Stalled apartment projects
gets new lease of life
The Star 17/4/2006
BUYERS of the long stalled Rhythm Avenue apartments can finally smile again.
The project is to be revived after it has been abandoned six year ago.
Subang Jaya assemblyman Datuk Lee Hwa Beng said it had been a long and hard
fought battle to get the abandoned project back on track again.
"Over 100 meetings were held with buyers, bridging financier AmBank, project
receivers Price Waterhouse and Cooper and the Subang Jaya Municipal Council
(MPSJ) over the last five years in efforts to revive the project,'' he said.
Lee said, though the buyers had to pay an additional 15% over their original
purchase prices (ranging between RM90,000 and RM145,000) they could at least
be contented that they could finally own the properties.
Lee commended AmBank for not losing interest in reviving the project despite
the many setbacks. “Some banks would have just written off the project and
the RM30mil already invested instead of forking out an additional RM80mil to
He said AmBank had appointed Mahasalam Group of Companies as the turnkey
contractor and work was expected to start in June.
Lee was speaking during a ceremony to launch the revival of the project at
the site on Friday. Present were Kinrara assembyman Dr Kow Cheong Wei, MPSJ
president Datuk Mohd Arif Abdul Rahman, the apartments' buyers committee
chairman Pritpal Singh, AmBank Group's assistant vice-president (group
rehabilitation) Yip Kok Leong and Mahasalam Sdn Bhd director Seow Yin Loy.
The Rhythm Avenue service apartments involving 277 retail and 1,039
apartment units was to have been completed in November 2001 but remained a
major heartbreak for the over 1,000 buyers. They had to fork out up to RM900
a month on interest as their banks had released up to 90% of their loans as
The desperate buyers even lodged police reports, wrote to the then Prime
Minister Tun Dr Mahathir Mohamad, for help as well as complain to Bank
Negara, Board of Architects and the Bar Council for suspected foul play over
architectural, engineering and construction approvals granted to the
They even considered suing the original developer for a refund of the money
Pritpal Singh said among the buyers were retirees who spent almost all of
their life's savings for a home to call their own. “A number of them ended
up defaulting on the payments and being blacklisted by the end financiers.
Modh Arif said the council too would do its part like providing discount in
the assessment that buyers had to pay.
"We understand the hardships that the buyers had to endure and we will help
wherever we can,'' he said.
Yip said besides occupying the homes, buyers could look forwards to upgrades
on the retail space.
“Among these would be a lifestyle mall, equipped with wireless Internet