the rescue exercise, the statement said.

When contacted, Ang said the purchasers were now more confident of the project revival following Dr Koh’s intervention.

“We had appealed for Dr Koh’s help since February this year and we are glad that he has finally consented to help us,” he said while appealing to all purchasers to register themselves with the committee and work together with the newly-formed taskforce.

Those who have yet to register with the committee could contact Ang at 012-4082688 or the legal advisor’s office at 04-2643445.

He said a registration office had also been set up at Suite A, First Floor, 29, Green Hall to help co-ordinate the details and development of the taskforce.