Revived project ahead of schedule
18/07/2003 The Star By Derrick Vinesh
REVIVAL work on the Pangsapuri Widuri apartment project in
Butterworth, which was abandoned four years ago, would be completed by
October – two months ahead of schedule.
The turnkey contractor entrusted by buyers to revive the project, Harta
Intan Construction Sdn Bhd director Amir Hussain Abdul Majid said proper
planning and co-operation from the authorities had enabled the revival
work to go on smoothly.
He said state Housing Committee chairman Datuk Abdul Rashid Abdullah
and Bagan Jermal assemblyman Tan Sri Dr Sak Cheng Lum had been
instrumental in ensuring the success of the project's revival.
Part of a medium-cost apartment
block of the project which is nearing completion.
“We are trying to complete the medium-cost units in Block A, B, C and a
podium car park by the end of the month.
“The low-cost units at Block D are expected to be ready by October,” he
said after visiting the project site in Lorong Chempa on Tuesday.
The project, comprising 740 low-medium and 230 low-cost units, was
abandoned four years ago, leaving about 500 buyers of low medium-cost
units and 157 squatters who bought the low-cost units in the lurch.
Amir said 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.
He also said Mayban Finance Bhd had agreed to waive 100% of the
outstanding interests owed by the original developer Diamond Crest Sdn Bhd
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.
Based on this proven revival formula, he said Harta Intan was now being
considered to help revive two other abandoned projects - Taman Pekatra
Indah in Simpang Ampat and Taman Widuri in Jawi, both in South Seberang
Amir said the formula did not burden the buyers as they merely had to
pay according to their sale and purchase (S&P) agreements without any
additional costs involved.
So far, he said, Harta Intan had completed work worth RM10mil on the
project, while the amount the company had received from the buyers,
through their bank loan payments, was about RM2mil.
“We managed to obtain a commitment from all the end-financing banks
concerned to have the buyers' payments put into the Housing Developers
Association (HDA) account.
“We would then claim from the account when there is sufficient balance.
More buyers are gaining confidence as the revival work progresses, and we
see money being put into the account,” he said.