Buyers of abandoned project
28/02/2009 The Star
I WRITE on behalf of 700-odd buyers in a project that once promised
attractive returns but who are now burdened with servicing bank loans that
must be repaid whatever the cost.
The project located in the prestigious neighbourhood of Ara Damansara and
promoted as a four-star service apartment has apparently been abandoned
since late 2006.
Buyers have been left without news of any development. A pro tem committee
formed to pursue the matter with the help of Bank Negara was told that the
project has gone into receivership.
Since then there has been complete silence. The welfare and interest of
innocent consumers must be protected and I hope that the relevant
authorities can come to their aid and find a solution to this problem.
Innocent investors are having sleepless nights over the harsh reality that
the banks expect full repayment of loans, whether the project is completed