FIVE of the 14 abandoned housing projects in Penang will be revived by Syarikat Perumahan Negara Bhd (SPNB), the national housing company.

Another eight are to be revived by the developer, project manager and appointed turnkey contractor, State Housing, Entrepreneur Development and Cooperative Committee chairman Datuk Abdul Rashid Abdullah said.

The Taman Pekatra project in South Seberang Prai is in the process of obtaining Occupation Certificate (OC) for its Phase One, he said.

Projects taken over by SPNB, he added, were Taman Cemerlang at Bandar Baru Air Itam, Fettes Villa at Mount Erskine, Taman Sri Bayu at Bayan Lepas and Taman Sejahtera as well as Taman Widuri and Taman Sri Bayu in Seberang Prai.

The other projects revived or in the process of being revived were Taman Sri Semarak at Bandar Baru Air Itam, Taman Terubong Indah (Majestic Heights) at Paya Terubong, Villa Emas Evani at Jalan Bukit Dumbar and Pangsapuri Widuri, Taman Malwira and three housing projects by Penang Regional Development Authority (Perda) in Seberang Prai.

Abdul Rashid said both Pangsapuri Widuri and Taman Sri Bayu were expected to obtain OC at the end of the year.

Projects taken over by SPNB were mainly at the discussion stage on revival plans, he added.

Abdul Rashid was replying to a written question by Lee Hack Teik (BN – Pengkalan Kota)at the State Assembly, who wanted to know the state's plans to revive abandoned housing projects in the state.

“The allocation for revival of abandoned housing projects as proposed in the national budget recently is not channelled to the state but to SPNB and monitored by the Ministry,” he said.

Good to hear that more and more projects being revived. Even the Klang Valley ones are being revived! ;)

sounds cool!...I hate those left-over structures...:bash:

Originally posted by szehoong

Good to hear that more and more projects being revived. Even the Klang Valley ones are being revived! ;)

Really :? Which one ?

i wonder, there will be more Majestic heights??(hope they are high rises) the 9 blocks were revived last year and completed this year.

got any pics yo?? :cool:

Originally posted by SEED

got any pics yo?? :cool:

majestic heights?? i posted it B4 when it was completed. i can't find it now lah

i also don't have any pics of it too....those buildings look tall but actually very short only:bash: :bash:

Any news about the kesian city of Seremban? The tallest in city has reached it's full height but halted since 1999. So many lobang and "swimming pools" also :(

The first phase of "Galaxy Ampang" already finish, after been abandoned for quite sometimes.

I have no idea if it is the same "Galazy Ampang" that was supposed to be build. Now they already open the place for sales.

I don't have any rendering or latest picture of the building as I don't have any camera at the moment. Sorry. Probably some else can posted it later. But the color of the building is damn bright. Orange in fact...well I think it is orange la :D

Originally posted by baqthier

Any news about the kesian city of Seremban? The tallest in city has reached it's full height but halted since 1999. So many lobang and "swimming pools" also :(

how tall?? never heard of it lah

Originally posted by ZaHiRnYa???

The first phase of "Galaxy Ampang" already finish, after been abandoned for quite sometimes.

I have no idea if it is the same "Galazy Ampang" that was supposed to be build. Now they already open the place for sales.

I don't have any rendering or latest picture of the building as I don't have any camera at the moment. Sorry. Probably some else can posted it later. But the color of the building is damn bright. Orange in fact...well I think it is orange la :D

I seriously have no idea where is it!( I have always thought it is after Ampang Point but have no further idea on where is it....hehehe :D ).......you need to bring me there someday....:D

Originally posted by szehoong

I seriously have no idea where is it!( I have always thought it is after Ampang Point but have no further idea on where is it....hehehe :D ).......you need to bring me there someday....:D

Can :D Bring extra helmet cause I only have my motorbike with me. Easier to go around that area ;)

Actually, it is further up from Ampang Point. It is on the way to the old Ampang town where you have to turn right to Jalan Dagang. Don't have helmet...I have extra. :D

I hrd of Galaxy Ampang. More than 70 storeys proposed for a tower for the project! Same like Proposed Menara Low Yat. But aiyo..takde news :mad:

Originally posted by TYW

how tall?? never heard of it lah

It's attached to Terminal One shopping mall. Struture looks good. It's about 20 storeys only :D

Originally posted by baqthier
I hrd of Galaxy Ampang. More than 70 storeys proposed for a tower for the project! Same like Proposed Menara Low Yat. But aiyo..takde news :mad:

Where is this proposed Menare Low Yat located? I heard that that Galaxy Ampang will have its own underground lrt system connected to KLCC. How cool is that. It will be the most accessible public transport for me if it is finally build.:D

Anyone with the rendering of Galaxy Ampang and Menara Low Yat ?

Originally posted by baqthier

It's attached to Terminal One shopping mall. Struture looks good. It's about 20 storeys only :D

err.... dunno lah, haven't been 3 seremban

Friday, November 28, 2003

Most projects can be rescued, says ministry

By STEPHEN THEN

MIRI: The majority of abandoned housing projects in the country can be successfully rescued and revived and their reconstruction completed in about one year.

The Housing and Local Government Ministry has received feedback from Syarikat Perumahan Negara (SPN) ¨C the body assigned the task of helping rescue these projects ¨C that most of the abandoned projects can be successfully rehabilitated.

There are nearly 30,000 house buyers affected by this problem.

Deputy Minister Datuk Peter Chin Fah Kui said that if all the parties involved in reviving these projects were to play their role fully and effectively, there should be no problem completing these abandoned units within 12 months or so from now.

''From the reports compiled by the SPN, most of the affected houses were already more than 50% constructed before they were abandoned due mostly to financial problems faced by the developers,'' he said when interviewed yesterday.

''The SPN had taken over about 200 of these abandoned projects (in peninsular Malaysia) from developers who could not afford to revive these projects on their own.

''Out of these 200 projects, most of them are still in good condition and can be rebuilt. However, for those units suffering structural defects due to long periods of neglect, SPN would recommend to the developers concerned that these units be demolished and replaced with a completely new structure,'' he said.

Chin, who is Miri MP, said the structural engineers hired by SPN would determine whether the abandoned units were safe enough for rehabilitation.

These engineers would conduct thorough evaluation of every abandoned unit before making recommendations on their revival or demolition, he stressed.

Asked how many of these abandoned units were in very bad shape, Chin said that based on current reports, most were still in relatively good condition.

''In fact, there are some abandoned units that are already about 80% completed. There are some private developers who are willing to revive their own abandoned projects because they are already in the final stages of completion,'' he said.

Chin, however, pointed out that house buyers must still fulfil all the terms and conditions of the sale and purchase agreement with the developers once their abandoned units were successfully rescued.

A housing project is considered abandoned if its construction has been stopped for more than six months.

Previous statistics showed that the abandoned projects were worth some RM500mil.

Selangor has the most number of abandoned projects, followed by Federal Territory and Johor.

The abandon artdeco look alike shophouses in Serdang which is near the toll is really an eyesore. I don't need to mention the 20+ storey halted building there too!:bash:

Originally posted by baqthier

The abandon artdeco look alike shophouses in Serdang which is near the toll is really an eyesore. I don't need to mention the 20+ storey halted building there too!:bash:

Where is Serdang ah. I know it is in Selangor :D

So any news about them? BTW, are they hi-rise ones?

Can project like Menara Li Foong be rescued?

3 skyscrapers halted in Klang. Hopefully government could do something cope with it. :)

From THESTAR

http://www.thestar.com.my/news/story.asp?file=/2004/5/17/nation/8000027&sec=nation

No new licence for bad developers
BY LEONG SHEN-LI

PETALING JAYA: Developers with bad track records have been denied new project licences to protect buyers, Housing and Local Government Minister Datuk Seri Ong Ka Ting said.

He said these builders had been asked to sort out their previous problems before reapplying for fresh licences.

Ong said the ministry was serious in tightening control over developers to ensure that buyers would not suffer difficulties, including ending up with abandoned housing projects.

?This move will prevent them from coming back into the market,? he told reporters after opening the Kelana Jaya Barisan Nasional service centre in Bandar Sunway here yesterday.

He, however, declined to name the developers or say how many applications for licences had been rejected.

http://www.thestar.com.my/archives/2004/5/17/nation/p4ong.jpg

WHAT?S NEW: Ong (left) asking Kelana Jaya MP Loh Seng Kok about the development at his constituency as Kelana Jaya Umno division chief and Umno vice-president Tan Sri Muhammad Muhammad Taib looks on.
Ong said builders who had their applications rejected included those refusing to pay late delivery penalties and not following the orders of the House Buyers? Claims Tribunal.

?They can apply again once these problems have been sorted out,? he said.

He said data on problematic developers were entered into the ministry?s computer which would enable them to be automatically identified when they tried to apply for subsequent licences.

Such stringent monitoring, he said, was the result of the 2002 amendments to the Housing Development Act 1966 which enabled the ministry to check on the capability and financial record of developers before issuing licences.

One of the main aims of the amendment, he said, was to arrest the problem of developers abandoning their projects due to financial difficulties.

He said although the law prior to the amendment required the financial situation of developers to be checked, the monitoring was now more stringent with the new law.

Additional monitoring mechanisms include the Form 7(F) which required developers to notify the progress of a project, and also checking of accounts.

?What I can guarantee is that we will take all necessary steps to minimise problems for buyers,? he said.

Asked whether the ministry would make the names of these developers public, Ong said that was not necessary as the developers had already been prevented from returning into the sector.

?There is no point letting them in again and then tell the people that this or that developer has a bad track record. I think this move of preventing them from developing future projects is fairer to the people,? he said.

http://www.utusan.com.my/utusan/content.asp?y=2004&dt=0608&pub=Utusan_Express&sec=Home_News&pg=hn_01.htm

From Utusan

Work to resume on five stalled projects in KL

PUTRAJAYA June 7 - Work on five out of 38 stalled property development projects in Kuala Lumpur may resume, Federal Territory Minister Tan Sri Mohamed Isa Abdul Samad said on Monday.

"The five projects have been identified as having the potential to be reactivated," he said.

Another five projects had been completed while nine others were under construction, Isa said.

"As for the remaining 19 projects, which are being postponed, we are in discussion with the appointed consultant to find a solution," he said after chairing the inaugural meeting of the Abandoned Projects Committee.

Last Wednesday Isa had announced that his ministry had taken over the committee which was previously under the Prime Minister's Department.

Isa said one of his ministry's immediate steps was to appoint a team of consultants to identify and reactivate abandoned projects.

These included joint-venture commercial development projects between developers and Kuala Lumpur City Hall (DBKL).

The total value of such projects, which included apartments, office complexes, hotels and shopping centres, amounted to RM2 billion, he said.

He added that work on the nine reactivated projects could resume after a redevelopment order issued by DBKL permitted each project to change its original form or type.

This was to ensure that the project when completed would be commercially viable, he said.

Most of the developers involved, said Isa, had given their cooperation by giving the necessary information and notifying the ministry of any problems related to their projects.

"However, we are also aware that a project developer has gone missing," he said.

Any information on which of the 5 stalled projects that's going to be resume. :?

Again, it only mention the words MAY. So IT may not be resume after all :ohno:

yea....like Plaza Rakyat.....last year the news on resuming were so heated but now no news yet :rant:

- Property Times 10 July 2004 issue -

This doesn't look good for Duta Hytt & Plaza Rakyat :(


Making safety a priority

Lashed by monsoon rains, sun-baked over years of neglect and ravaged by time, some 38 abandoned projects in Kuala Lumpur alone, costing RM2 billion, still stand a chance to be revived - if the situation improves for their owners or if they are taken over by white knights.

However, how safe for revival are these weathered buildings? Can their foundations still hold after years of neglect? Will the piling stand the added weight of bricks and mortar?

Purchasers of such projects should not have cause for concern as there are adequate legislative powers to ensure the structural integrity of abandoned buildings that are being revived.

These powers are contained under the Streets, Drainage and Buildings Act as well as in the planning requirements of the local authorities.

A spokesperson from the Petaling Jaya Municipal Council (MPPJ) said under the Act, a project that has been abandoned for more than three months cannot be revived without prior approval from the local authority.

The developer would have to submit detailed information on the building’s new plan, its structural information and other reports required by the local authority before permission to resume work can be granted.

Besides these regulations, there are other provisions made for the safety of structures under planning rules and building by-laws.

For instance, when an abandoned project is revived, civil and structural engineers need to carry out a series of tests to ensure the safety of the site and the structures on it, said the president of the Institution of Engineers, Malaysia, Prof Abang Abdullah Abang Ali.

In a project, there may be some structures that may no longer be deemed safe, and these would need to be demolished, he said.

In some cases, Prof Abang Abdullah said, deterioration in structural integrity could be the direct result of improper construction.

“There are no grey areas when it comes to the issue of abandoned projects. The consulting engineers who carry out the testing at the site will decide whether to repair, strengthen or to demolish the structures,” he explained.

In the case of abandoned housing projects, timber structures, including doorframes that have been exposed to the elements, will have to be replaced.

Abandoned projects are blights on the landscape. If developers are consistent in sending bi-annual reports on all projects they undertake, as required under the Section 7F of the Housing Development Act, the problem of abandoned projects can be drastically reduced, said the National Housebuyers’ Association (HBA).

Its secretary-general Chang Kim Loong said: “The Ministry of Housing and Local Government would do well to ensure that developers comply with this regulation.”

Added HBA’s executive committee member Datuk Goh Seng Toh: “Abandoned housing projects are placing a heavy toll on the finances of the people. The Government should immediately take over these projects, using Syarikat Perumahan Negara Bhd, and revive them.

“The Government should also investigate whether there has been misappropriation of funds in the form of progress payments made by the house buyers. Should this occur, then appropriate action should be taken against the developers concerned.”

yep Greg..really worried...will Duta Hyatt stay like that forever!? ..as for Plaza Rakyat..probably never too late for it to be converted into something else

Move to revive stalled KL projects



PUTRAJAYA: Stalled commercial projects in Kuala Lumpur that were affected by the 1997 financial crisis will be revived once City Hall and financial institutions approve the move.

”We are interested to help these developers identify key problems and ensure the projects will not be abandoned and become an eyesore,” said Federal Territories Minister Tan Sri Mohd Isa Samad.

Twenty-eight projects have been identified and the ministry has been charged with helping the developers find a solution.

Five of the affected developers have agreed to convert their commercial projects into residential ones.

In encouraging the move, Mohd Isa said developers, many of whom were involved in mid-scale developments, should look into ways to make their projects viable.

The five developers have the funds and are confident of completing their projects if the ministry and City Hall give the approval to convert the status of their projects, he told a press conference at his office here yesterday.

Mohd Isa said the others had financial problems but his ministry would ask Bank Negara to lend a hand.

“We understand that financing unfinished projects can be difficult, as about RM1.2bil had been spent to develop these projects before the 1997 economic crisis hit,” he said.

“It’s up to them what they want to develop, as long as they focus on their scope and do a market study to determine viability,” he said.

On the overdue Plaza Rakyat mixed development project at Puduraya, Mohd Isa said the developers needed funding.

“We hope financial institutions can look into the matter.”

Anyone with the full list of the 28 stalled project ?

Anyone with the full list of the 28 stalled project ?


Okay....I'll try to make one....hmmmmm


1) Vison City (Bandar Wawasan)

2) Plaza Rakyat

3) Amedeo's abandoned apartment cum offices at Bkt Tunku

4) Monorail City

5) Grand Duta Hyatt

6) Menara Li-Foong

7) Cygal Towers (they started and then stopped ....then started ....then stopped)

8) Capital Square (recently relaunched but still no activity)

9) DNP Plaza

10) lemme think....lemme think!!!! I'll add more laterlah! :D :D :D



Those which had previously stalled but recently revived (that means either completing or currently actively U/C are:

1) NAS Pavillion

2) Parkview Apartments

3) Avenue K & K Residence (previously Duta Plaza)

4) Chulan Square

5) got somemore but can't get the names outta my head.....


Others which had been stalled but had been completed since....

1) Holiday Inn KL (Ambassy Business Park)

2) Berjaya Times Square

;)

Okay....I'll try to make one....hmmmmm


1) Vison City (Bandar Wawasan)

2) Plaza Rakyat

3) Amedeo's abandoned apartment cum offices at Bkt Tunku

4) Monorail City

5) Grand Duta Hyatt

6) Menara Li-Foong

7) Cygal Towers (they started and then stopped ....then started ....then stopped)

8) Capital Square (recently relaunched but still no activity)

9) DNP Plaza

10) lemme think....lemme think!!!! I'll add more laterlah! :D :D :D



Those which had previously stalled but recently revived (that means either completing or currently actively U/C are:

1) NAS Pavillion

2) Parkview Apartments

3) Avenue K & K Residence (previously Duta Plaza)

4) Chulan Square

5) got somemore but can't get the names outta my head.....

;)

1. Where the hell is Monorail City :?

2. Chulan Square :? Hmm...is it the mysterious tall building one ke? I thought Chulan Square only consist of 1 storey building only?

3. Capital Square...got activity la. I happen to pass by the side couple of days ago and the bottom part of the residential apartment already swinging in full mood :). Just cause that side happen to be at a secluded area of the whole area, people tend to miss it.

4. Amedeo? Is it the gigantic size building nearby The Mall punya area?

1. Where the hell is Monorail City :?

2. Chulan Square :? Hmm...is it the mysterious tall building one ke? I thought Chulan Square only consist of 1 storey building only?

3. Capital Square...got activity la. I happen to pass by the side couple of days ago and the bottom part of the residential apartment already swinging in full mood :). Just cause that side happen to be at a secluded area of the whole area, people tend to miss it.

4. Amedeo? Is it the gigantic size building nearby The Mall punya area?


your answers:

1) Monorail City is actually the Jalan-Jalan XiTianDi project

2) I guess that would be Chulan Square cos it occupied the land where Chulan Square is supposed to be.....

3) Oh.....I din know that! :D

4) Yup....you're right :okay:

Hmmm..I didn't know that Jalan Jalan XiTIanDi also known as Monorail City. Is it consider as a stalled project :?

Okay....I'll try to make one....hmmmmm


1) Vison City (Bandar Wawasan)

2) Plaza Rakyat

3) Amedeo's abandoned apartment cum offices at Bkt Tunku

4) Monorail City

5) Grand Duta Hyatt

6) Menara Li-Foong

7) Cygal Towers (they started and then stopped ....then started ....then stopped)

8) Capital Square (recently relaunched but still no activity)

9) DNP Plaza

10) lemme think....lemme think!!!! I'll add more laterlah! :D :D :D



Those which had previously stalled but recently revived (that means either completing or currently actively U/C are:

1) NAS Pavillion

2) Parkview Apartments

3) Avenue K & K Residence (previously Duta Plaza)

4) Chulan Square

5) got somemore but can't get the names outta my head.....


Others which had been stalled but had been completed since....

1) Holiday Inn KL (Ambassy Business Park)

2) Berjaya Times Square

;)

Another project that is being revived is the Golden Avenue in Jln. Tun Razak (developer: LBS Bina Group)... This one was previously Tri-Star...

Do not forget that big hole behind Hotel Istana and Menara Boustead... Supposed to be a three-tower mixed development that went bust in '97...

I found 1 article from Business Times Singapore...

KL gives nod for second tallest building in M'sia


WORK on Malaysia's second-tallest building is set to resume as part of the government's drive to help revive some of the property projects halted by the regional financial crisis six years ago.


But plans for the world's longest building - a 2.4 km monster perched on stilts along the muddy Klang River - will remain on the drawing board.

Topping the list of 28 stalled projects that will be revived is Plaza Rakyat, a minister told BT.

Work on the RM1.7 billion (S$757 million) project - jointly developed by Sarawak tycoon Ting Pek Khiing's Wembley Industries and KL City Hall - ground to a halt in the late 1990s due to financing woes.

The developers originally wanted to build a 77-storey office block and retail podium with more than 6 million sq ft of space next to a dilapidated bus terminal in KL's Pudu area. Plaza Rakyat would have been Malaysia's second-tallest building after the 88-storey Petronas Twin Towers, the world's second-tallest building after Taipei 101.

The total floor space in the original blueprint of Plaza Rakyat is equivalent to four times the size of KLCC Suria mall next to Petronas Twin Towers. Or looked at another way, Plaza Rakyat is about six times the size of Suntec City mall in Singapore.

The government is urging developers to complete stalled projects to help improve KL's skyline.

'We are interested in helping these developers identify key problems and ensuring the projects will not be abandoned and become an eyesore,' Federal Territories Minister Isa Samad told The Star newspaper.

Five developers have agreed to convert commercial projects into residential ones and say they are confident of completing them if the authorities agree to a change of status. The developers have collectively invested RM1.2 billion in the 28 projects.

'It's up to them what they want to develop, as long as they focus on their scope and do a market study to determine viability,' Mr Isa said.

But one headline-grabbing project that won't be revived in its original form is GigaWorld, also known as KL Linear city.

The mixed-use project - planned by Vincent Tan of Berjaya Group and David Chew of KL Monorail - was frozen by the government when it moved to stem the import of big-ticket items to ease pressure on the current account during the crisis years.

Yesss!!!

GReat news! I love it when they said they wanna improve the skyline too!

"The developers originally wanted to build a 77-storey office block and retail podium with more than 6 million sq ft of space next to a dilapidated bus terminal in KL's Pudu area. Plaza Rakyat would have been Malaysia's second-tallest building after the 88-storey Petronas Twin Towers, the world's second-tallest building after Taipei 101."

This paragraph sounds incomplete lar..so they originally wanted 77 storeys..how about now? taller or shorter? :D

Hmmm...I still wonder when Plaza Rakyat will be completed....

GReat news! I love it when they said they wanna improve the skyline too!

"The developers originally wanted to build a 77-storey office block and retail podium with more than 6 million sq ft of space next to a dilapidated bus terminal in KL's Pudu area. Plaza Rakyat would have been Malaysia's second-tallest building after the 88-storey Petronas Twin Towers, the world's second-tallest building after Taipei 101."

This paragraph sounds incomplete lar..so they originally wanted 77 storeys..how about now? taller or shorter? :D

he he...i was reading and i wondered what happened to the next sentence.

we have all waited so long. let's hope it will go on smoothly this time;)

men~ thats a real good news!!! will they still use the old Plaza rakyat design or they... ??

Wuhoo!hopefully this time they will continue!Not like the previous article.Btw,how bout the MOnorail city?I wish the Gigaworld could be resumed

is plaza rakyat under construction or not?

is plaza rakyat under construction or not?

Not at the moment....:(

im desperately looking forward for Plaza Rakyat to resume construction ler...so have they start refurbishing the Bus station?

Nope not yet :(

wah...Sze....its very sad to hear the same sentence twice ler....:P
Really wonder watz going on

yep Greg..really worried...will Duta Hyatt stay like that forever!? ..as for Plaza Rakyat..probably never too late for it to be converted into something else

Looks as if Mycom wants to resume the Duta Hyatt project after restructuring by early 2005, but wants to skip the Hyatt brand name.

Mycom Expects To Be Profitable By 2006


KUALA LUMPUR, Nov 30 (Bernama) -- Mycom Bhd, a plantation and property development group, hopes to return to the black by 2006, said its group managing director Datuk Yap Yong Seong, Tuesday.

Mycom is currently undergoing a restructuring scheme, which is expected to be completed by the first quarter of 2005.

For the financial year ended June 30, 2004, Mycom's revenue declined slightly by eight percent to RM233 million from RM253 million the previous year.

Yap said key projects going forward after the restructuring would be the joint mixed development of residential and commercial units with associate company, Olympia Industries Bhd (OIB), of a piece of land measuring about 71 acres located in the Mont Kiara and Hartamas vicinity.

The project would be over a period of ten years, and would be a steady source of revenue and profits for the group.

On its temporarily halted Duta Grand Hyatt project, a mixed property development comprising hotels and office apartments in Kuala Lumpur, Yap said work on it could only resume after the completion of the restructuring exercise.
"Because of legal constraint, we are not able to restart the project until new instruments are issued. That means we have to issue instruments to the lenders and upon completion of restructuring in the first quarter only can we proceed," he told reporters after Mycom's annual and extraordinary general meeting here.

However, Yap said the group might not retain the Hyatt brand upon completion.

"We are not very sure whether we will want to retain the Hyatt brand. It has elapsed, and we are looking at brands which are more competitive," he said.

Yap explained that it was not easy to market a US$200 room, and the group has a choice to bring the room rate to a more competitive market rate with other brands.

"What we signed was the Grand Hyatt, but the contract had expired," he added.

However, Yap said the hotel would still be a five star hotel, and not a six star, where it would be difficult to make ends meet.
"We will have to find a market for a five star hotel. We don't believe it could be done for with a six star hotel," he said.

It is estimated that one room costs US$400,000 to be completed and furnished.

"It is not cheap. But when you say rooms, the hotel facilities are included," he added.

Yap said there are also plans to reduce the hotel rooms and increase the apartment units.

He said the project would be another source of revenue to the group for the medium and long term.
Although contribution to Mycom's revenue from the oil palm plantations and property development increased by about 50 percent from last year, the increase was affected by a 30 percent reduction in revenue from the granite division.

Prior to implementation of restructuring scheme, Mycom's finance cost also remained high. As a result, the pre-tax loss for Mycom increased to RM106 million against RM93 million in the previous year.

Post restructuring scheme, Yap said the group's property sector would be in Hartamas besides Melaka, Seremban and Johor.

"These are good assets and we believe we can perform well with these assets as they are located in strategic locations," he said.

Yap said besides Mycom's joint venture with OIB, the group has no plans to collaborate in other joint ventures.

"Any plans will have to wait until after the restructuring is completed," he said.

On another note, Yap who is also the managing director for OIB said the group's revenue increased by seven percent to RM209 million for financial year ended June 30, 2004, from RM194 million in the previous year.

The gaming, financial services and leisure divisions together recorded an increase of 23 percent in revenue, although it was weighed down by lower contributions from the property and infrastructure divisions.

OIB recorded a significantly lower pre-tax loss of RM94 million as compared to RM141 million previously.

Yap said OIB was also moving its restructuring scheme into its final implementation phase before carrying on with its joint development project with Mycom.

Since Mycom may drop Hyatt from managing that hotel, they should look at other brands like Four Seasons (they currently have The Regent KL), InterContinental (the Crowne Plaza Mutiara is managed by them), St. Regis, Conrad, Sofitel etc...

Its quite true that these brands are now more competitive than Hyatt...

Agreed. Irriated by it's developement..the scaffolding nets just seem to appear and gone..and now appearing again..

Plaza Rakyat to start job
Updated : 27-05-2005
Media : Business Times (http://www.biznewsdb.com/english/newspage/newspage.asp?ID=5052733&file1=5&bulan=05&kw=wwqq)


WEMBLEY Industries Holdings Bhd said its wholly-owned subsidiary, Plaza Rakyat Sdn Bhd, signed yesterday a RM419.999 million contract with Jetwork Engineering Sdn Bhd for the completion of Phase I for the Plaza Rakyat project.

Works covered by the contract retail podium comprising shopping mall, a budget hotel and transport facilities are to be completed no later than May 7 2007.

^^ serious!? :eek2:

Less than 2 years it seem....

from KNizam Fotopages
http://img.photobucket.com/albums/v730/Greg8000/7474332.jpg
http://img.photobucket.com/albums/v730/Greg8000/7474334.jpg

^^ i dont see any changers dude.. onli some green nets and if im not wrong some new cranes too.. well.. looks like a wasteland.. any news on her?

^^ yeah I think those cranes are new, but I don't see any significant changes. At least we have an update as people always wonder what the status is.

^^ yup! agree.. at least.. anyway thx for those pics and updates dude! :okay: realli hope that she get build one day.. guess that days still far away.. :cry: ah well.. eventhou she gets build.. will she look just like the one SOMs design..?? or different design.. lotsa ?????

Is there gonna be a new bus terminal there? I don't think so but i can't stand Pudu!!
It's the worst infrastructure which is widely used in KL. Look at KL Sentral and KLIA when compared to Pudu. Transportation hub? Why not built a new central bus terminal first.

I remember the exhaustions fumes from all those buses. >(
http://img.photobucket.com/albums/v730/Greg8000/7474333.jpg

It's unbearable and i have no choice but to go there quite often whenever i'm going back to Penang.

looks like some kinda war zone and u can hardly breath.. thats wat ma father told me when he came back from KL on one ofda bus at the stations.. ah well..

They renovated the place but i don't see any difference. It's still as bad!!

i guess the renovation is just for the time being.. until they resume Plz Rakyat.. :(

BUt when they were doing the renovation, i came across an article in newspaper saying they will not move the central bus station due too shortage of funds or something and would only renovate it.

BUt when they were doing the renovation, i came across an article in newspaper saying they will not move the central bus station due too shortage of funds or something and would only renovate it.

well.. the onli person who hav all the answears bout the facts and dramas of Plz Rakyat.. is Sze! ;)

I remember the exhaustions fumes from all those buses. >(
http://img.photobucket.com/albums/v730/Greg8000/7474333.jpg

Look at how inconsiderate drivers just drop passengers by roadside!!

well.. the onli person who hav all the answears bout the facts and dramas of Plz Rakyat.. is Sze! ;)

Yea, where's he. Haven't heard from him for days. Must be enjoying his weekend. :)

Look at how inconsiderate drivers just drop passengers by roadside!!


There's where the buses always drop us off.

Sometimes they drop me off even further.

^^ I meant the two cars.. not the bus :D

Cool updates.But i dont see any construction workers there le....And i think the cranes have een there for a while

^^ I meant the two cars.. not the bus :D

Hahaha, same goes to the buses la, lol

Plaza Rakyat

http://img235.imageshack.us/img235/2938/53646nn.jpg

Well Nazrey, you have reminded me my secondary school days when i saw this article and kept informing bout it to my classmates:) The good ol days.

Seriously wonder when will it revive.

^^ guess the good old days still the same till this day.. nothing much change.. and yes.. when will it revive... .. ?? milion dollar question :lol:

More time to complete work The Star 11/10/2005
THE developer of the problematic Plaza Rakyat project in Kuala Lumpur has been given until May 31, 2007, to complete the building, Deputy Federal Territories Minister Datuk Zulhasnan Rafique said. “Taking into consideration the problems such as the economic crisis, the importance of protecting the image of Kuala Lumpur City Hall and the interest of purchasers, the Government has agreed to extend the contract,” he said

Is the mall and transit station going to open in 2007?

More time to complete work The Star 11/10/2005
THE developer of the problematic Plaza Rakyat project in Kuala Lumpur has been given until May 31, 2007, to complete the building, Deputy Federal Territories Minister Datuk Zulhasnan Rafique said. “Taking into consideration the problems such as the economic crisis, the importance of protecting the image of Kuala Lumpur City Hall and the interest of purchasers, the Government has agreed to extend the contract,” he said

Is the mall and transit station going to open in 2007?

I would be surprised, but yes, if they speed up, 2007 looks realistic. :)

2 years time...still no movement till today :(

2 years time...still no movement till today :(
actually they pre-fab somewhere in kepong and one fine morning in 2007, when people are ready to go to work, the building will be there... hmm, trust me ;)

actually they pre-fab somewhere in kepong and one fine morning in 2007, when people are ready to go to work, the building will be there... hmm, trust me ;)



Wah....very advance eh? :lol:

So unlikely to happen :D

Wah....very advance eh? :lol:
malaysia boleh...

malaysia boleh...

Hmm...:lol:

Major Projects In KL To Be Referred To PM
Updated : 15-11-2005
Media : Bernama


KUALA LUMPUR, Nov 15 (Bernama) -- Future major development projects in Kuala Lumpur would be referred to Prime Minister Datuk Seri Abdullah Ahmad Badawi and the cabinet for advice and approval, acting Federal Territories Minister Datuk Seri Shahrizat Abdul Jalil said.

Shahrizat, who is the Women, Family and Community Development Minister, said this was agreed upon in her meeting with City Hall officials here Tuesday.

However, at the meeting no discussion had been made on any new development projects in the city, she told reporters after attending her first briefing by the Kuala Lumpur City Hall (DBKL) on the management and development of the city.

Shahrizat took over from Tan Sri Mohd Isa Abdul Samad who resigned from all his political and government posts last month after being found guilty by the Umno Disciplinary Committee for money politics.

She said that at the meeting she had urged DBKL to enhance its quality of service to the public in line with its clients' charter without compromise, and wanted the Mayor, Datuk Ruslin Hassan to ensure that City Hall officials carried out their duties with full commitment, integrity, accountability, transparency and in a friendly manner.

Shahrizat said that she wanted to see a level playing field for everyone.

Touching on the distribution of the recent Ramadan temporary stall licences, she said: "We will be transparent especially if there are 5,000 applicants for only 500 licences. We don't want the 4,500 to go home unhappy because they did not get the licence."

The renting out of the temporary licences had resulted in controversies whereby some of the licences were resold at a much higher price.

Project ini agaknya tak nak resume ke? :sleepy: However I'm surprise with that rendering anyway :cheers:

http://img241.imageshack.us/img241/5559/23050621va.jpg

Eh, what is that? :eek: Ah, that's the extension phase of Vision City. :)
Must be abandoned for many years, probably since the Asian financial crisis.

Eh, what is that? :eek: Ah, that's the extension phase of Vision City. :)
Must be abandoned for many years, probably since the Asian financial crisis.


That's right! This area has lots of abandoned project.Maybe it's area of abandoned city :jk:

http://pwp.maxis.net.my/szehoong/pix/kl%20monorail/DSCN0002sm.JPG

Eh, what is that? :eek: Ah, that's the extension phase of Vision City. :)
Must be abandoned for many years, probably since the Asian financial crisis.

Yeah...I dont think anyone want to revive this project back. Even heard some news back then with some rumours about the scaling down of this mega project..

Isnt that Daewoo, the joint developer for this project no longer exist.

ic.. such an eyesore.. located on one of kl's main road lagi..

ic.. such an eyesore.. located on one of kl's main road lagi..

What to do :(

Unless someone wanted to revive it back..then the eyesore will be there for such a long long time.

Uploaded on October 22, 2005
by Paul++

http://static.flickr.com/29/54828605_6c12e4b199_b.jpg

Eh, what is that? :eek: Ah, that's the extension phase of Vision City. :)
Must be abandoned for many years, probably since the Asian financial crisis.

I wish they resume back the project...n then put Jaya Jusco as the anchor tenant :lol:

Taken 28.12.2005
http://img.photobucket.com/albums/v730/Greg8000/PIC_0165.jpg

plaza rakyat..
any update from the pic ??

nope..not a single update :(

i thought that plaza rakyat will be resumed soonly......words from PM and DBKL le....???

i thought that plaza rakyat will be resumed soonly......words from PM and DBKL le....???

It supposed to be resume March or April last year..can anyone see any progress? I dont think so.

SPNB revives 20-year-old housing project
By Tamimi Omar, 05 Jan 2006 5:51 PM


Syarikat Perumahan Negara Bhd (SPNB), a wholly owned subsidiary of the Minister of Finance Incorporated (MOF, Inc) has acquired a 20-year old abandoned housing project in Taman Sungai Pinang, Klang to revive at the cost of RM1.16 million.

In a statement on Jan 5, SPNB said the Housing and Local Government Ministry had requested SPNB to undertake and revive the project involving 17 double-storey houses.

“The house buyers of Taman Sungai Pinang had waited in vain for two decades as the housing project was abandoned (in 1985) following financial and management problems faced by the previous developer,” it said.

Developed on a 1.3-acre freehold site in Klang, the housing project consists of 29 residential units.

However, SPNB said it was only responsible to rehabilitate 17 units as the owners of those units had already received their individual titles.

“We have taken over this 80% completed project without any additional costs loaded on the house buyers,” SPNB executive chairman Datuk Seri Tengku Adan Tengku Mansor said.

He said the government had to absorb the deficit occurred in completing the project.

SPNB is currently reviving three stalled projects in Selangor at Taman Kantan Permai (Phase I), Kajang, Bandar Pinggiran Subang, Shah Alam and Taman Desaria, Petaling Jaya.

As instructed by the Housing and Local Government Ministry, SPNB’s ongoing rehabilitation initiative comprise 176 abandoned housing projects, involving 51,413 units with an estimated value of RM4.3 billion.

Gees.......20 years old abandoned project :omg:

http://img398.imageshack.us/img398/8876/12659zw.jpg

^ very sad :(

by kennethg

http://static.flickr.com/16/23048373_0ff52f3bdd_o.jpg

http://static.flickr.com/17/23050674_227e910315_o.jpg

Both of the building will never be resume forever

http://img41.imageshack.us/img41/7375/454350pq.jpg

by idlan

http://static.flickr.com/43/88365455_7d3ece13a1_o.jpg

by idlan

http://static.flickr.com/25/88365557_23b40df541_o.jpg

Btw, the long abandoned hotel behind Crowne Plaza Mutiara already resume back...saw some very active progress lately n yesterday it was under full swing :D

The hotel is supposed to be Novotel Hydro Majestic

Btw, the long abandoned hotel behind Crowne Plaza Mutiara already resume back...saw some very active progress lately n yesterday it was under full swing :D

Btw, the long abandoned hotel behind Crowne Plaza Mutiara already resume back...saw some very active progress lately n yesterday it was under full swing
__________________


really ?? WowWoOOoo.. :cheers:
any progress pic ??? n
how many storey??

really ?? WowWoOOoo.. :cheers:
any progress pic ??? n
how many storey??
That's the building. I took this pic one year ago.
http://img.photobucket.com/albums/v730/Greg8000/DSCN0111.jpg

L&G to revive 2 township projects
By Alfean Hardy, 26 Jan 2006 7:00 PM


Land & General Bhd (L&G), which is in the midst of restructuring its debts totalling RM488 million as at Dec 31, 2005, is trying to revive its Bandar Sungai Buaya and Lembah Beringin township projects that were hit by the 1997/1998 Asian financial crisis.

L&G managing director Mike Krishnan said it had no intention of divesting its two subsidiaries Bandar Sungai Buaya Sdn Bhd and Lembah Beringin Sdn Bhd responsible for the projects in Selangor.

“We have to find a way to resurrect these two companies. There are many ways of doing this and we are studying a number of alternatives,” he told reporters after its EGM in Petaling Jaya on Jan 26.

“We have to find capital, JV partners, sell some land, there’s a variety of things we can do,” he added. Krishnan said currently, no plans had been put in place.

The group posted a net loss of RM129.5 million for the year ended March 31, 2005 mainly due to the impairment of assets and liquidated ascertained damages in the two subsidiaries.

L&G said proposals to revive and rehabilitate the townships were still being negotiated with various parties. It added that they were unable to initiate any new projects without fresh capital injection.

L&G shareholders yesterday approved its proposed to sell two plots of land in Sungai Buloh, Selangor, to TA Enterprise Bhd's unit Indo Aman Bina Sdn Bhd for RM189.55 million as part of its debt restructuring agreement (DRA) with its creditors.

The DRA, which is in effect from 2003 to 2010, will see it selling off specified assets to reduce about RM742 million in debts and forbids it from further borrowings.

Krishnan said the sale of the land, together with the sale of other assets in Kuala Lumpur and Bandar Sri Damansara, would leave the company with a land bank of more than 5,000 acres.

Asked whether any of the proceeds would be used to inject fresh capital into the Sungai Buaya and Lembah Beringin projects, Krishnan said the terms of the DRA would not allow that.

“We are confined by the restrictions of the DRA, so our number one objective is to meet the obligations under our agreement. We can’t do anything until we come out of the DRA,” he added.

That's the building. I took this pic one year ago.
http://img.photobucket.com/albums/v730/Greg8000/DSCN0111.jpg

Yeah..that is the one :D

Hopefully this time it will be fully completed

what is that building behind the pudu jail? the huge crane looks new and i'm surprised those things weren't taken down.

that vision city and hyatt duta are real eyesores. :(

what is that building behind the pudu jail? the huge crane looks new and i'm surprised those things weren't taken down.

that vision city and hyatt duta are real eyesores. :(

MENARA LI FOONG. The forever will be abandoned :rant:

Yeah..that is the one :D

Hopefully this time it will be fully completed

Accor is launching its 4-star Novotel brand in Kuala Lumpur in June 2006, right in the middle of the city centre and main commercial and entertainment hub.

Novotel Hydro Majestic Kuala Lumpur is strategically located across the street from the recently opened Kuala Lumpur Convention Centre, and all the city`s main tourist and commercial districts within easy walking distance to the hotel.

The neighbourhood immediately around Novotel Hydro Majestic Kuala Lumpur offers one of the most dynamic and popular entertainment areas found anywhere in Asia. The 26-storey hotel is near Kuala Lumpur`s famed `Golden Triangle`, the capital`s main tourist and shopping district and the `Bintang Walk`, Malaysia answer to Japan`s Ginza with its outdoor cafes and trendy shops. It is also conveniently located near the central business district and the country`s iconic Petronas Twin Towers.

Guests staying at the hotel will be able to walk to the KL Monorail`s Rajan Chulan station, which connect with the KLIA Ekspres, the ultra modern direct train servicing Kuala Lumpur International Airport.

The 286 guest rooms will feature a clean and contemporary design, incorporating elements of the brand`s newest `Novation` room concept from Europe. Corporate travellers will also enjoy the benefits of staying on the hotel`s Biz Floors, including personalised check in/out in the Biz Lounge that overlooks the city centre and Twin Towers.

Dining and bar options feature a lower lobby food court, Chinese restaurant, lobby lounge and `The Square`, Novotel`s innovative signature restaurant known for its interactive cooking experience. Leisure facilities include a swimming pool, fitness centre and a spa wellness centre.

Hydro Hotels Sdn Bhd Managing Director, Ms Angeline Mah, said the company was delighted to expand its relationship with Accor and extend the partnership into Malaysia.

"We are very pleased to join Accor on Novotel Hydro Majestic Kuala Lumpur.

The two companies worked extremely well together on our other hotel project, Hydro Majestic Grand Mercure Blue Mountains outside Sydney, and believe Novotel branding will make this a leading hotel in Kuala Lumpur."

Accor Managing Director Asia Pacific, Michael Issenberg, said the hotel would appeal to both business travellers and leisure guests with its prime location and outstanding facilities.

"We believe the hotel will be amongst Malaysia`s finest 4-star hotels in one of the city`s most prestigious locations.

"Kuala Lumpur is regional commercial hub and we are delighted to add Novotel Hydro Majestic Kuala Lumpur to the global brand network. The Malaysia economy is booming and tourist arrivals are at a high, so Accor believes the timing couldn`t be better to enter the market.

"This represents a significant addition and strategic complement to Novotel hotels in other key commercial capitals around Southeast Asia after the recent opening of Novotel Maggna Dua in Jakarta and the renovation of Novotel Clarke Quay in Singapore," he added.

Wah..Greg. Where did you get this information.

Hmm..so confirm la. No wonder they are repainting the new building with a new coat :D

Accor is launching its 4-star Novotel brand in Kuala Lumpur in June 2006, right in the middle of the city centre and main commercial and entertainment hub.

Novotel Hydro Majestic Kuala Lumpur is strategically located across the street from the recently opened Kuala Lumpur Convention Centre, and all the city`s main tourist and commercial districts within easy walking distance to the hotel

Love the name :omg:

NOVOTEL HYDRO MAJESTIC KUALA LUMPUR. Cute :colgate:

Love the name :omg:

NOVOTEL HYDRO MAJESTIC KUALA LUMPUR. Cute :colgate:

Hydro = Water, Novotel Majestic Water??

Hydro = Water, Novotel Majestic Water??

Ha.ha...yalor. Hydro..but nothing wrong what :D

Hydro- seems odd for a hotel but it does have a nice ring to it for some reason. Apparently, shopping centre names incorporating the elements of the earth do well in KL? Suria, Sunway, Sungai Wang, Bukit Bintang and well mid valley too. :D

wow! thats a observation.


Hydro- seems odd for a hotel but it does have a nice ring to it for some reason. Apparently, shopping centre names incorporating the elements of the earth do well in KL? Suria, Sunway, Sungai Wang, Bukit Bintang and well mid valley too. :D

ermm...Novotel Hydro Majestic KL...unique name indeed...glad that novotel is back to kl...btw is this the only hotel opening in KL for this year?

not the only hotel. There are a few more
1. Alum Warisan Hotel Putrajaya - Owner Putrajaya Holdings
2. Trader’s Hotel 571 rooms at KLCC owner/manager /Petronas/Shangrila
also hear
3. The Summit Avenue Suite Hotel (anyone knows where this is?)
4. The Semantan Avenue Hotel (and where is this one?)
5.reopening of Rasa Sayang Penang
In 2007,
1. Impiana Putrajaya 384 rooms
2.Second phase of Putrajaya KLCC Hotel & Spa.
3.reopening of Mutiara Beach resort penang after a year's closure as Intercontinental penang.
4.Intercontinental also building hotel in Negeri for a singapore company.







ermm...Novotel Hydro Majestic KL...unique name indeed...glad that novotel is back to kl...btw is this the only hotel opening in KL for this year?

any news on PD Hard Rock Cafe anyone?

tergendala sebentar

any news on PD Hard Rock Cafe anyone?

Grand Hyatt KL project still awaiting approval
By Vasantha Ganesan
bt@nstp.com.my

April 10 2006

HYATT Group may have to further delay the opening of its first hotel in Kuala Lumpur by another year to 2010 as approval for the building has yet to be obtained.

Business Times was informed that the authorities are still considering approving the proposed five-star 450-room Grand Hyatt, to be located at Jalan Pinang. The hotel is owned by the Brunei Investment Agency and a locally- incorporated private company.

"The project is still under consideration. It has not been approved by the Dewan Bandaraya Kuala Lumpur," an officer from the local authority said.

Last April, Business Times reported that Hyatt Group will have a hotel in the capital in 2009, after its earlier plan to open a Grand Hyatt Duta came to end as the project was never completed.

The officer said that the plans submitted last year have to be amended and that no development order has been issued and building plans have not been approved.

Meanwhile, a Brunei Investment Agency official Suharafadzil Yusof, when contacted, declined to comment on the status of the project.

It is believed that the 50-storey building project will include a hotel, service apartments and an office complex.

The Hyatt Group had in 1994 given the contract to develop the RM570 million Grand Hyatt Duta to Kuala Lumpur Landmark Sdn Bhd, a subsidiary of Olympia Industries Bhd.

Mycom Bhd, the holding company of Olympia, then teamed up with Kuala Lumpur Landmark to develop a 52-storey building to house its headquarters and the hotel.

However, construction was halted in July 1998, when the group encountered financial difficulties during the 1997/98 economic downturn.

The Grand Hyatt Duta was to have been completed in 1997. Until today, the hotel at the corner of Jalan Sultan Ismail and Jalan Ampang remains partly completed. The Hyatt Group is no longer associated with the project.

The Hyatt Group also operates the Hyatt Regency Kinabalu, Hyatt Regency Johor Baru and Hyatt Regency Kuantan.
-----------------------------------------
Come on DBKL .... approve it as soon as possible pleaseeee :)

^^ 8 years already.. still the same.. eventhou DBKL approve.. i dont think Hyatt is interestin in it anymore.. since they'r goin to build one near KLCC... I think.. correct me if im wrong..

^^ 8 years already.. still the same.. eventhou DBKL approve.. i dont think Hyatt is interestin in it anymore.. since they'r goin to build one near KLCC... I think.. correct me if im wrong..
The article refers to the new project at Jalan Pinang. Think we have a separate thread for this somewhere. The Duta will never be Hyatt again.
Is this Greta Garbo in your avatar? :?

Stalled apartment project gets new lease of life
Story and photo by DHARMENDER SINGH


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.






http://www.thestar.com.my/archives/2006/4/17/central/02avenue.jpg

The Rhythm Avenue project in USJ 19 is being revived after being stalled for
six years.





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 revive it.''

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 progressive payments.

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 project.

They even considered suing the original developer for a refund of the money invested.

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 connection.''

The article refers to the new project at Jalan Pinang. Think we have a separate thread for this somewhere. The Duta will never be Hyatt again.
Is this Greta Garbo in your avatar? :?

yes i know Greg.. but in the last few sentence it mention the Duta Hyatt project.. anyway.. im not sure if thats Greta.. looks like her thou.. beautiful lady! :naughty: she still alive? :uh:

http://www.thestar.com.my/archives/2006/4/17/central/02avenue.jpg

Is Rythm Avenue the one with mini domes?

from usj.com.my

Rhythm avenue

http://www.usj.com.my/usjXpress/getdata.php3?table=usjXpress&id=288

http://www.usj.com.my/usjXpress/getdata.php3?table=usjXpress&id=262

http://www.usj.com.my/usjXpress/getdata.php3?table=usjXpress&id=160

Eh Baq, you are so active recently. :)

^^ i know why! too much turtle eggs! bah baq? :lol:

S'pore fund to revive KL building into RM200m project
By Alfean Hardy

Allco Funds Management (Singapore) Ltd (Allco FMSL) and Bluestone Group Malaysia’s unit will revive a half-completed building in Kuala Lumpur into a RM200 million commercial project.

Bluestone's unit Taragon Capital Malaysia will provide the project management, development and real estate management services and expertise.

"The project is located in the vicinity of prominent buildings such as Berjaya Times Square, Sungei Wang Plaza and Park Royal Hotel,” Bluestone managing director K H Sim said in a statement on April 24.

Bluestone has entered into a development agreement with Allco FMSL, a unit of Australia's financial services group Allco Finance Group Ltd, to revive the project. Allco Finance specialises in asset-based structured financing and fund management.

Under the agreement, Allco FMSL will provide the finance structuring and support as well as funding support via an equity investment in the project.

“The funds invested will be used to purchase a half-completed building which sits on 5,800 sq metres of prime land for RM56 million,” said Sim.

Work is expected to start in early 2006 and the completion date is end-2009. Once completed, it will have a net area of 42,000 sq metres.

“We will be developing the existing building into a prime commercial project,” said Sim, adding that there is good commercial potential as the project is located in the vicinity of prominent buildings.

Sim said they were working with a local commercial bank to structure a blended financial facility combining a mezzanine facility with senior debts.

Once finalised, this facility, amounting to about RM60 million, would be the first of its kind in Malaysia, he added.

Allco FMSL director Sheldon Lee said this was its first entry into the Malaysian market and the tie-up with Bluestone was an opportunity for it to participate in the Malaysian property market.

^^
which project is it? Menara Li Foong?

^^ good news ;)

vision city ??

^^ good news ;)

vision city ??

I don't think it's vision city. The article says it's in the proximity of Berjaya Time Square, Sungei Wang and Park Royal.
My bet is Menara Li Foong.

Is Menara Li Fong the one behind Times Square?

Is Menara Li Fong the one behind Times Square?
Yeah that's the one. The cranes are still there, but construction halted many years ago.

Thanks.But will that building take that long to complete?It looks like it has already topped up

Btw,do anyone know what is the project clled next to Sungai Besi Toll?It has revived but the design is an eye sore:(

Thanks.But will that building take that long to complete?It looks like it has already topped up
Darren, I think it should be around 30 storeys, so currently they are maybe a bit more than halfway up. Check the pic below, from Aleksey from early April :)
http://img.photobucket.com/albums/v730/Greg8000/P1b.jpg

^^ thanks Greg for the info :)

Ooops,Sorry,got the wrong building.I thought was the one further on the right,with the spire

^^ The one with the spire just a short distance from Menara Li-Foong is also an abandoned project. Lucky for this one is that the exterior is almost finished giving it a 'completed' look thus it is not such an eyesore :D

so any news from Plaza Rakyat and Hyatt?

Duta Grand Hyatt, KL Malaysia - US$220 Million
Mixed development comprising 573 rooms (6 star), 108 luxury apartments & 30,000 sqm office. Refinancing (equity participation & debt) and appointment of construction contractor, recommencement and arrangements for partial pre-lease and pre-sale.

^^
which project is it? Menara Li Foong?

Yeap it is Menara Li Foong. Confirmed in newspaper - Property Times dated May 6 but sorry I dont have the article here right now.

Someone going to revive Menara Li Foong?

Such a shocking news...feel like fainted..

Not exactly in KL...but you might notice this building when travelling along the Federal Highway towards Klang...

Klang’s largest project revival under way

By S.C. CHEAH

WELL-known property developer Datuk Teo Chiang Kok of the See Hoy Chan group is undertaking one of the biggest rehabilitation projects in Klang.

He is turning an almost decade-old abandoned hotel project into a RM120mil, iconic and cutting-edge office and retail complex called Centro.

The 28-storey freehold office tower over a three-storey retail podium will be the tallest building in Klang and boasts a million sq ft of built-up space. Work is going on at a feverish pace to complete the retail podium this November and the office tower by May 2007.

Centro Properties Group Sdn Bhd controlled by Teo is redesigning and rehabilitating the project at Jalan Batu Tiga Lama that fronts the Federal Highway.

Teo, who is behind the success of Bandar Utama and the award-winning 1 Utama shopping centre and the Centrepoint neighbourhood mall, is using Centro to launch his three children into the property development arena as, in his own words, “it is for the next generation.”

It also marks Teo’s return to Klang, where the See Hoy Chan group successfully developed Berkeley Gardens and Port Gardens, after an absence of 20 years.

“I am indeed glad to have the opportunity to be able to return to Klang to develop what will be another icon and a landmark for this royal town,” he told StarBiz.

Teo said that due to the overwhelming demand for freehold and modern office space, the company had received a “very positive response” from companies and investors.

Datuk Teo Hiang Kok with his son Kheam How at the Centro project site.
“To satisfy this early demand, we have had to begin pre-launch sales and have to-date received deposits in excess of 20% of saleable office space. These are very encouraging signs as our official launch is planned for June.”

“We believe that this positive response from purchasers is partly due to the fact that construction has reached 60% of completion and is on schedule to be fully completed by this November for the retail podium, and May 2007 for the office tower,” he added.

He said this early delivery would give significant savings to purchasers in the form of having to pay less interest on their loans and rentals incurred at their current premises.

Most of the buyers are in the logistics, shipping and forwarding business with some of them looking for investment purposes.

Centro will offer the biggest and most flexible office space in Klang that is being sold in modules from 490 sq ft to 23,000 sq ft for an entire floor plate. It boasts about 300,000 sq ft of net saleable space with 700 covered parking bays in two basement levels and another 100 bays for surface parking.

As the building has a stepped-up design, the floor size decreases with every floor up and this allows for more corner offices and maximum window perimeter, giving offices an abundance of natural light, openness and panoramic views. There is also an option of corner offices with sky balconies that can be used as roof gardens, smoking areas, staff lounges, or even for social gatherings.

“We hope that Centro will be the catalyst to accelerate the growth in the form of modernising Klang. We are proud that this is in line with the Klang Municipal Council and its president’s commitment and dedication to develop Klang into a modern and world-class city,” he said.

Teo said there was presently no iconic building in Klang where occupiers could own their office space, adding that most of the existing offices were in shop offices.

He said that after an extensive market research, he saw the potential to introduce the concept of a mixed-use complex comprising of a modern strata title office tower and a neighbourhood retail and lifestyle centre.

“Our research indicated a range of growing problems and concerns among businesses in Klang, most notably those in shop houses. These problems included a severe shortage of parking, worsening traffic congestion and a need for better security.”

“Furthermore, we found that there was an increasing need among more and more companies, whether local or multinational, for a signature business address to match their company’s image,” he said.

“Unfortunately, the main or only option for the majority of businesses in Klang are the traditional shop lots, which do not give certain companies the prestigious address they desire,” he added.

Teo said many businesses in Klang were also forced to rent due to the lack of commercial space for sale, whereas those who were able to own their own premises had bought leasehold properties.

He said another main advantage of Centro is its prime location and easy accessibility. It is strategically located at the growth corridor of Klang as it sits at the gateway to the Klang city centre with direct access to the Federal Highway and NKVE. It is also free from the traffic and congestion of the Klang city centre.

The location itself fronts a four-lane dual carriageway for easy access to and from the building. Centro is also in close proximity to a comprehensive network of other highways, including the Kesas Highway and Elite Highway to the south and Guthrie Highway to the north.

The KL International Airport and the West and North Ports are just as easily accessible from Centro.

^^ The one with the spire just a short distance from Menara Li-Foong is also an abandoned project. Lucky for this one is that the exterior is almost finished giving it a 'completed' look thus it is not such an eyesore :D
Digged out some additional information

by Fintan Ng

PETALING JAYA: Bluestone Group Malaysia, which is developing Taragon Yap Kwan Seng and Taragon Puteri Cheras, is still open to plans for the RM200 million revived commercial project it is developing in downtown Kuala Lumpur.

The half-completed project is located behind Berjaya Times Square and construction is expected to start again early next year. When completed in end-2009, the project would have two 29-storey buildings and more than 400,000 sq ft of net space.
The project, developed by an unlisted company that has since gone bust, was abandoned about eight or nine years ago. The original plans called for a hotel, office and retail lots.

"At the moment, it is still fluid. If we can get another foreign partner in, then the plans would be obvious to the market, but I can't comment right now," Bluestone Capital Sdn Bhd managing director K H Sim tells theSun.

The Bluestone Group Malaysia, through its subsidiary Taragon Capital Malaysia, recently entered into a development order with Allco Funds Management (Singapore) Ltd, in which the financial services company would provide the funding support through an equity investment in the project. Allco Funds Management is a subsidiary of Allco Finance Group Ltd, an Australian financial services company.

"They [the foreign partner] are a listed company that work together with funds such as Allco and if they come in, it'll be a first for both Allco and this company in Malaysia," Sim says.

He is not ruling out the possibility that the revived project would be a mixed commercial project comprising a mixture of retail lots, offices and hotel. "It's not going to be a shopping mall, that's for sure," Sim says.

He is fairly confident of the success of the project, saying the company is currently in negotiations with a foreign entity that may take up a block. "They've offered a price... once the time is correct, we'll announce it," Sim adds.

"We're still open to selling or leasing once the project is completed. It may even be sell then leaseback... we're still weighing the options," he says, adding that one option is to sell a component of the project for RM100 million.

There used to be 2 identical towers near the Summit, Subang Jaya, one tower is occupied by Heitech Padu while the other tower was abandoned and unfinished. The unfinished tower was stii like that last time I went to the Summit last year.The tower used to be an eyesore.

This year, I saw that tower painted in pink on my way to KLIA.It seems that the building has been revived.

DO you guys know what company is occupying that tower? Suddenly, I really want to know who uses that building now.

There used to be 2 identical towers near the Summit, Subang Jaya, one tower is occupied by Heitech Padu while the other tower was abandoned and unfinished. The unfinished tower was stii like that last time I went to the Summit last year.The tower used to be an eyesore.

This year, I saw that tower painted in pink on my way to KLIA.It seems that the building has been revived.

DO you guys know what company is occupying that tower? Suddenly, I really want to know who uses that building now.


That tower are bought over by the Summit Education Group (Segi) and it is now its campus. :yes: Initially it is stated to be used exclusively for Prime College which is Segi's flagship but apparently it is now used for all the colleges under the Segi umbrella ;)

Digged out some additional information

by Fintan Ng

PETALING JAYA: Bluestone Group Malaysia, which is developing Taragon Yap Kwan Seng and Taragon Puteri Cheras, is still open to plans for the RM200 million revived commercial project it is developing in downtown Kuala Lumpur.

The half-completed project is located behind Berjaya Times Square and construction is expected to start again early next year. When completed in end-2009, the project would have two 29-storey buildings and more than 400,000 sq ft of net space.



Confirm it is Menara Li-Foong then ;)

Li-Foong is the unlisted company they are talking about and this Bluestone Group is buying up a lot of Li-Foong's land like the land of Taragon Puteri Cheras. Sometimes I wonder that if the previous management or shareholder of Li-Foong got any interest in this company or not :D

Great news haha..it's truely half completed

Great news ;) at least we will not going to look at the ugly stuff in the coming future..

Thanks szehoong, for your information.

No wonder it's pink, it's bacome a school/college.

alamak! my neigbour behind!oh good about time they continue!do guy know why? very simple reason jalan changkat thambi dolah is going to a major entry and exit point for kl
its going to be link to the new SMART tunnel and the putrajaya highway!

http://img.photobucket.com/albums/v116/zahirnya/IMG_0180.jpg

Novotel under construction...

http://img.photobucket.com/albums/v116/zahirnya/IMG_0183.jpg

N another one. Taken from Stand Chart car park.

Great pics, thanks Farid. Glad the logo is finally there. :)

novotel hotel it surely took them a while to finish this project ha! now playing catch up time!there goes my hilton drive thru so many pleasant memories

Is this the novotel at bukit bintang? Nice...I like the design
http://img.photobucket.com/albums/v116/zahirnya/IMG_0180.jpg

gr8 pics farid! the design a bit 80's though..but still..look fabolous :okay:

Good to see that Novotel is building fast.I'm sure this hotel is gonna do very well and even better when Pavillion open its doors

http://img241.imageshack.us/img241/5559/23050621va.jpg

Vision city

http://img.photobucket.com/albums/v608/nazrey/1057597.jpg

It was rumored that UniKL is offered the whole Vision City complex(except for the 2 towers which are occupied by Bank Pembangunan and DBKL).

UNiKL is Open University right??

No lah,UniKL is not Open University. UniKL used to be the MARA technical college but it is now several MARA technical institutes/colleges in Malaysia combined to become UniKL in 2001. Eventhough it was set up by MARA, it's actually a private university.

My mother is the Marketing Manager in UniKL and has just moved to her new office in the Vision City tower last week. Her office is on the 21st floor. :) .She says the building is cool and with a good view of KL.

She says UniKL has not rejected the proposal yet and is seriously considering buying the whole complex, but this will be determined by UniKL's financial state after 9MP.Some of UniKL colleges/campuses are already too old and scattered around KL and this proposal is an opportunity to put these campuses into the Vision City complex.

Redeveloping Menara Li Foong into Puteri KL
TheStar Monday June 12, 2006


THE revival of an abandoned integrated development in the heart of Kuala Lumpur’s shopping belt should erase a decade-long eyesore in the federal capital.

The former Menara Li Foong, just a stone’s throw from one of the nation’s biggest shopping centres, the Berjaya Times Square, is being rescued by Bluestone Group Malaysia (BGM) and Allco Funds Management (Singapore) Ltd (Allco FMSL).

BGM through its wholly-owned subsidiary Taragon Capital Malaysia (TCM) recently signed a development agreement with Allco FMSL to revive and develop the uncompleted building into a RM200mil commercial project called Puteri KL.

Allco FMSL manages a suite of private equity and mezzanine funds. It is a subsidiary of Allco Finance Group Ltd, one of Australia’s leading financial services companies that specialises in asset-based structured financing and fund management activities principally in the aviation, property, rail, shipping and infrastructure sectors.

BGM will provide project management, development and real estate management services, while Allco FMSL will provide finance structuring and funding through equity investment in the project.

“We are working with a local bank to structure a blended financial facility, combining a mezzanine facility with senior debts. Once finalised, this blended financial facility amounting to RM60mil will be the first of its kind in Malaysia,” BGM managing director Sim Kay Huan told StarBiz.

He said the project would be re-designed to meet current market needs. Menara Li Foong was originally planned as a six-storey shopping centre with two 28-storey towers – one tower for a hotel and the other for offices.

Sim said the shopping centre plan would be scrapped, as there were already many such centres in the area.

“We’ve not finalised our plans but are still fine tuning them. It will be commercial with a small retail component. The cost of completing the project is estimated to be in the region of RM100mil to RM120mil,” he said.

Why did BGM pick this particular project?

Sim said BGM had done a due diligence study of the project’s viability and among the selection criteria was that it must be of a reasonable size and one that BGM could make money out of.

As such, the project with its excellent location is considered a good choice.

“We are talking to some potential investors who may just take up a block. We intend to change the design, knock off some parts of the building and bring the swimming pool down from level 7 as per its original design,” Sim said, adding that construction was expected to begin next year and targeted for completion at the end of 2009.

Puteri KL upon completion will have a net area of more than 42,000 sq metres.

Sim said Puteri KL’s small retail component could have a “Little China” theme specialising in China-made products. He said the joint-venture agreement with Allco FMSL was an important milestone for BGM's growth plans.

“We will be the first in this country to secure a working partnership with Allco FMSL. We have the opportunity to work with a partner, who is part of a reputable group that has an impressive track record in the international arena for innovative asset-based structured financing, particularly in the property sector,” he said.

Allco FMSL director Sheldon Lee said the company was impressed by the level of professionalism demonstrated by BGM team.

“As this is our first entry into the Malaysian market, we can find no better partner than BGM. Their understanding, experience and knowledge of international due diligence requirements and their adoption of international stringent risk management measures will be invaluable in our co-operation,” Lee added.

Reviving abandoned projects no easy task
TheStar, Monday June 12, 2006
By S.C. CHEAH


DURING the “glorious” days of the property and stock market boom in the early 1990s, many companies jumped onto the property bandwagon to build and build.

When the mid-1997 economic meltdown hit the region, many companies and individuals went bust.

Grandiose dreams came toppling down and, although many companies have vanished from the corporate radar screen their stalled projects are strewn everywhere – a sorry sight indeed!

While most of the abandoned projects like low-cost housing and terraced factories are found in the outlying areas, the more prominent ones particularly serviced apartments, office and hotel towers in the city areas continue to stick out like sore thumbs that mar the image of a rapidly changing city landscape.

There is a proposed five-star hotel at the junction of Jalan Ampang and Jalan Sultan Ismail that has been stalled for years. The long-stalled buildings next to Menara Telekom facing the federal highway are being completed. There are also stalled projects in Cyberjaya and even in affluent townships like Taman Tun Dr Ismail.

The Plaza Rakyat in the heart of Kuala Lumpur is one of the most prominent abandoned projects in the country. It was left uncompleted for 12 years.

Labelled as an urban renewal exercise involving the redevelopment of 16.2 acres of land on a site off Jalan Pudu, this mammoth commercial-cum-residential project was to be a privatised infrastructure multi-modal transport terminus for buses, taxis and the LRT.

Jointly developed by Plaza Rakyat Sdn Bhd (PRSB) and City Hall, Plaza Rakyat (billed as the People's Plaza) was to have a net saleable area of 4.1 million sq ft with a sales value of RM1.4bil. It would provide PRSB with a net profit in excess of RM500mil.

The retail component was to have a total net lettable area of over one million sq ft to be completed under phase 1 at the end of 1997.

It was also to have a 23-storey 624-room tourist class hotel, a 48-storey office tower, a 20-storey 220-unit serviced apartment and condominium, a multi-level shopping centre, food courts and restaurants, as well as exhibition and convention areas.

It was also to be Wembly Industries Holdings Bhd's first property project (PRSB is a subsidiary of Wembley) that would transform Wembley into a major property player. The project was then seen as offering job opportunities to Wembley's manufacturing subsidiaries in areas such as air-conditioning, fire-fighting, power generation and construction.

However, despite securing a RM200mil syndicated term loan facility in 1994, the project stalled during the recession. It was reported in December 1992 that 70% of the office tower in Plaza Rakyat was sold for RM200mil.

About six months ago, the Plaza Rakyat project came into the limelight again when it was reported that work was being carried out on it, and the first phase was slated for completion on May 31, 2007.

Over the past few years several abandoned projects were rehabilitated as the economy improved. Some companies and astute entrepreneurs are snapping up such properties from Danaharta and at public auctions and tenders.

Some of these white knights are following the original plans before the projects were abandoned, while others feel a need to redesign, improve and even add on new structures and concepts to keep abreast of changing market trends and needs.

However, reviving abandoned projects is by no means easy and takes more than passion and resources to turn a “dead” building into a thriving and habitable one. It requires the co-operation of all parties concerned – from banks and purchasers to the relevant authorities.

One of the developers reviving stalled projects in Kuala Lumpur is LBS Bina Group, which has renamed the Tristar serviced apartment project at Jalan Tun Razak as the Golden Avenue serviced apartments. However, recent checks showed that LBS Bina changed the concept of one of the office and retail lots after experiencing slow sales of its serviced apartments.

The current hike in crude oil prices, rising costs of construction materials and the soft property market may discourage other white knights from rehabilitating such projects unless there are sufficient incentives like banks taking a “hair cut”, purchasers waiving certain claims and the authorities doing their level best to get these projects going again.

It is sad to see not only half completed buildings here and there, but also completed ones that have been left vacant for years. Many of them have become haunts for drug addicts and criminals.

The regional economic crisis of 1997/98 is not solely to blame for projects being abandoned as there are many causes including technical matters, mismanagement, disputes with contractors and landowners, and ill-conceived marketing strategies.

About 60,000 purchasers fell victims to more than 260 abandoned housing projects in Peninsular Malaysia involving some RM8bil.

It is an irony that there are thousands of people who need a roof over their heads, but could not afford to own one, and there are people who have toiled and saved to buy a house or invest in an office, but have to wait for years to see the completion of their property.

The authorities have also lost millions of ringgit in potential revenue from assessment rates and quit rent, not to mention taxes, if businesses were operating from completed commercial buildings.

White knights to the rescue
TheStar, Monday June 12, 2006


Although the last recession is behind us and several new developments are in full swing, there are still many abandoned projects, some more than a decade old, littered throughout the country.

Between 1990 and December 2005 the Housing and Local Government Ministry identified 261 abandoned housing projects with a total of 88,410 units, involving 58,685 purchasers for properties worth RM8bil.

It was reported that 87 projects were revived and completed by some white knights. Of late, more white knights have entered the fray, some making a name for themselves.



S.C. CHEAH takes a look at three such projects – an integrated project in Kuala Lumpur, a serviced apartment in USJ and an abandoned hotel in Klang.

WHILE most developers start a new development from scratch, Bluestone Group Malaysia (BGM) prefers to do it the hard way by reviving abandoned projects.

All its current three projects (gross development value in brackets) in the Klang Valley, namely the Puteri KL (RM200mil), Taragon Yap Kwan Seng (RM34mil) and Taragon Puteri Cheras (RM26mil) were formerly abandoned projects. The last two will later be renamed Puteri YKS and Puteri Cheras to reflect the Puteri brand name.

The Puteri KL was formerly Menara Li Foong that had been left uncompleted for more than a decade, while Taragon Yap Kwan Seng was bought for about RM5mil from a financial institution after the original developer failed to service its loan.

The 3.3-acre freehold land where the current Taragon Puteri Cheras stands was originally meant for 300 apartment units to be developed by the Li-Foong Group, which is also the developer of the adjacent Venice Hill condominiums.

Taragon Puteri Cheras will have 141 private town villas and duplex units in three- and four-storey blocks within a gated and guarded community with 24-hour CCTV and guard patrol. The prices are from RM155,000 to RM338,000.

BGM is confident of completing the project by December 2007, about 14 months ahead of schedule.

BGM managing director K.H. Sim said the company had completed piling works for Taragon Yap Kwan Seng, which was due for completion in June 2007, also 14 months ahead of schedule.

“We’ve done almost 80% sales. We are going to do up a show room using an actual unit to give people some ideas on what they can do with theirs. It will also serve as a model for contractors to follow,” he said, adding that the units were very reasonably priced from RM368 psf for a 3+1 bedroom, 1,800 sq ft unit.

Although the price had risen to about RM438 psf, Sim said it was still way below the prices of other condominiums in the vicinity, some of which were priced from RM700 psf to over RM1,000 psf.

“All our bedrooms come with attached bathrooms. The master bedroom has a jacuzzi that can seat two persons. Other high-priced apartments do not have attached bathrooms for all their bedrooms. We are also looking at something big in Kuala Lumpur,” said Sim, who was sourcing more land and properties in good locations to invest in.

Sim said it was more difficult to rehabilitate an abandoned project than start a new one as the former involved many problems and issues. These may include clearing legal and financial matters like litigation and compensation.

The building structure will also have to be properly inspected and may have to be re-designed. “There is also the marketing issue of whether the new product follows the market trend and whether people are prepared to buy. Then, there is the stigma of abandoned projects. Banks are also quite reluctant to finance such projects,” Sim said.

Despite the many obstacles, Sim feels all parties concerned should play their part in helping to revive abandoned projects as an uncompleted property is of no use to anyone. Besides being eyesores, they have become breeding grounds for mosquitoes, rats and snakes, and even haunts for criminal activities.

“Reviving an abandoned project can help a lot of purchasers who have to continue to service their loans. Local councils can perhaps lower their assessment rates.

“Instead of building something new, one should try to finish the project. When you start a new building, capital is not deployed in a very efficient way as such funds could be better used elsewhere. It is better to clean up the mess so that banks can go back to the business of lending money, as it is not in the business of holding assets,” he said.

He added that a revived project could also generate revenue in terms of assessment for local councils as well as create jobs for contractors, suppliers and others.

Sim, who is BGM’s major shareholder, has extensive experience and knowledge of Malaysia’s property market. He has developed residential townships, golf courses, resorts, shopping complexes and industrial parks.

He has an engineering and accountancy background and has held senior positions at Colliers, Talam/Europlus Group and the Kayman Group.

BGM was established in 2003 and is in the business of property development, investment and real estate management services. It is also aligned to the international Bluestone Asia Group that focuses on property investment, development and fund management in Asia Pacific. The group is also part of the Allstones Group that specialises in real estate development and investment in South-East Asia.

Redeveloping Menara Li Foong into Puteri KL
TheStar Monday June 12, 2006


THE revival of an abandoned integrated development in the heart of Kuala Lumpur’s shopping belt should erase a decade-long eyesore in the federal capital.

The former Menara Li Foong, just a stone’s throw from one of the nation’s biggest shopping centres, the Berjaya Times Square, is being rescued by Bluestone Group Malaysia (BGM) and Allco Funds Management (Singapore) Ltd (Allco FMSL).

BGM through its wholly-owned subsidiary Taragon Capital Malaysia (TCM) recently signed a development agreement with Allco FMSL to revive and develop the uncompleted building into a RM200mil commercial project called Puteri KL.

Allco FMSL manages a suite of private equity and mezzanine funds. It is a subsidiary of Allco Finance Group Ltd, one of Australia’s leading financial services companies that specialises in asset-based structured financing and fund management activities principally in the aviation, property, rail, shipping and infrastructure sectors.

BGM will provide project management, development and real estate management services, while Allco FMSL will provide finance structuring and funding through equity investment in the project.

“We are working with a local bank to structure a blended financial facility, combining a mezzanine facility with senior debts. Once finalised, this blended financial facility amounting to RM60mil will be the first of its kind in Malaysia,” BGM managing director Sim Kay Huan told StarBiz.

He said the project would be re-designed to meet current market needs. Menara Li Foong was originally planned as a six-storey shopping centre with two 28-storey towers – one tower for a hotel and the other for offices.

Sim said the shopping centre plan would be scrapped, as there were already many such centres in the area.

“We’ve not finalised our plans but are still fine tuning them. It will be commercial with a small retail component. The cost of completing the project is estimated to be in the region of RM100mil to RM120mil,” he said.

Why did BGM pick this particular project?

Sim said BGM had done a due diligence study of the project’s viability and among the selection criteria was that it must be of a reasonable size and one that BGM could make money out of.

As such, the project with its excellent location is considered a good choice.

“We are talking to some potential investors who may just take up a block. We intend to change the design, knock off some parts of the building and bring the swimming pool down from level 7 as per its original design,” Sim said, adding that construction was expected to begin next year and targeted for completion at the end of 2009.

Puteri KL upon completion will have a net area of more than 42,000 sq metres.

Sim said Puteri KL’s small retail component could have a “Little China” theme specialising in China-made products. He said the joint-venture agreement with Allco FMSL was an important milestone for BGM's growth plans.

“We will be the first in this country to secure a working partnership with Allco FMSL. We have the opportunity to work with a partner, who is part of a reputable group that has an impressive track record in the international arena for innovative asset-based structured financing, particularly in the property sector,” he said.

Allco FMSL director Sheldon Lee said the company was impressed by the level of professionalism demonstrated by BGM team.

“As this is our first entry into the Malaysian market, we can find no better partner than BGM. Their understanding, experience and knowledge of international due diligence requirements and their adoption of international stringent risk management measures will be invaluable in our co-operation,” Lee added.

Great find patchay :okay:
I have already started a thread a while ago about Taragon Puteri.
http://www.skyscrapercity.com/showthread.php?t=342474

Good news for buyers of Newgate Avenue apartments
TheStar, Monday June 12, 2006


WORK to revive the abandoned Newgate Avenue serviced apartments in Taipan 2 town centre in USJ21, Selangor, will begin end of this month and the good news is that the purchasers will not have to pay any more money to the new developer.

The rehabilitation effort is being undertaken by two experienced developers: Datuk Dr Loke King Loong, a respectable Seremban-based developer with 30 years of experience in the housing industry and Chong Kee, a specialist in rehabilitating abandoned projects.

Both men have formed a 50:50 joint-venture company called Pinggiran Setia Sdn Bhd to revive the project abandoned in July 2003 after it was about 60% completed. The previous developer Solarglow Sdn Bhd had sold 93% of the units.

The original resort-style plan will be retained, but the name will be changed to Newgate 21. There will still be 1,153 apartment units housed in four 33-storey blocks with two basement and five elevated car park levels and a three-storey podium for the retail units.

“We will keep it exactly as it is. We feel that it is not practical to change the concept, as the structure is about 60% completed and most of the units have been sold. We also feel the original concept with a commercial podium is best for Taipan 2 as it will liven up the place,” said Chong, who is Pinggiran Setia Sdn Bhd executive director.


What's the bottom line?

Chong said the project would cost RM75mil to complete and expected revenue to come from the balance of the end financing of about RM53mil, sales of the remaining 81 units to be pegged at the original developer's price and sales from the car park bays.

“We are left with a free commercial podium with 265,000 sq ft of lettable space, which we will lease out. If fully tenanted it can fetch about RM750,000 a month in rentals,” he added.

Pinggiran Setia managing director Jessica Loke, who is also Dr Loke's daughter, said it was such a waste to leave an abandoned project like Newgate Avenue that was sited on a strategic and prime location.

“We are planning to build a neighbourhood mall where residents in the area can shop for their groceries and eat out. We are also signing up an international supermarket cum hypermarket as our anchor tenant,” she said.

Jessica said for an abandoned project to be successfully revived, it was vital to win back the purchasers' confidence and the co-operation of all parties involved.

As such all the purchasers' monies would be paid to a reputable accountancy firm that would make payments to the contractors and consultants upon vetting their claims for work done.

In this way, the purchasers need not be afraid that the developer would abscond with their money.

Jessica said it would be like the HDA project account.

“We hope to complete this project within 24 months as we are also committed to our retail tenants. The earlier they come in, the sooner we can collect rentals from them. We don't need to have any fanciful show units as most of them have been sold. Our job is to complete them as soon as possible. We are choosing a good day to re-launch the project, possibly end of the month ,” she added.

Jessica said the podium would focus on the “e-Centre” as the main attraction, with retailers providing the latest range of IT gadgets and equipment.

“Additional features like providing an online shopping platform to residents and retailers are also in the pipeline,” she added.

Jessica said under the scheme of compromise, the purchasers would waive all liquidated ascertained damages from the previous developer.

This include waiving their right to make any late delivery claims and to give up a 10-year transferable Resort Condominiums International membership entitling buyers to a week's stay locally or at any of the over 3,400 holiday resorts worldwide that was part of the original purchase deal.

She said a creditors' meeting was held last December and 99% of the purchasers voted in favour of the agreement to revive the project.

Chong, who has revived four other abandoned projects said: “When considering an abandoned project, I first look into the interest of the buyers as if I am the buyer before I lay out the conditions to negotiate with the banks.

“The impact is much greater on an individual buyer than a bank. Hence, I always negotiate on the basis that the bank has to take a bigger step to minimise further damages to the buyers to ensure the success of completing an abandoned project. The developer also needs the bank to assist as a partner in all aspects to bring the project to the end.”

When Newgate Avenue, with a two-in-one concept (serviced condominium and retail) was launched in 1999, many people made a beeline for the sales office in USJ21 to view its interesting design concept that boasts a 1.2-acre facilities area, including a larger than Olympic-sized landscaped swimming pool, two jacuzzis, open air cafeteria/bistro, gymnasium, two squash courts, cinemarette, business centre and playground.

The Newgate 1 and 2 (Block A and B) were to have one, two and three-room units while Newgate 3 and 4 would have two and three-room units. The 418-sq ft one-room units priced from RM66,800 were snapped up. The 615-sq ft two-room and the 842-sq ft three-room units were priced from RM88,800 and RM132,800 respectively. Two of the blocks were completed up to level 21, and the other two up to level 17, before they were abandoned.

Since then, Newgate Avenue and Rhythm Avenue serviced condominium (formerly by Saujana Utama Sdn Bhd), less than a kilometre away, have stuck out like sore thumbs.

Rhythm Avenue with 277 retail and 1,039 apartment units was fully sold when it was abandoned. (Carrefour was supposed to be the anchor tenant here!)

It was reported that the 1,000 plus buyers had to fork out up to RM900 a month on interest, as their banks had released up to 90% of their loans as progress payments.

Centro to give Klang a facelift
TheStar, Monday June 12, 2006
By S.C. CHEAH


IT is going to cost the Centro Properties Group about RM80mil to complete an abandoned hotel project in Klang and turn it into a modern office cum retail complex called Centro.

The company belonging to well-known property developer Datuk Teo Chiang Kok expects to reap sales of RM120mil.

The 28-storey freehold office tower over a three-storey retail podium will be the tallest building in Klang boasting a million sq ft of built-up space. It is located at Jalan Batu Tiga Lama that fronts the Federal Highway.

The Centro is being sold in modules from 490 to 23,000 sq ft for an entire floor plate and boasts 300,000 sq ft of net saleable space with 700 covered parking bays in two basement levels, and another 100 bays for surface parking.

The retail podium is scheduled for completion this November and the office tower by May 2007.

Teo has done his homework well.

The rehabilitation process is not messy, as much of the building had been completed before it was stalled and inspections showed that the structure was sound. The hotel with corporate suites was never sold.

The new positioning also seems right. Instead of selling the retail lots, Teo is keeping all of them for rental purposes and also better management control.

To woo people to the complex, Centro will have a food and beverage strip with 15 outlets in an alfresco setting. This will also meet the growing demand for higher-end outlets that is lacking in Klang.

However, it is more than the profit margin that the veteran developer is looking at.

For him it is also a win-win situation for the Klang Municipal Council, which has been very co-operative, as reviving the abandon project will boost Klang's image.

As a director of See Hoy Chan Holdings Group and Bandar Utama City Centre Sdn Bhd, Teo has been shouldering the family business for years.

Now through the Centro Properties Group, he has paved the way for his children to follow in his footsteps. His very name carries weight on the project.

“Many parents, especially businessmen, always harbour hopes of having one of their children become a doctor or a professional.

“Perhaps it is the family environment that encourages and moulds the interest of the children to follow in their father's footsteps.

“Similarly, as a property developer I guess this somehow could have kindled my children's interest in the field of property development,” he said.

What words of advice would Teo give his children (two sons and a daughter)?

“Reputation has to be earned and nurtured and they must build upon it all the time. This can only be accomplished by delivering on all our promises,” he said.

Teo, 59, said it was his philosophy that one could be allowed to err in judgment once, but one must learn from it and should not repeat the same mistake.

“Actually, there is no rocket-science formula in running a business. Many business decisions can be made through common sense or step-by-step elimination of options. I believe in the human spirit and the tenacity one can bring forth when confronted with a problem.

“There is no short cut to experience which can only be accumulated through time and making judgemental decisions and of course, mistakes along the way,” he added.

Teo wears many “hats”.

He is FIABCI Malaysia president (FIABCI is the French acronym for the International Real Estate Federation), Malaysian Association for Shopping and High-rise Complex Management (PPKM) advisor and the Associated Chinese Chamber of Commerce and Industry Malaysia (ACCCIM) national council member.

He is also ACCCIM's Construction and Property Committee chairman and the Financial and Planning Committee and Asian Affairs Committee deputy chairman.

Does he plan to retire and what does he think of his work and social obligations?

“I wish I can (retire). Work is not a burden so long as you enjoy what you are doing and believe in the objective.

“My involvement in FIABCI, PPKM and ACCCIM are most fulfilling as these NGOs address problems and challenges facing the private sector, business conditions, the economy and our competitiveness in an increasingly globalised world,” he said, adding that Centro Properties Group would embark on any viable project, be it a green field development, or rehabilitating abandoned projects.

-edited-

Cygal Towers... looking good...

http://img516.imageshack.us/img516/4307/pantai011of.jpg

http://img275.imageshack.us/img275/7163/pantai023lp.jpg

thanks for the update, Lastresorter;)

construction seems so damn slow. better than nothing though...

Tq for the update, just one more tower to go, at last these towers r complete and doesnt distract from the TM tower next door. I just wonder whether the closeby high tension wires affects the health of the building occupants.

From Flickr
Plaza Rakyat July 2006 :ohno:
http://img.photobucket.com/albums/v730/Greg8000/plazarakyat.jpg

http://img470.imageshack.us/img470/4843/sany0011zy9.th.jpg (http://img470.imageshack.us/my.php?image=sany0011zy9.jpg)

http://img91.imageshack.us/img91/2650/seqt0104ll7.jpg (http://imageshack.us)

http://img118.imageshack.us/img118/7843/seqt0204fu5.jpg (http://imageshack.us)

unfortunate twins

http://img141.imageshack.us/img141/3171/sany0033em2.jpg (http://imageshack.us)

Last month, it was announced that rhythm ave is to be resumed :)

Last month, it was announced that rhythm ave is to be resumed :)

Saw it everyday for many many years and it still the same..just opposite my block!! :)

http://img206.imageshack.us/img206/4150/sany0013gv6.jpg (http://imageshack.us)

http://img473.imageshack.us/img473/6581/sany0012dp0.jpg (http://imageshack.us)

http://img244.imageshack.us/img244/968/sany0147nk1.jpg (http://imageshack.us)

Relieved condo near plaza rakyat.

http://img96.imageshack.us/img96/7108/dscf2965editedef7.jpg

Olympia, Mycom restructuring to complete in February
By Ashwin Raman


Mycom Bhd and its associate company Olympia Industries Bhd expect their restructuring scheme to be completed by end-February next year as it had obtained approval from all its lenders.

The managing director for both companies, Datuk Yap Yong Seng, said Mycom and Olympia Industries were in the final stages of completing the scheme after getting the nod from local and foreign lenders.

Yap said the restructuring scheme is expected to resolve their financial difficulties and provide an impetus for a series of new projects.

For the financial year ended June 30, 2006, Mycom posted a net loss of RM54.44 million while Olympia Industries suffered a net loss of RM165.28 million.

On completion of the restructuring, Yap said Mycom would issue RM39 million worth of renounceable rights issue with detachable warrants and a special issue of RM75 million worth of Mycom shares with detachable warrants for bumiputera investors to raise funds.

He said Olympia would also issue RM101.6 million worth of renounceable rights issue with detachable warrants and a special issue of RM75 million worth of Olympia Industries shares with detachable warrants for bumiputera investors.

Mycom would continue to focus on property development and the plantation business with Olympia Industries on gaming and stockbroking operations.

Speaking to reporters after Mycom’s AGM in Kuala Lumpur yesterday, he said the two companies would undertake a joint property project on a piece of 29.89ha site after the restructuring.

“We will start developing the land in April and the first phase will include 600 units of condominium apartments,” Yap said, adding that the second phase comprising townhouses would be launched simultaneously.

He said the project would be spread over 10 years, providing steady income to both companies.

On Mycom’s stalled development of the Duta Grand Hyatt project in downtown Kuala Lumpur, Yap said work would commence after the restructuring scheme.

He said the company would seek a new brand for the five-star hotel which will also include apartments and office space. The development is expected to be completed in 30 months.

PETALING JAYA: Mycom Bhd has redesigned the
former Duta Grand Hyatt hotel project (pix) to include
commercial space to complement the project’s residential
apartments and 5-star hotel. The developer
plans to resume work on the stalled RM1.15-billion
project when its debt-restructuring exercise is completed
next February.
Sited on a 2.98-acre freehold tract at the corner
of Jalan Sultan Ismail and Jalan Ampang, work on
the hotel project began in 1994 before it was stopped
when the developer was hit by the 1998 Asian financial
crisis. The partially completed project was to have
housed the Duta Grand Hyatt hotel. It was planned as
a 5-star hotel with 570 rooms and 108 apartment units.
At its recent AGM, group managing director Datuk
Yap Yong Seong says the Hyatt Group is no longer
associated with the project. “Due to the stalled timeframe,
the contract with the Hyatt Group has lapsed
and the hotel component will not be operated by
them. We will look for another 5-star hotel brand,” he
explains, adding that the entire project will have a total
built-up of 1.78 million sq ft.
It is learnt that the three-tier development will now
comprise two high-rise towers and a retail podium.
There will be a 50-storey tower to house the hotel with
between 200 and 400 rooms and a 55-storey tower to
house 200 residential apartments. There will also be
371,000 sq ft of office space. A six-level retail podium

^^ twin ??

http://img206.imageshack.us/img206/4150/sany0013gv6.jpg (http://imageshack.us)

http://img473.imageshack.us/img473/6581/sany0012dp0.jpg (http://imageshack.us)

Hey...I recognize this condos when I at KL. Seem like till now baru they resume the contruction. Waohh...is quite long this condos had been abandoned.

The Seattle office of international destination design firm Wimberly Allison Tong & Goo (WATG) is the design architect for the Grand Hyatt, a 40-storey five-star hotel and mixed-use development in downtown Kuala Lumpur, Malaysia. One of the more notable design features of the project will be the hotel lobby. Instead of being on the ground level, it will be at the top of the building. When guests enter the building to check in, they will ride the express lifts to the lobby where impressive 360-degree views of downtown Kuala Lumpur will greet them. The building will also hold service apartments and offices. The contemporary hotel is currently in the design development phase, and is scheduled to open to the public in December of 2010. Since its founding in 1945, WATG has specialized in hospitality, leisure and entertainment design from its offices worldwide.

http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=817

New Abandoned projects list outlook:
1.Plaza Rakyat (resume?)
2.NAS Pavilion
3.Puteri Taragon (resume)
4.Grand Hyatt
5.Vision City
6.Monorail City
7.Berjaya Central Park (NEW)
8...
9..
10.

Construction on Plaza Rakyat may resume sometime this year.

Also, how many unfinished buildings are in Kuala Lumpur? Have some of these buildings fallen into disrepair?

Ugly abandoned at strategic area!!
by SJ photography

http://farm3.static.flickr.com/2015/2299395207_6ac7ccc569_b.jpg

^^ I don't even know these buildings. Two of the buildings may look completed, but the tallest one stalled construction.

by rooymans2000

http://farm4.static.flickr.com/3132/2752416781_cdbb19d014_b.jpg

I'm sick of it!!! :ohno:

Construction on Plaza Rakyat may resume sometime this year.

Also, how many unfinished buildings are in Kuala Lumpur? Have some of these buildings fallen into disrepair?

These have been the breeding ground of the Aedes mosquitoes. The developers should be fined for creating this problem

by rooymans2000

http://farm4.static.flickr.com/3132/2752416781_cdbb19d014_b.jpg

I'm sick of it!!! :ohno:

same like me...!!!! :gaah: but i saw last friday.... there have a construction near that building... :?

^^ uh? wat d'u mean?

^^ uh? wat d'u mean?


i'm sory... mybe other building beside it..... :dunno: i hope tis tings can revive back.... mybe it's so beautiful in kl city

same like me...!!!! :gaah: but i saw last friday.... there have a construction near that building... :?

Should be this construction!!!
It's maybe 2 fl of car's showroom (Temporary building)

http://img.photobucket.com/albums/v608/nazrey/Kuala%20Lumpur/DSC00685.jpg

http://img.photobucket.com/albums/v608/nazrey/Kuala%20Lumpur/DSC00686.jpg

http://img.photobucket.com/albums/v608/nazrey/Kuala%20Lumpur/DSC00688.jpg

anybody knows who's the owner of this building? the company who owns this?

Here wo go again another "bangunan sementara"

by stoyker

http://farm4.static.flickr.com/3190/3071717644_cbf4e6ce14_b.jpg

by stoyker

http://farm4.static.flickr.com/3156/3071724964_caee59ddf0_b.jpg

BCP
by Alt-Woz

http://farm4.static.flickr.com/3238/3060287062_1099f28996_b.jpg

BCP added into the historical list of Sleeping Projects

not yet. Giv it 2 more months and we ll decide if bcp can be included in this exclusive club. to be fair, they hv just completed a major change on structural layout and now i doubt contractors would start anytime soon until the chinese new year (jan 09). because now is yearend, most companies ll scale back operation, busy collecting cheques, clear debts, close book and preparing for coming chinese new year heavy spending, bonuses, hiring new staffs, etc. Not forgetting hari raya haji means many foreign labours ll spend weeks back at home.

not yet. Giv it 2 more months and we ll decide if bcp can be included in this exclusive club. to be fair, they hv just completed a major change on structural layout and now i doubt contractors would start anytime soon until the chinese new year (jan 09). because now is yearend, most companies ll scale back operation, busy collecting cheques, clear debts, close book and preparing for coming chinese new year heavy spending, bonuses, hiring new staffs, etc. Not forgetting hari raya haji means many foreign labours ll spend weeks back at home.

^^lol!!! :lol::nuts::lol::nuts:

i dun understand your strange emotions. Seriously, i dont play backside nor i entertain troll. Why you keep following me whenever i post somethg? i m pretty sure someday i may featured in your site photos, just make sure u dont come CLOSE to me.

James, I think he is secretly in love with you!!! Watch yourself out for this perv...hu hu hu

^^ Sheesh! Internet Love! Please! :wtf: That is just wrong Triple-J. Nobody in the right would never like someone that they have met on the internet... :lol: Unless that have actually met each other

Besides that, any abandoned projects outside of the city center?

James, I think he is secretly in love with you!!! Watch yourself out for this perv...hu hu hu
alamak.. drama on the net ;)
James, u kan 'part time celebrity' that shud explain y la kot??

alamak.. drama on the net ;)
James, u kan 'part time celebrity' that shud explain y la kot??

has this is a pay per view, i would hv spiced things up hotly n keep everyone stay tune, making sure my rating doesnt stray into the basement level.

Selamat hari raya to you. :)

^^ I guess I'll keep you up to date with your status. Become a E! channel. ;)

i dun understand your strange emotions. Seriously, i dont play backside nor i entertain troll. Why you keep following me whenever i post somethg? i m pretty sure someday i may featured in your site photos, just make sure u dont come CLOSE to me.


haha 1st dis old guy making some stupid statement on dis project n now dis??? lol.... u really weirdla uncle or maybe atuk!!!lol!!!... :nuts::nuts:

anyway dis project is no longer under berjaya.....!!!


James, I think he is secretly in love with you!!! Watch yourself out for this perv...hu hu hu

im not gay...maybe u but not me...sorry dude!!!!:ohno:

haha 1st dis old guy making some stupid statement on dis project n now dis??? lol.... u really weirdla uncle or maybe atuk!!!lol!!!... :nuts::nuts:

anyway dis project is no longer under berjaya.....!!!



im not gay...maybe u but not me...sorry dude!!!!:ohno:

Try to be funny with yourself? Show some respects if you want to step into our shoes. Can you tell everyone exactly how i got a stupid statement on BCP? I dun mind being wrong n corrected, because learning is infinitely experience to me. I want you to share what you know that we dont know yet.

Go on! You r big boy, dont you get tired being a troll all the time here, unless you r really thats stupid to realize until now?

has this is a pay per view, i would hv spiced things up hotly n keep everyone stay tune, making sure my rating doesnt stray into the basement level.

Selamat hari raya to you. :)

ha haa.. happy holiday as well.

he he...happy holiday guys!!!

by New2mac

http://farm4.static.flickr.com/3157/3096200448_468392fbdb_b.jpg

by rooymans2000

http://farm4.static.flickr.com/3132/2752416781_cdbb19d014_b.jpg

by stoyker

http://farm4.static.flickr.com/3156/3071724964_caee59ddf0_b.jpg

Duta Grand Hyatt Hotel ( Abandoned Project)
http://www.emporis.com/en/il/im/?id=154321

I say that as part of Malaysia's Countdown to 2020, all the stalled construction projects in Kuala Lumpur (and the whole of Malaysia as well) need to be revived and finished. In 2020, when Malaysia reaches the status of a developed country, it shouldn't be overridden by unfinished and abandoned construction projects.

100 days at the helm
Monday July 13, 2009
By BAVANI M

http://thestar.com.my/archives/2009/7/13/central/m_01nong.jpg

AS Federal Territories Minister Senator Datuk Raja Nong Chik Raja Zainal Abidin approaches his 100 days in office, he spoke candidly of his experiences as the fifth FT Minister.

The relatively unknown corporate figure whose appointment surprised many shared some of his thoughts and visions with StarMetro and discussed his aspirations of turning Kuala Lumpur into a liveable city, his feelings when accused of being a sexist and how much he missed the simpler things in life.

SM: There are so many abandoned projects in KL. Shouldn’t the contractors or developers be liable for it?

RNC: Future projects will take into account the needs of the rakyat rather than the developer. However, people still ask why we (the Government) can’t take immediate action against bad developers. It’s not that easy. They have rights, too, and can sue. And, if they win, we will be forced to compensate them.

More news > http://thestar.com.my/metro/story.asp?file=/2009/7/13/central/4291555&sec=central#

by bleety
http://www.flickr.com/photos/bleety/3772885124/

http://farm4.static.flickr.com/3596/3772885124_523495a7e5_b.jpg

The Grand Duta Hyatt is really worth reviving,its located at a very good location,plus its halfway done unlike most which is still at ground level...

The Grand Duta Hyatt is really worth reviving,its located at a very good location,plus its halfway done unlike most which is still at ground level...

very true!:cheers:

by stoyker

http://farm4.static.flickr.com/3156/3071724964_caee59ddf0_b.jpg
New lease of life for prime site in KL
By Vasantha Ganesan Published: 2010/01/21
http://www.btimes.com.my/Current_News/BTIMES/articles/grandu/Article/index_html

A mixed development project has been proposed for the site located directly across The Renaissance Kuala Lumpur and next to the Sunway Tower.

The developer of an abandoned hotel project at the junction of Jalan Sultan Ismail and Jalan Ampang in Kuala Lumpur has submitted a new proposal for a mixed development project on the site, the city's mayor said.

The site, a prime piece of land located directly across The Renaissance Kuala Lumpur and next to the Sunway Tower (previously Wisma Denmark), was previously slated for the opening of the five-star The Grand Duta Hyatt hotel.

However, the project was stalled due to the 1998 Asian economic crisis.

Kuala Lumpur City Hall (DBKL) mayor Datuk Ahmad Fuad Ismail said it has received an application from the developer for a 52-storey mixed development project consisting of service apartments, offices and a hotel.

"We have approved (the project) over six months ago for service apartments, offices and a hotel," Ahmad Fuad told Business Times, adding that he does not know the current status of the construction.

"I have only seen the hoarding (in place) but no major work has been done there," he added.

He did not reveal the name of the developer who made the application.

A check at the site last Friday revealed that there was a project information signboard at the location, but no information was available to ascertain details of the project.

Kuala Lumpur Landmark Sdn Bhd, a subsidiary of Olympia Industries Bhd, was given the contract to develop the RM570 million The Grand Duta Hyatt in 1994. The project had then included residential and commercial components.

Mycom Bhd, the holding company of Olympia, then teamed up with Kuala Lumpur Landmark to develop a 52-storey building to house its headquarters and the hotel.

However, construction was halted in July 1998, when the group encountered financial difficulties during the economic crisis. The project was to recommence in 2003, but never did start.

The hotel was built up to the 29th level before it was stopped. Until today, it remains partly completed.

Tan Sri Yap Yong Seong, better known as Duta Yap, controlled Mycom, which is now called DutaLand Bhd. Yap is DutaLand's group managing director.

The Hyatt Group is no longer associated with the project.

best news of 2010 so far.....can't wait for it to be revived again...it's now at the 29th floor..hopefully they will follow the original plans and build it up to the 52nd floor which would have the height of 243m making it one of the tallest in KL

Original Plans
http://i839.photobucket.com/albums/zz317/rockyroad80/Buildings/154321.jpg

i thought was more then 29 floor already?

nope..currently it's about the same level as the sunway tower(wisma denmark) which only has 32 floors..

best news of 2010 so far.....can't wait for it to be revived again...it's now at the 29th floor..hopefully they will follow the original plans and build it up to the 52nd floor which would have the height of 243m making it one of the tallest in KL

Original Plans
http://i839.photobucket.com/albums/zz317/rockyroad80/Buildings/154321.jpg


They must change the design, if they were to revive this project coz it looks too old fashioned (same goes to Plaza Rakyat). Can they make changes on the design especially the facade? Or it is too late to make changes? Sorry to ask this as i am not from this field...

i'm sure they will have a different facade than the original one,but i do hope that they built it to the original height and floors so that KL can have another 200m+ skyscraper..

Trully good news!!!but when i hear duta yap punya nama i am sceptical if iam not mistaken avenue k project also his!Wanna be but let use other peoples money kind of concept to be rich!!

finally duh....
hyatt is out,so whats in???
suitable for 5 star only???

They must change the design, if they were to revive this project coz it looks too old fashioned (same goes to Plaza Rakyat). Can they make changes on the design especially the facade? Or it is too late to make changes? Sorry to ask this as i am not from this field...

If this was build and completed back in the 90's,it will overtake Grand Seasons Hotel title as the tallest hotel in Malaysia,since its being announced as mixed use,i dont longer think so it will held that title upon completion today itself.If they keep the old design,facade and color it will look rather outstanding cause to me,the facade and details around it makes it look very well designed,detailed and not plain,same goes with Plaza Rakyat.

But is it structurally safe to resume work??,cause seeing the concrete color and the condition,they really need to rework on the building alot,anyways great to hear that it is being revived! :cheers:

Well, the Duta's old design is indeed outdated... The developer should clad it into something more contemporary, similar in the mould of the nearby CapSquare Tower 2... And it's good that they are still building the tower up to 52-levels! :D

Good news indeed. I think the developer is still the same - DutaLand Bhd (formerly Mycom / Olympia Bhd). The developer is also involved in Avenue K and Kenny Heights Mixed Developments.

Forgotten stalled projek?!

http://farm5.static.flickr.com/4080/4767263618_5500d4f65e_b.jpg

Forgotten stalled projek?!

http://farm5.static.flickr.com/4080/4767263618_5500d4f65e_b.jpg

I think that's an old image. it is known as One Residency today

best news of 2010 so far.....can't wait for it to be revived again...it's now at the 29th floor..hopefully they will follow the original plans and build it up to the 52nd floor which would have the height of 243m making it one of the tallest in KL

Original Plans
http://i839.photobucket.com/albums/zz317/rockyroad80/Buildings/154321.jpg


how about this project? no news

Dah setahun setengah thread ni senyap yer..

14 March 2012 | Last updated at 09:56AM
Cityscape marred by eyesores

By SARAH RAHIM
..
..

Vision City was bought over by Quill Group from RHB Group.

Quill Group had responded in an email that work will commence this year bu did not specify a date.

The group estimated that Phase One of the construction will be completed within two years once work starts.

Quill Group said it is in the midst of a rebranding and repositioning exercise.

Therefore, plans for Vision City, a shopping mall project which is 80 per cent completed before it was halted, have been affected.

To beef up security, it said, a full-time maintenance team has been deployed at the construction site.

Quill Group plans to have an integrated development in the future with an upscale shopping mall, residential and office components.

..


http://www.nst.com.my/streets/central/cityscape-marred-by-eyesores-1.60389

Dah setahun setengah thread ni senyap yer..

Sebab none of the stalled projects have moved.

thread ni pun stalled mcm tajuk..huhuhu.

thread ni pun stalled mcm tajuk..huhuhu.

since no news on the stalled projects? so nothing to talk about...

BREAKING NEWS: Housing project
MBSB to finance buyers of Malaysia's largest abandoned housing project
Updated: Wednesday March 21, 2012 MYT 11:31:04 AM

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB), a subsidiary of the Employees Provident Fund (EPF), will provide special financial assistance for affected purchasers of the largest abandoned housing project in Malaysia.

Biggest abandoned housing project in M'sia to be revived
MBSB to the rescue
By DANIEL KHOO Thursday March 22, 2012
http://biz.thestar.com.my/news/story.asp?file=/2012/3/22/business/10962823&sec=business

http://biz.thestar.com.my/archives/2012/3/22/business/b_4zaini.jpg

Ahmad Zaini: ‘This is a big step for us. Hopefully it will be a win-win situation for all.’

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) will finance the builder and buyers of Malaysia's biggest abandoned housing project, located in Bandar Baru Salak Tinggi, Sepang as part of its efforts to resolve its corporate legacy accounts issue.

MBSB, which is 65.5%-owned by the Employees Provident Fund (EPF), will provide term and bridging finance facilities of up to RM215mil to builder NCT United Development Sdn Bhd (NCT), and an additional RM243mil to the buyers, said MBSB CEO Datuk Ahmad Zaini Othman.

“When the new management (of MBSB) came in in 2009, we wanted to find a way on how we can resolve these legacy problems.

“And one of the ways is to support this project through NCT to revive the project.

“This project have been unresolved for more than 10 years,” Ahmad Zaini said.

“We foresee they're (the buyers) are going to face problems to secure financing from the banks.

“So we are also putting up another package which is the end financing package to support purchasers.

“We are shifting the corporate risk from NCT to the purchasers,” he added.

Buyers will pay an interest rate of base financing rate minus 0.5%, which is slightly more expensive compared with conventional loans because these borrowers are mostly in their 50s, according to MBSB.

MBSB is also classified as an exempt finance company' and is thus not bounded by any financial regulators in Malaysia.

“It is only fair and just to do so as they (these borrowers) have honoured their initial obligations but failed to receive their end of the bargain,” Ahmad Zaini said.

After discussions with the purchasers, an agreement was reached to divide them into two classes.

According to NCT, one class of buyers who wish to continue with the purchase will have to top up another 30% to the original purchase price of either RM140,000 (for 20X70) or RM97,000 (for 18x60) units.

These units have seen a price appreciation of about 80% since it was abandoned.

The second group of buyers can get a full refund for their units as construction of their units was minimum.

“This is a big step for us.

“Hopefully it will be a win-win situation for all,” Ahmad Zaini said at the signing ceremony here yesterday, adding that there were two more such abandoned legacy projects that were scheduled to be revived.

“NPL (non performing loans) will not go away unless and until you revive the project,” he said, adding that MBSB's net NPL stood at 8.5% as at December 2011.

The project, named Taman Kenanga, was abandoned in 1999.

The developer, Kumpulan Sepang Utama Sdn Bhd (KSUSB), is currently in liquidation.

The signing ceremony of the agreement yesteday involved three parties - MBSB, NCT and KSUSB's liquidators, GTC Corporate Advisory Sdn Bhd.

According to MBSB, the housing project was abandoned due to cost overruns coupled with the “unfavourable economic situation then”.

It will be renamed Sepang Perdana and is expected to be completed within two years, said NCT CEO Zulfikri Saidin.

The project was initially earmarked to have 2,536 units of commercial, linked houses and low cost houses on 110 acres.