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Sri Impian Condo @ Brickfields

14335 Views 22 Replies 8 Participants Last post by  extintpunk
Saturday March 12, 2005

From The Star

Sri Impian condo project to be revived by two firms

AMFINANCE Bhd and Ferrier Hodgson MH Sdn Bhd yesterday said they will revive construction of the stalled Sri Impian Condominium project along Jalan Ang Seng in Brickfields, Kuala Lumpur.

Ferrier Hodgson said in a statement the project started in March 1997 and was about 32% completed when it was abandoned in November 2000 when its developer, Li-Foong Housing Development Sdn Bhd, ran into financial difficulties.

With an original gross development value (GDV) of RM45mil, all but three of its 249 units have been sold.

Heng Ji Keng and Michael J. Monteiro of Ferrier Hodgson were appointed by chargee AmFinance as receivers and managers of the project on Feb 6, 2004, and they have since secured the acceptance of 162 unit owners for the revival scheme.

Construction, which recommences this month, is expected to be completed in two years. “We are confident we can deliver the units to owners on schedule,” Monteiro said.

Ferrier Hodgson said the project’s revival scheme has also received the support of the Housing and Local Government Ministry.

Project consultants and contractors appointed for the scheme are Robert Bird & Associates Sdn Bhd (civil and structural engineer), Akitek Habitas (architect), C.Y. Tay Perunding (mechanical and electrical engineer), Jurukur Bahan FPS Sdn Bhd (quantity surveyor/project manager), and Conlay Construction Sdn Bhd (main contractor). – Bernama
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Nightmarish wait for dream homes
The Star 10/01/2004 By Bavani M.

IT’S called the Sri Impian Condominium, but to the owners their impian or dream has yet to come true.

Buyers of the posh condominium project in Brickfields have been waiting for five years now, but from the way things are going, the possibility of their moving into the condo in the near future is slim.

About nine years ago, over 200 people spurred by advertisements in local newspapers offering for sale units in an up-and-coming condominium project in Jalan Thamby Dollah, Brickfields, committed to this dream by putting down a 10% deposit.

Today, these folks are still servicing hefty bank loans and have not been given any guarantee or assurance of the project ever resuming.

Sri Impian was supposed to be completed in 1999. However, due to financial constraints, it was delayed and in mid-2000, the project came to a standstill.

Owners of the Sri Impian Condo in Brickfields in front of the abandoned project. With them is Khong (in white shirt).

According to residents, the developer had initially taken a loan using the property as collateral.

Personal assistant to Seputeh MP Teresa Kok, Khong Chee Seng, said the developer secured a second loan for RM20mil in 1999.

“The bank is now seeking the RM20mil from the buyers,’’ said Khong.

“The bank is asking the buyers to pay the RM20mil and they are worried right now,” he added.

“How can this happen?” asked Datuk Sarah Thomas, who had bought a unit in Sri Impian.

“I have thus far paid about RM130,000 and I’m still being billed for miscellaneous fees and now they want us to pay for funds taken by the developer,” Thomas said.

“It just does not make any sense that a major project like this can come to a standstill and we can’t do anything about it,” she said.

First-time house buyer Julie Ooi described the whole experience as a never-ending nightmare.

“I have put all my savings into this property. It was supposed to be my first home. I have paid over RM100,000 and I’m still servicing a bank loan, and to top it all I have to pay rent for my current home. This is so distressing,” she said.

Retired government servant Michael Magimay, 63, said he had paid over RM70,000 for his unit, funds taken from his gratuity.

“All I wanted was to retire and relax and yet I have done nothing of the sort,” he said.

Julie Ku had paid about RM60,000 and has been servicing her bank loan for the past seven years.

“How can the authorities let this happen?'' she asked. “The project had been abandoned for years and it's an eyesore in the city.''

The condo owners had formed a pro tem committee last year to seek answers as well as to get the authorities to revive the project.

They have met people from the House Buyers Association and had even submitted a memorandum to the Housing and Local Government Ministry.

When contacted, Sri Impian pro tem committee secretary Inderjit Singh confirmed that the committee would be meeting Deputy Housing and Local Government Minister Peter Chin Fah Kui soon to finalise matters.

“We had several meetings with the ministry and the bank is also interested in reviving the project, but nothing is definite yet,” Inderjit said.

Meanwhile, Khong and Kuan Perk Siong who is special assistant to Bukit Bintang MP Fong Kui Lun, have pledged to do all they can to help the owners get their homes.

“Our priority right now is to kick start this project soon and to minimise hardship and losses,” Khong said, adding that he would be meeting the Sri Impian pro tem committee soon.

When contacted, National House Buyers Association secretary-general Chang Kim Loong advised the Sri Impian Condo owners to unite to fight the case.

“In whatever problems it is always better for owners to come together, as unity is strength,” Chang said.

On whether a developer can secure a second loan on the property from a bank, Chang said: “Legally speaking a developer cannot do so unless residents had pre-signed a blank letter of consent at the time of signing the S&P agreement,” he said.
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Finally...the ugly block of building is turning into a dream home for someone else ;) Hope it will be completed soon.
baqthier said:
scary...if I am to buy a condo unit..i'll buy 2nd hand least built already :eek:
True...but you also have to remember buying a subsale will cost you a fortune especially around "HOT AREA" property :D
Can see some movement last week n the crane really moving. Finally. They resume the abandoned project at last :banana:
Indeed. Cant wait for the project to be complete :D
baqthier said:
Great news!!!
Dont worry. I bet when you happen to be in KL next time around, the building will be completed already mah :D
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It's so good of you to keep track of this, baqthier, thanks a lot! :eek:kay:

I feel sorry for the people who made the initial investments here, looking forward to their new homes which never materialized! :rant:

Wonderful to hear that things finally went back on track, and that the building seems close to completion now. :happy:
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the LRT track looks interesting! haven't seen the track make such a curve
^^welcome baq, it was an eyesore when uncompleted, now it looks good & quite tall
This is really good news! :happy:

An unfinished building casts gloom on an entire area. :(

Thank you for the brand new photos of the place, travellator! :)
but the color combination on that building..looks so ugly n didnt match :(
ZaHiRnYa??? said:
but the color combination on that building..looks so ugly n didnt match :(
Hehe...the colour combination still looks better than the Orange and Yellow combination of East Lake Garden! :)
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