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Old October 8th, 2014, 05:22 PM   #161
davidwsk
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Published: Tuesday September 9, 2014 MYT 12:00:00 AM
Updated: Tuesday September 9, 2014 MYT 10:23:52 AM
DBKL gets better deal for Plaza Rakyat from party chosen without tender

BY SHALINI RAVINDRAN AND DAVID TAN



KUALA LUMPUR: Kuala Lumpur City Hall (DBKL) has chosen a new company over Ivory Properties Group Bhd to revive the Plaza Rakyat project because the city hall was offered a more attractive deal for the abandoned project.

However, DBKL did not undertake an exercise to invite other interested parties to submit their bids for the project before issuing the letter of intent to Profit Consortium Sdn Bhd, the company that plans to build a “Sungai Wang Plaza” kind of mall on the site that is located near the Pudu Raya bus terminal.

“The site is ideal for a Sungai Wang kind of development,” said an official close to DBKL.

According to the official, apart from Profit Consortium, there was another party that expressed interest in reviving the Plaza Rakyat project.

“But Profit Consortium gave far better terms than what was offered by Ivory Properties or the other company. Among others, the returns to DBKL was not pegged to sales of the project. Also Profit Consortium did not seek a revision in plot ratio of Plaza Rakyat,” said the official.

“DBKL would get a guaranteed portion of the sales. The new consortium wants to replicate the Sungai Wang Plaza in Plaza Rakyat,” said the official.

It is believed that the new proposal allowed DBKL to save more than RM100mil, which was another reason why it chose Profit Consortium.

“DBKL does not have to pay the old developer – Plaza Rakyat Sdn Bhd (PRSB) – a sum of RM200mil to take possession of the site. Discussions are ongoing to reduce the amount to less than RM100mil,” said the official.

Profit Consortium is owned by Maxcorp Development Sdn Bhd, SW Land Sdn Bhd and Tan Sri Abdul Samad Alias. Maxcorp is the private vehicle of Major (Rtd) Anuar Adam while SW Land is the developer of Sungai Wang Plaza.

http://www.thestar.com.my/Business/B...hout-a-tender/
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Old November 21st, 2014, 03:14 PM   #162
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Quote:
Published: Friday November 21, 2014 MYT 12:00:00 AM
Updated: Friday November 21, 2014 MYT 12:13:35 PM
Kuala Lumpur mayor to make site visit today

BY BAVANI M


The abandoned Plaza Rakyat with its exposed rebar, steel pipes, scaffolding and cranes left behind at the site.

AFTER 20 years in limbo, the metaphorical gates of the abandoned Plaza Rakyat project in Kuala Lumpur will finally open as Kuala Lumpur City Hall (DBKL) has taken vacant possession of the site.

It is learnt that City Hall has finally settled the outstanding loan to the financiers after months of negotiations.
..

The new development will include a mall, service apartments and offices, and will integrate with the Plaza Rakyat LRT station.


http://www.thestar.com.my/News/Commu...e-visit-today/
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Old December 19th, 2014, 02:43 PM   #163
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https://www.facebook.com/kldevelopmentconstruction

DSC_0298 by atifnadzir, on Flickr
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Old December 23rd, 2014, 01:22 PM   #164
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when they gonna build.............................................zzzzzzz
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Old February 17th, 2015, 06:09 PM   #165
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Originally Posted by World 2 World View Post



This probably the new design for Plaza Rakyat
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Old February 17th, 2015, 07:00 PM   #166
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so they not removed the crystal ball lol
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Old February 17th, 2015, 08:39 PM   #167
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In spirit of the old design, I like it
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Old February 17th, 2015, 10:07 PM   #168
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Originally Posted by KillerZavatar View Post
In spirit of the old design, I like it
Yup, me too
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Old April 15th, 2015, 07:40 PM   #169
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Has the construction started ?
Thanks
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Old April 15th, 2015, 08:46 PM   #170
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This project still exists!?

I was in high school (almost a decade ago) when I first heard about it
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Old April 15th, 2015, 08:51 PM   #171
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while I was born to this world LOL
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Old April 15th, 2015, 09:27 PM   #172
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If I am correct its originally first planned and went u/c even from before the year 2000??


the urban fish pond!
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Old April 15th, 2015, 10:00 PM   #173
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yes
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Old April 15th, 2015, 10:05 PM   #174
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Quote:
Originally Posted by nolimit View Post
Has the construction started ?
Thanks
too many dramas,cant even decide what to do with this abandoned project
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Old May 1st, 2015, 05:18 AM   #175
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Quote:
Originally Posted by Patrick Highrise View Post
If I am correct its originally first planned and went u/c even from before the year 2000??
You're right. I believe construction began around '95/'96.
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Old September 12th, 2015, 02:38 PM   #176
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I hope that the tower can still remain in construction.
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Old October 28th, 2015, 04:12 PM   #177
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Quote:
Originally Posted by nazrey View Post
Draining the capital’s biggest fish pond
BY BAVANI M. Wednesday October 28, 2015 MYT 7-05-17 AM
http://www.thestar.com.my/Metro/Comm...veloper-as-ef/



AFTER 20 years in limbo, the billion ringgit uncompleted Plaza Rakyat project will finally be revived and former buyers of the units will be duly compensated.

Last year Kuala Lumpur City Hall (DBKL) took vacant possession of the abandoned project site after repaying an RM150mil loan taken by its earlier developer Plaza Rakyat Sdn Bhd (PRSB) from a consortium of banks.

After months of negotiations, DBKL will ink the deal to surrender the site over to new developer, Profit Consortium Sdn Bhd, on Friday

Profit Consortium is owned by Maxcorp Development Sdn Bhd, SW Land Sdn Bhd and Tan Sri Abdul Samad Alias.

Maxcorp is the private vehicle of Major (Rtd) Anuar Adam while SW Land is the developer of Sungai Wang Plaza.


..
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Old October 28th, 2015, 04:58 PM   #178
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http://www.thestar.com.my/Metro/Comm...veloper-as-ef/
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Old October 29th, 2015, 11:24 AM   #179
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The design still same as the last design:confused:

Last edited by epalmasam; October 31st, 2015 at 04:13 AM.
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Old October 30th, 2015, 12:13 PM   #180
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Are trains passing through that station?
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