Buyers eye back-up developer
The Star 21/10/2004
The Penang state
government has appointed a developer to revive the stalled Taman
Pekatra Indah project in Simpang Empat, Southern Seberang Prai, but
buyers are eyeing a back-up developer just in case.
State Housing, Culture, Arts and Heritage committee chairman Syed
Ameruddin Syed Ahmad (pic) said the state-appointed developer was
now waiting for the green light from the industrial bank.
“The developer has negotiated with the various parties including the
state government and the bank as they needed to break even to cover
the RM5mil shortfall,'' he said.
The former developer of the project was Koperasi Taman Pembangunan
Kampong Tradisional Tasek Bhd.
Construction works began in 1997. Phase one of the project
comprising 212 double-storey units had been completed. Phase two
involving 219 double-storey and 40 bungalow units was only partially
completed. Phase three involving 232 units has yet to take off.
Syed Ameruddin said the state-appointed developer had started
negotiations with the various parties three months ago.
“We understand that the negotiation process may take a while because
of the shortfall involved,'' he said.
Taman Pekatra Indah House Buyers Association vice-chairman Fadli
Razman said the buyers were hoping that Ameruddin would agree to
meet the back-up developer.
Fadli said: “Our back-up developer specialises in abandoned housing
projects. They told us they can start reviving the project without
having to depend on bank loans.
“Most of the buyers are desperate because they are financially
drained, having to pay monthly housing rentals besides servicing
their housing loans,'' he said.
On the back-up developer, Fadli said: “We do not want to take
chances, if the state-appointed developer quits we do not want to
start the process all over again.
“For us, every month counts because we are at the losing end.”
More than 100 buyers met the back-up developer at the stalled
housing site. More than 190 house buyers signed up as members of the
For information, call Fadli at 013-4031155, or association secretary
Yosri Lidin at 012-4542026 or chairman Nik Ahmad Saide Nik Him at