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Old May 25th, 2013, 02:21 PM   #141
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great news, hope they keep the unique design
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Old May 25th, 2013, 10:22 PM   #142
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Quote:
Originally Posted by nazrey View Post
Plaza Rakyat!

I hope that's not the design. It looks horrible.
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Old May 26th, 2013, 12:09 AM   #143
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i like that design a lot, but i think they will change it, because the height changed as well
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Old May 26th, 2013, 12:04 PM   #144
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a pity it's not 400m+ again. but the most important is that the project will be back on track finally
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Old September 7th, 2013, 07:36 PM   #145
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Old September 18th, 2013, 04:32 PM   #146
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whats in the giant crystal ball on top of the tower?
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Old September 19th, 2013, 05:08 AM   #147
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It's supposed to be originally like a observation area of some sort....that was the idea, it would've changed now the design
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Old September 19th, 2013, 05:17 AM   #148
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A giant crystal ball to predict the future
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Old June 25th, 2014, 07:01 AM   #149
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Ivory seeks pact extension


24 June 2014


IVORY Properties Group Bhd is applying for an extension of the conditional acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd to acquire the leases and development rights of the project land.


Ivory Group chief executive officer Datuk Low Eng Hock yesterday said the last extension obtained ended on June 4 and Ivory needs more time to meet the conditions stated in the ARA.


“Our proposal to Datuk Bandar Kuala Lumpur has given special interest of the end-purchasers whose deposits have been tied up by the project during their purchase from the previous developer and we hope to help solve their woes soon,” he said after the company’s shareholders’ meeting here.

Last September, Ivory Proper-ties said that its subsidiary, Ivory Place Sdn Bhd, had won an open tender by Plaza Rakyat to revive the Plaza Rakyat mixed-development project in Pudu, Kuala Lumpur, which had been abandoned for 15 years due to the Asian financial crisis.


The company said it planned to redevelop the 6.163ha prime site with properties worth about RM8 billion in gross development value over eight years.


Besides the Plaza Rakyat revival project, Low said Ivory plans to expand its business south of Penang to Kuala Lumpur and Johor.


“We are also looking to develop residential and commercial properties in Kuala Lumpur and are in talks with several landowners,” Low said, adding that the company’s plans in Johor is to enter into joint-venture deals with landowners who own small pockets of land to develop properties.


He said Ivory’s undeveloped land bank includes a 21.7ha plot in the upmarket Jesselton area on the island, which the company had acquired last year.


“We hope to break ground next year on a property development project there which will include high-rise and boutique bungalow units,” he added.


n the joint-venture development between Aspen Vision Land Sdn Bhd (where Ivory is holding a 49 per cent stake) and Ikano Pte Ltd to set up an Ikea store on an 8ha plot and the proposed Ikea Mall on a 22.2ha site in Batu Kawan on mainland Penang, Low said Aspen Vision Land is in the process of entering into a purchase and development agreement with the Penang Development Corporation.

On another matter, Low said Tropicana Ivory Sdn Bhd — a joint-venture company set up be-

tween Ivory and Tropicana Corporation Bhd which has been set up to oversee the Penang WorldCity development — will be rolling out Phase 3A of the development by the end of the year following overwhelming success of Phase 1A sales.

“We managed to achieve over 90 per cent sales for Phase 1A, so we have decided to release the next phase to cater to increasing demand,” he said, adding that Phase 3A will com-prise 473 luxury condominiums ranging from 771 sq ft to 1,403 sq ft and 159 affordable units measuring between 450 sq ft and 650 sq ft.


More: http://www.nst.com.my/node/5697
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Old June 30th, 2014, 10:42 AM   #150
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Published: Monday June 30, 2014 MYT 12:00:00 AM
Updated: Monday June 30, 2014 MYT 11:24:43 AM

Plaza Rakyat project: DBKL to end agreement

by bavani m


Long abandoned: The original plan of the Plaza Rakyat project comprised a 79-storey office tower, 46-storey condominium, 24-storey hotel and s even-storey shopping centre. -filepic


THE long-abandoned Plaza Rakyat project in Kuala Lumpur, which has been in limbo for almost 20 years, is set to be revived as a new contractor has been identified to carry out the rejuvenation work, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said.


The findings of the arbitrator involved in negotiations with the developer, Plaza Rakyat Sdn Bhd (PRSB), and Kuala Lumpur City Hall (DBKL) confirmed that DBKL was lawfully entitled to terminate the agreement because of non-performance and breach by PRSB.

However, the arbitrator have yet to issue the final award. When the final award is issued, which should confirm the termination, DBKL would be entitled to reclaim possession of the site.


“The Ministry and DBKL are waiting to move in and clean up the entire place and start working on reviving the project,” said Tengku Adnan.

Presently, there is an interim injunction against City Hall, preventing them from entering the site, until the final award of the arbitrator.

According to reliable sources within DBKL, the local authority had issued a conditional appointment to another company to revive the project, subject to the arbitration award, and the approval of the Government within a week or two.

“The new contractor cannot go in yet because of the injunction.

“We are on standy to mobilise and revitalise the place. But, we can only go in after the arbitrators authorise DBKL to retake possession.

“We are at the final hurdle now, and once that is settled, we can move in,” Tengku Adnan said.

The minister said several parties had showed interest in developing Plaza Rakyat, but the Government was adamant in picking the right one.

“We wanted the one with the best proposal that will benefit all stakeholders, including City Hall.


Threat to health and safety: The abandoned site is set to be revived as a new contractor has been identified to carry out the rejuvenation work. - filepic

The deal will include the rights of purchasers who have been left in the lurch all this while. It will be a ‘win-win’ situation for everyone,” he added.

Tengku Adnan said PRSB owed the Land Office and DBKL millions in unpaid assessment and quit rent.

“They never paid the fees, the place was badly maintained until it has become a slum of sorts and a breeding ground for mosquitoes and snakes.

“We cannot allow this to go on,” he said.

“We are looking at ways to ensure that DBKL will not suffer losses and once this is over (arbitration), we are going in to clear everything out,” he said.

At the final award hearing, which is expected to be in the next week or so, the arbitrators will decide on the quantum of damages.

Apart from obtaining vacant possession of the site, City Hall will also be seeking payment of outstanding assessment and quit rent fees from the developer.

Meanwhile, StarMetro spoke to several of the original purchasers about the Plaza Rakyat revival plans, and many who are now in their twilight years are still hoping to get back their investments.

Retiree Steven Yong, 70, said all he wanted was for the project to take off so that he could get back his deposit.

“I paid a 20% deposit of RM300,000, 19 years ago. It was a lot of money back then for me.

“I put in all my life-savings for two units in Plaza Rakyat,” he said.

“Today, I pray that I will get something back,” he lamented.


Final hurdle: Tengku Adnan says once the arbitration is over, the premises will be cleaned up.

Another buyer, who wanted to be identified as only Lee, said she had paid 30% of RM600,000 as down payment to purchase two shoplots.

“Fortunately, the bank had not released the balance 70% of the payment when the project stalled or I would be paying the loan and interest for a property that is not even completed,” she said.

Another stakeholder who went by the name of Danny said, “We want our money back, we are entitled to it. No more excuses, please,” he said.

StarMetro reported last week that the 17-year-old Plaza Rakyat project had become a health hazard, with ageing rebar and scaffolding at the development site in danger of collapse.

The mold-covered walls have turned black because of trapped moisture and water leaks from years of neglect, giving the building and its surroundings a pathetic look.

Pools of stagnant water everywhere, with rubbish strewn all over the place, have made it a paradise for mosquitoes to breed.

The “dead” project, located next to the Pudu Sentral transport hub, has been abandoned for almost two decades and was supposed to be one of the first mixed-commercial development projects that was to be integrated with the transportation hub.

The original plan comprised a 79-storey office tower, 46-storey condominium, 24-storey hotel and seven-storey shopping centre.

The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties during the 1997/1998 Asian financial crisis that forced them to abandon the project.

The Government decided to terminate PRSB’s contract in 2010, 12 years after the company abandoned the mixed-development project.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.


http://www.thestar.com.my/News/Commu...ake-over-site/
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Old July 1st, 2014, 09:20 AM   #151
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It's about time that DBKL is closing in to revive this project. Let's see if it is for real this time, it's been 16 years of continuous deterioration for Plaza Rakyat.
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Old August 9th, 2014, 06:45 AM   #152
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Because there is a new rail station on another line which is to be connected to another station on an existing line (I'm talking about the new Merdeka MRT Station that is under development to connect to the existing Plaza Rakyat Station on the Ampang Line), I would anticipate the development of a brand-new complex on the Plaza Rakyat site, although they probably may have to start from scratch.
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Old August 14th, 2014, 04:15 PM   #153
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Quote:
Originally Posted by nazrey View Post
Ivory Place ends deal with Plaza Rakyat
6 AUGUST 2014 @ 11:29 PM
http://www.nst.com.my/node/20639

KUALA LUMPUR: Ivory Place Sdn Bhd, a 65 per cent-owned unit of Ivory Properties Group Bhd, has terminated its acquisition and rehabiliation agreement (ARA) with Plaza Rakyat Sdn Bhd. The agreement involved reviving the abandoned Plaza Rakyat project along Jalan Pudu in Kuala Lumpur. Ivory Properties said its subsidiary and Plaza Rakyat could not come to an agreement following their discussion to extend the condition precedent period of the agreement.“Accordingly, ARA has been terminated, both Ivory Place and Plaza Rakyat have acknowledged and will observe the terms and conditions therein to come to a satisfactory conclusion arising from the termination of the ARA,” it said.
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Old August 14th, 2014, 04:19 PM   #154
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Status ON back again..



Published: Thursday August 14, 2014 MYT 12:00:00 PM
Updated: Thursday August 14, 2014 MYT 12:03:18 PM

Payout in millions for stalled project is in the city’s interest, says mayor
by bavani m


Soon to be restored: Work on the abandoned Plaza Rakyat project will begin within the next month, once DBKL makes the necessary payments. — filepic

THE abandoned Plaza Rakyat project in Kuala Lumpur will finally be revived next month with a new developer named after the Kuala Lumpur City Hall (DBKL) takes vacant possession of the site.

This was following the arbitrator’s July 4 decision in favour of the local authority which stated that DBKL was lawfully entitled to terminate the joint-venture agreement with developer Plaza Rakyat Sdn Bhd (PRSB).

But this comes with a heavy price.

The same arbitrators had also ordered DBKL to pay PRSB’s bank loans based on an undertaking given by the former although it has no legal obligation to do so.


Now DBKL has to pay a whopping RM200mil of taxpayers’ money — RM100mil to PRSB for the structure and foundation of the 20-year abandoned project, and the balance for bank loans with interest that had snowballed since 1992.

The initial loan taken was a total of RM58mil. It is learnt that DBKL was in the midst of negotiating the amount to pay the financiers.


Plaza Rakyat on the other hand must pay DBKL RM30mil for arrears of quit rent amounting to RM7,043, 500, arrears of lease rental amounting to RM2,525,000 and RM20, 045,000 in liquidated damages.

In order for DBKL to take vacant possession of the site, it has to register the award with the authorities.

The order has raised several immediate questions, chief of which is why did DBKL agree to pay the sum when it never took the money from the banks.

“This sets a dangerous precedent whereby public funds are being used to pay banks which loaned money to developers.

“The question is, despite not having any legal obligation to do so, why did DBKL agree to pay the sum,” asked an informed source.

Defending the move to pay up the charge, Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib said DBKL had to settle the charge over the sub-lease before they could cancel it.

“The decision for that loan to be settled with the bankers had been decided by the arbitrator earlier as a separate decision that needs to be obliged by DBKL.

“What’s important is Plaza Rakyat must be revived as it is not in the city’s interest to delay the project further. We are pushing to start as soon as possible. I want this solved during my tenure.

“Once we register the award we can take vacant possession of the site. We are currently in negotiation with the banks on the amount to be paid,’’ said Ahmad Phesal, adding that DBKL would be able to reclaim the site next month once the award is registered.

Ahmad Phesal said DBKL was discussing with a new company to develop the site at a reasonable offer.

He added that it would be a mixed development and that DBKL was looking at the layout, and the intensity and density of the project.

StarMetro had earlier quoted Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor saying that several parties had shown interest in developing Plaza Rakyat, but the Government was adamant in selecting the right one.

He said the government wanted the best proposal to benefit all stakeholders, including DBKL.

The abandoned Plaza Rakyat had become derelict with pools of stagnant water everywhere and rubbish strewn all over the place, which made it a paradise for mosquitoes to breed.

The original plan comprised a 79-storey office tower, 46-storey condominium, 24-storey hotel and seven-storey shopping centre.


The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties during the 1997/1998 Asian financial crisis forcing it to abandon the project.

The Government decided to terminate PRSB’s contract in 2010, 12 years after the company abandoned the mixed-development project.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.


http://www.thestar.com.my/News/Commu...st-says-mayor/
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Old August 14th, 2014, 10:03 PM   #155
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Finally, after 16 years of nothing!
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Old August 16th, 2014, 04:14 PM   #156
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Plaza Rakyat sits next to Warisan Merdeka. If Warisan goes ahead (which is a certainty since construction has started), something will be done to Plaza Rakyat for sure.

The image-concerned Malaysian government would not let its newest 600 meter crown jewel tallest building sits next to this dump.
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Old August 16th, 2014, 04:25 PM   #157
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oh wow didn't know that, hope they will keep it supertall, so we get a nice cluster with this and warisan then
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Old August 16th, 2014, 04:28 PM   #158
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It is. Here you go.

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Old August 16th, 2014, 06:45 PM   #159
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wow, didn't know these two projects are that close to each other. Will be an impressive view when both projects are completed
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Old August 16th, 2014, 07:41 PM   #160
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wow, didn't know these two projects are that close to each other. Will be an impressive view when both projects are completed
And 88 fl Bukit Bintang City Center tower just 1 block futher down from Plaza Rakyat..
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