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New hopes for buyers

The Star 07/08/2002 By Derrick Vinesh

The Pangsapuri Widuri apartment project in Lorong Chempa, Butterworth, which had stalled for nearly three years, will soon be revived as the financing bank has approved a rescue package plan.

The turnkey contractor entrusted by buyers to revive the project Harta Intan Construction Sdn Bhd director Amir Hussain Abdul Majid said Mayban Finance Bhd gave its consent to the plan last week.

“The buyers can finally be able to see their dream apartments completed. We hope to start work on the project by the end of next month and complete it within a year,” he said in an interview yesterday.

The project, comprising 740 low medium and 230 low-cost units, was abandoned three years ago leaving about 500 buyers of low medium-cost units and 157 squatters who bought the low-cost units in the lurch.

He said the bank had also agreed to waive 100% of the outstanding interests owed by the original developer Diamond Crest Sdn Bhd totalling RM5.5mil.

Amir, however, noted that in return for the bank’s approval, the buyers had to forgo claims on late delivery charges, while the squatters had to forgo claims on outstanding rental of RM400 a month.

“The bank has also asked the state government not to charge the RM2mil in contributions to the local authorities and relevant government agencies,” he added.

He added that the rescue package was estimated at RM25mil, of which RM19mil would be from the buyers’ outstanding payments while RM6mil would be derived from the sale of the 213 unsold units.

“The bank has also appointed an independent financial adviser, Ferrier Hodgson, to monitor the Housing Developers Association (HDA) account and the project’s progress work,” he said.

Amir urged buyers who had yet to sign the supplementary agreement forms in support of the revival package to do so immediately.

A meeting with the relevant parties, including Bagan Jermal assemblyman Datuk Dr Sak Cheng Lum will be held at the Chee Wee Khor Moral Uplifting Society building in Jalan Kampung Paya, Bautterworth, at 2.30pm on Sunday.

Buyers can contact the project’s appointed law firm, Dana Vallen & Associates (04-3241032) or the Pangsapuri Widuri Purchasers Committee chairman Jasper Tan (012-4636003).


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