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Reprieve for buyers of Rhythm Avenue
11/03/2008 The Star By Lim Chia Ying

THE Rhythm Avenue service apartments in USJ 19 Subang Jaya received its certificate of fitness (CF) approval issued by the Subang Jaya Municipal Council (MPSJ) recently.

A ceremony to celebrate the handing over of block CF was held at the sixth floor of the building .

At long last: Lee (centre) holding on to the CF issued by the MPSJ, represented by Rosli Mohammad Yunus from the engineering department (front row, left). Witnessing the ceremony are PriceWaterHouse Coopers executive director Subra E. Gounder (second from right) and Dr Kow (right).

The event was attended by purchasers, former Subang Jaya assemblyman Datuk Lee Hwa Beng, former Kinrara assemblyman Dr Kow Cheong Wei, as well as representatives of receiver that took over the project development.

Work on the apartments started in 1997 and it was scheduled to be ready in late 2001. However, the project was abandoned in September 2001 by the previous developer before it was restarted and revived four years later by an appointed receiver.

Lee said he met with buyers and even the former developer, and after much discussion and talks, the project could finally be revived with an extra 15% top up from each buyer.

“At last, people who have been waiting for their units for so long, would be able to move in very soon, as now the building is certified fit for occupancy. It's a feeling that cannot be described and you won't feel it if you are not a buyer,” he told the crowd.

He said he wished to express his outmost gratitude to bridging financier Ambank who did not give up the project to another party and continued to even pump in additional funds to revive it.

This even despite the fact that the previous developer had owed Ambank some RM25mil about six to seven years ago Lee added.

“However, there is also a not so good news, which is that the former developer has filed a court injunction to stop buyers from moving into their units.

“The court hearing will take place on today in Malacca. I don't know what the reason behind this is but we are all hoping that the court decision will turn out positive for buyers.”

Lee added that if the court decides otherwise, he would call for a protest because there was no way the previous developer would want back the project.

Ambank had appointed PriceWaterHouse Coopers to be the project receiver.

Rhythm Avenue buyers committee chairman Pritpal Singh said Lee had been instrumental in helping the revival, adding that everything was done with just basically the buyers and him with no government's help.

“Everything was revived through court order under Section 176 of the Company's Act. It's a court sanctioned revived project and the Housing Developers Act does not apply here because this is a service apartment,” said Pritpal.

He added that there were more than 1,000 buyers involved in the project and they are now further strained due to the court injunction filed.

The 30-storey building consists of a total 1,315 units.

While most of the buyers topped up 15% each, those who were late in responding had to top up 20%.

Lee said that while the block CF had been handed over, the individual CFs would be given to buyers later on.

“This is the third project that I've helped revive. I would like to thank Pritpal who volunteered for everyone here.

“We'll wait for the court hearing and see what happens then,” he said.

He also urged buyers who wish to have their additional interest imposed by certain banks waived to contact the Bank Negara consumer department.

 

 

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