New hoarding in sight! Work to resume soon


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Draining the capital’s biggest fish pond

THE STAR . BY BAVANI M.



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.

The original plan for Plaza Rakyat comprised a mixed development with a multi-storey office tower, condominium, hotel and a seven-storey shopping centre.


A tricky part in rehabilitating Plaza Rakyat is draining the stagnant water from the basement car park.


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

Then in 2010, the government terminated PRSB’s contract, 12 years after the project was left abandoned.

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

New lease of life

It will take a few more months for the developer to start work to rehabilitate the project as a full structural report must be carried out on the site.

DBKL Mechanical & Engineering Department officer Abd Jamil Abd Rahman said it would take engineers several months to assess the corroding steel structures such as rebars and scaffolding left behind after the project was abandoned two decades ago, to determine if it could be retained or incorporated in the new development.

He added that the real challenge lay with the task of draining the water from the seven-storey basement which had since retained rainwater for so long.


A full structural report will need to be carried out to find out if the old steel roads and scaffolding remnants from the dead project can be reused.



The basement, dubbed the ‘swimming pool’ by DBKL officers, was now home to snakes and fish such as tilapia and haruan, which was said to be the most challenging part of the rehabilitation process.

“When we took over the site last year, we had to use four different pumps to drain out the water, which was at the same level of Jalan Pudu and the LRT pole.

“The site is located in a valley, so when it rains, the water will flow right into the basement.

“It was at a dangerous level and we needed to drain it out fast,” he said.

It took three months to drain the water out of only three levels of the seven-storey basement, he said, adding that the work had started in June.

“After Friday, the site will be surrendered to the developers, and their engineers will have to drain out the water from the remaining four storeys. That is not going to be an easy thing to do,’’ he said.

“We are also concerned, because the LRT is running above, and each time the train passes, it will vibrate, so all these are factors that need to be looked into,’’ said Abd Jamil.

A source familiar to the project said the new developers would only be able to determine the full extent of the work needed to be carried out to revive the project after their experts move in and assess the site.

“A complete structural integrity survey have to be carried out first.


An aerial view of the abandoned Plaza Rakyat project in Jalan Pudu.


“The concrete and steel reinforcement roads were left exposed to the elements for almost two decades, and as the original plan was for a 79-storey office tower, a 46-storey condominium, and a 24-storey hotel, the foundation had been piled deep into the ground,’’ he said.

“While we have ideas on plot ratio and density, one cannot fully plan anything at this stage until a survey is carried out.

“They are working on the estimates on what can be retained from the old project site or incorporated into the new design as well as sorting out some minor land matters,’’ added the source.

This post has been edited by bb68: Oct 28 2015, 04:35 PM

Any news on Jalan Alor Upgrade?

Cheap...

"Actually, the 211 buyers did not have rights, because they purchased the property with Plaza Rakyat Sdn Bhd, which has gone bankrupt. However, we are a government that is concerned about its people and I decided that RM40 million to be allocated to resolve their problem," Tengku Adnan added.

OMG

40mil / 211 buyers = RM189K !!

Each buyer only get 189k compensation ?!!

This post has been edited by bb68: Oct 30 2015, 05:50 PM

人民广场翻身有望
东方网 中马 2015年10月30日

（吉隆坡30日讯）经过20年漫长的等待，人民广场业主终见曙光！吉隆坡市政局今日捎来喜讯，宣佈搁置多年的吉隆坡人民广场终获发展商接管，令这座荒凉广场有望在近年內落成，并將成为半山芭地区的新地標。

吉隆坡市政拿督阿敏诺丁指出，人民广场的发展计划，將正式交由新发展商，即Profit Consortium公司全权管理，而市政局將在发展规划及审核准证方面，给予协助。

以7亿令吉脱售

他说，人民广场以7亿令吉脱售，而新接管的发展商已向市政局缴付10%，即7000万令吉作为购买產业的抵押金。

「虽然我并不清楚工程会在何时建竣，但我有信心该公司会完成，让人民广场的復工计划会往前迈进。」

他是今日与ProfitConsortium公司主席丹斯里沙曼，签署买卖合约后，接受媒体询问时，这么指出。出席者还包括广东德宝置业投资有限公司董事长袁乐生。

他表示，新的发展商將全权接管人民广场，直到广场建竣为止，一旦广场落成，不仅能为当地带来经济效益，同时也將成为半山芭的新地標。

「这项重建计划也获得中国投资者加入，我对于人民广场得以復工，深感光荣，并希望吉隆坡不再出现搁置工程。」

询及人民广场业主的赔偿事宜，阿敏诺丁说，业主必须准备好相关文件，以证明其业主身份，而发展商也须按照业主意愿，如一些业主选择继续投资或索取赔偿，而作出决定。

「无论如何，这须由发展商负责处理，市政局和发展商將核对业主的身份，并召见他们就此进行商討。不过，发展商还有许多事务要处理，包括工地的鉴定工作。」

常年泡水　设施或要全销毁

发展商代表律师德烈费南杜指出，碍于人民广场搁置多年，工地已沦为积水池，导致原已完成的设施常年浸泡水中，故发展商必须鉴定这些设施是否还能使用，或要全部销毁。

「这些都並非易事，必须谨慎处理，逐步抽取积水进行检查工作，避免影响土地结构，因此希望业主能给我们一点时间，耐心等待。」

此外，他说，发展商將在明年，进行广告刊登以公佈发展详情，希望藉此与一些失联的业主联络。「基于发展商尚未掌握所有业主的名单，故须与市政局收集所有的业主身份，再逐一联络以详谈计划细节和赔偿事宜。」

另一方面，人民广场业主杨成祖及李英权皆表示，今次的收购促成，令业主们都暂时放下心头大石，并期望今次买卖协议，將会是人民广场计划的最后定案。

「引颈长盼了20年，希望这项復工计划不会突然变卦，並且能在2年內完成，好让我们能亲眼目睹人民广场顺利竣工，再將之交给下一代。」

Purchase price RM600,000
30% DP = RM180,000

Buyer basically get back the down payment without interest.

The RM700 million price tag for the 15.3-acre PLAZA RAKYAT site translates to RM1,050psf. In 2010, Gamuda Bhd paid RM820psf or RM105 million to Wearne Brothers Properties Pte Ltd for the Robertson land, which is just next door to Plaza Rakyat. - See more at: http://www.themalaysianinsider.com/citynew...h.3LHl8NY9.dpuf

The transacted land between the Pavilion and Millennium cast 3000psf. So i consider cheap...
Gamuda bought TR at 820psf and only increase 30% for Plaza Rakyat in 5 years..

On-Going Discussion On Compensation For Plaza Rakyat Project

Bernama 6-Apr-2016

KUALA LUMPUR, April 5 (Bernama) -- Syarikat Profit Consortium Sdn Bhd which is responsible for reviving the Plaza Rakyat project, abandoned since 1997 is in the process of discussing compensation with the project depositors.

Federal Territories Deputy Minister Datuk Dr Loga Bala Mohan said the company had appointed a lawyer to manage all claims and losses incurred by the depositors.

"The assurance given by the developer (Profit Consortium Sdn Bhd) is that it had made a commitment to pay the depositors 10 per cent of the purchase.

"We are also giving the depositors the chance of either owning the units or get back their money which will be done through a lawyer appointed to process the documents," he said at the Dewan Rakyat sitting here today.

He was replying to a supplementary question by Fong Kui Lun (DAP-Bukit Bintang) who wanted to know if the project's depositors would be given a written assurance and choice if they wanted the unit they had bought or just the compensation.

Loga Bala said the company would also place an advertisement on the claims which could be made by the 211 depositors or the beneficiaries of those who had died.

"The advertisement is expected to be put up after April 15, 2016, for three weeks for them to contact the lawyers appointed by the company to process the documents on the claims made," he said.

He said Kuala Lumpur City Hall will monitor the project to ensure that the company observed the agreement.

The sale and purchase agreement for the Plaza Rakyat which was abandoned since 1997 was signed by the Kuala Lumpur Mayor and Profit Consortium Sdn Bhd on Oct 30 last year.

The project was abandoned due to the national economic crisis and financial problems encountered by Plaza Rakyat Sdn Bhd (PRSB).

-- BERNAMA

10% only ?!!

You dont be so bad la. Those are the hard earn money of the Purchasers whom some of them have already passed on....

hmm... that's true.

Abandoned plaza rakyat to be redeveloped in June 2017, says Loga Bala
Posted on 28 April 2016 - 07:12pm
Last updated on 28 April 2016 - 07:39pm


KUALA LUMPUR: Deputy Minister of Federal Territories Datuk Dr Loga Bala Mohan said work on Plaza Rakyat is expected to start in June 2017, some 20 years after the project was abandoned.

"Before this can happen, we have to settle the claims made by all depositors of the project.

"We have advertised about this on April 15 and the despositors have until May 7 to respond. After this, only then we can take action," he told reporters at parliament lobby, here, today.

Plaza Rakyat project abandoned was abandoned in 1997 folllowing the country's economic crisis and financial problems faced by developer Plaza Rakyat Sdn Bhd (PRSB).

Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said Profit Consortium Sdn Bhd was appointed to redevelop Plaza Rakyat and signed a sale and purchase agreement with Kuala Lumpur City Hall on Oct 30, 2015.

Loga said beneficiaries of the depositors who have died can make claims by showing the sale and purchase agreement of the business lots.

The depositors were free to choose whether to make the claims or own lots to be redeveloped by the new developer.

It was reported that 211 depositors of the project can get back their money back after settling the matter with the appointed lawyers. — Bernama

F I N A L L Y !

[quote=icemanfx,Aug 14 2016, 12:26 PM]

[/quote]
The more the better.

[/quote]

Total 3700 residential units !

This one is going to be expensive having spend much on arbitration and abortive works

May as well redevelop the pudu sntral together with Plaza Rakyat