anybody got approved loan better than BLR-2.4?

GL called to sign S&P middle of March.

Tikaram trying to turm TR into old folk home! Stop him ! lol

This post has been edited by bb68: Feb 18 2014, 03:35 PM

whos is selling at this price? u or the developer?

then rongfu is VVIP

Plaza Rakyat purchase hits yet another delayBy Fatin Rasyiqah Mustaza oftheedgemalaysia.comThursday, 05 December 2013 13:51

KUALA LUMPUR: Ivory Properties Group Bhd’s proposed acquisition of the property assets of the abandoned Plaza Rakyat project in Kuala Lumpur for RM400 million will be delayed for another three months.

The property developer said in an announcement to Bursa Malaysia yesterday that the extension is to satisfy the conditions precedent as provided by the acquisition and rehabilitation agreement (ARA).

“In view of the extension, the applications to the relevant authorities in relation to the proposed acquisition will be further delayed for another three months,” it said.

Through its 65% unit, Ivory Place Sdn Bhd, the group had entered into a conditional ARA with Plaza Rakyat Sdn Bhd for the acquisition of a lease expiring on April 15, 2081 on five parcels of adjoining leasehold land with a total land area of 663,595 sq ft.

Ivory would also obtain the development rights on the project land, all the incomplete or abandoned structures built on it as well as the rights, interest and benefits on the lease in relation to the project land.

Once the acquisition of Plaza Rakyat is completed, it will mark Ivory’s first foray into the Klang Valley. 

The group already has property development projects on Penang island, and the Plaza Rakyat purchase is part of its ongoing efforts to diversify its business outside the island.

The group also intends to revise the development plans of the Plaza Rakyat project, which encompasses a comprehensive and integrated residential, commercial and transport hub.

The original Plaza Rakyat project, with an approved development value of RM1.4 billion, comprised a seven-storey shopping mall, 21-storey four-star hotel, budget hotel, 45-storey block with 290 units of serviced apartments, and 79-storey office tower. It was scheduled to have been completed in 1998 but construction was halted due to the Asian financial crisis.

Heard that tower 3 is 15% more. So on paper now already gain 15%!

Btw, the legal fees are free at developer side. What about bank side? Need to pay any ?

Anyone signed SPA?

Wa! another 20k for stamp duty I guess...

KNow which unit number released?

Guys, do you think if we go in group nego with bank for loan, will we get any better rate than what is offered in the market? just a thought.

maybe we can share the rate offered here and we all decide which to go. anyone considering KLIBOR from HLB?

But is yours >600k? Heard they offer this only for 600k and above...

Sure it is ! Glad to know this

http://www.astroawani.com/videos/show/awan...za-rakyat-26953

THE EDGE WEEKLY ISSUE#1003
THE WEEK OF FEBRUARY 24 – MARCH 2, 2014
By: KAMARUL AZHAR


The arbitration proceedings between Plaza Rakyat Sdn Bhd (PRSB) – the original developer of the long-abandoned Plaza Rakyat project – and Dewan Bandaraya Kuala Lumpur (DBKL) are set to be concluded on Feb 28, according to a senior bank officer, whose employer is an interested party in PRSB.

DBKL and PRSB – previously controlled by Tan Sri Ting Pek Khiing but now in receivership and under the administration of a consortium of lender banks – are locked in a legal battle over various issues.

These include the right of DBKL to repossess the 15.3-acre project site adjacent to Pudu Sentral (formerly Puduraya), the forfeiture of the leases for the land that comprises five adjoining parcels, and whether the build-lease-transfer concept of the project ought to have been changed to an outright sale.

“The arbitration results will be out on 28 Feb. Until then, all parties can only wait. The banks would like the legal status to be clarified so that the new developer can rehabilitate the project and they can recover the loans owed to them by PRSB,” says the bank officer.

To recap, in Feb 2010, DBKL issued a Notice to Remedy Default to PRSB as a result of non-performance in the Plaza Rakyat project despite the completion date being extended several times, with a final deadline of May 31, 2007.

PRSB disputed the notice and invoked the arbitration clauses stipulated under the (JV) agreement (JVA) with DBKL. DBKL, then, responded by issuing letters to PRSB purporting to terminate the JVA and lease agreement.

These mattes are now pending deliberation. With the arbitration proceedings set to be concluded next week, the legal question of whether Ivory Properties Group Bhd can acquire the project land from PRSB will also be answered.

Ivory’s 65%-owned subsidiary, Ivory Place Sdn Bhd, had on Sept 5, 2013 signed an acquisition and rehabilitation agreement (ARA) with PRSB to acquire the leases and development right of the project land on an “as is” basis for RM400 million cash, equivalent to about RM603 psf.

However, the ARA’s conditional precedents, among others, require an agreement between PRSB and DBKL to fully settle disputes in relation to the project and for Jawatankuasa Tanah Wilayah Persekutuan Kuala Lumpur to transfer the lease to Ivory Place.

Coincidentally, the ARA will lapse five days after the arbitration findings are made known. The parties extended the completion of the ARA until March 5, three months after the original period lapsed.

If the arbitration results favour PRSB, which means DBKL would have no legal rights to repossess the project land, Ivory Place should be able to take over the project and PRSB will be able to settle its debts with the creditors.

PRSB owes the banks RM76.03 million, according to a court document seen by The Edge, and its now-defunct parent, Wembley Industries Holdings Bhd, RM326.17 million.

A court document in the RHB Bank Bhd-Wembley case states the PRSB had invested about RM800 million in the Plaza Rakyat project and completed the foundations as well as the Plaza Rakyat LRT station.

However, winning the arbitration proceedings would not be the end of the story as Ivory Place will still need to get various development approvals from DBKL.

Ivory Place must first negotiate with DBKL for a new or amended JVA with regard to the project. Among the conditions sought by Ivory Place is approval for a new 99-year lease on the project land and a 10 to 1 plot ratio.

Observers say the ARA is not palatable to DBKL because it will only get a maximum share of 7% -- but not exceeding RM560 million – of the (GDV) of the entire project. This would translate into RM844 psf for the 15.3-acre site, which is comparable to the price paid by Gamuda Land Sdn Bhd for the Robertson project land next to Plaza Rakyat. The Plaza Rakyat land is worth between RM1,000 and RM1,200 psf, according to real estate valuers.

This site has better connectivity than The Robertson’s as it is located next to the Urban Transformation Centre (formerly Pudu Sentral) and is connected to an LRT station.

According to another court document on the arbitration proceedings seen by The Edge, DBKL is demanding an additional RM265 million for the revaluation of the project land and a minimum 20% of guaranteed profit from PRSB.

It will be an uphill task to revive Plaza Rakyat because the land comes with encumbrances and the project has been abandoned for almost 20 years. Ivory Place will have to rework the foundations and the pillars, say property players.

On the other hand, if the arbitrator sides with DBKL, Ivory Place will likely lose the chance to rehabilitate the project. This is because the ARA will be rendered invalid as DBKL had unilaterally terminated the JVA with PRSB in 2010.

In fact, when the ARA was signed by Ivory Place in Sept, 2013, DBKL announced that PRSB had no legal standing to enter into any pact with any third party to redevelop the site. DBKL said it had no knowledge of the agreement between PRSB and Ivory Place.


Whatever the outcome of the arbitration, it is in the best interests of (KL) residents to see an eyesore in the city rehabilitated and bring economic benefit to the Pudu area.E

BOTH has its own good. TR has more to offer in terms of facilities and amenities, Vipod well located between KLCC and Pavilion and...that's all.

because the warisan merdeka already started work. but doubt increase so much...

Only buyer of biggest unit owns 2 car park nothing to do with so called early buy.