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> PLAZA RAKYAT of Pudu / Bukit Bintang, The Arbitration Outcome and Future

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TSbb68
post May 28 2014, 05:46 PM, updated 3y ago

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Copyright 2014 The Edge Communications Sdn. Bhd.
All Rights Reserved

The Edge Malaysia
May 12, 2014
Corporate: No resolution in sight for Plaza Rakyat
Kamarul Azhar


The arbitration between Plaza Rakyat Sdn Bhd (PRSB) and Dewan Bandaraya Kuala Lumpur (DBKL) is expected to be concluded in the next two months, according to sources.

The final submission proceeding of the two disputing parties over whether DBKL had the right to terminate the joint-venture agreement (JVA) and lease agreement on the Plaza Rakyat project in 2010 is expected to be done by the middle of this month.

However, sources say the conclusion of the arbitration may not end the decades-long fiasco. This is because PRSB is challenging, in the High Court of Malaya, the arbitration tribunalâ s interim award late last year that favours DBKL.

The proposed 15.3-acre integrated transport hub and commercial development in Jalan Pudu, Kuala Lumpur, has been abandoned for 17 years. PRSB was once its developer while DBKL was the original owner of the site.

â PRSB is contesting the interim decision at the High Court because it argues that the arbitrators have no jurisdiction, under the National Land Code 1965, to decide on matters concerning the lease agreement,â says a source.
The arbitrators, comprising Datuk Ghazi Ishak, Professor Tan Sri Visu Sinnadurai and Robert Lazar, had on Oct 24, 2013, found the termination of the JVA and lease agreement by DBKL valid.

However, PRSB argues that the forfeiture of the lease agreement is not arbitrable under the Land Code as the jurisdiction to grant any relief or order in such disputes is only within the purview of the High Court of Malaya.

PRSB said if the arbitrators were allowed to decide on matters concerning the lease, it will affect both the rights of PRSB and DBKL, as well as third parties, in particular the lenders. PRSB had charged the lease of the Plaza Rakyat land to secure loans from banks.

â The arbitration is between PRSB and DBKL, thus any decision made by the tribunal should not impede the rights of other parties, which cannot intervene in the proceedings. That is why PRSB is bringing the matter to the High Court so that the bankers can intervene,â says the source.
The banks had in February 2013 appointed AdamPrimus Chartered Accountants to be the receiver and manager of PRSB, effectively taking charge of the company previously controlled by Tan Sri Ting Pek Khiing.

While PRSB and DBKL lock horns over the JVA and lease agreement, buyers who had bought units in the development are losing their patience. For the past 17 years, they have tried to seek assistance from the authorities to resolve the deadlock.

â We would like to know what DBKL will do to help us. We have been waiting for almost 20 years for this project to be completed. How long more do we have to wait before the project is completed?â asks a frustrated buyer when met by The Edge recently.

While the Plaza Rakyat project is being left to rot in Jalan Pudu, other iconic developments are being planned for Kuala Lumpur. These include the 118-storey Warisan Merdeka tower, the Tun Razak Exchange and the redevelopment of Pudu Jail.

After it took charge of PRSB, AdamPrimus conducted an open tender in the middle of last year to invite suitable developers with sound finances to rehabilitate the project. It subsequently awarded the project to Ivory Properties Group Bhd in September 2013, with both parties entering an acquisition and rehabilitation agreement (ARA).

However, the ARA between PRSB and Ivory Properties is not recognised by DBKL. City Hall maintains that since it had terminated the JVA with PRSB earlier, any agreement entered into by PRSB or parties acting on its behalf is rendered invalid.

According to a source close to AdamPrimus, DBKL did not even respond to a letter informing it about the ARA signed by AdamPrimus and Ivory Properties. Communications between DBKL and AdamPrimus seem to have deteriorated.

â How can the receiver know what DBKL wants, whether or not it agrees with the ARA, if it did not respond to the letter? The contract with Ivory Properties will ensure that all parties are taken care of,â says the source.

According to the ARA, Ivory Properties will pay RM560 million to DBKL for the project. At the same time, Ivory Properties will settle all outstanding quit rent to DBKL, while PRSB will be paid RM400 million, which will go towards settling its debts with the banks and other parties.

Observers opine that the agreement is not palatable for DBKL because it will only get a maximum share of 7% of the gross development value of the project, limited to RM560 million. This translates into RM844 psf, while real estate valuers put the value of the land at between RM1,000 and RM1,200 psf.
According to a court document seen by The Edge in regard to the arbitration proceeding, DBKL is demanding an additional payment of RM265 million for the revaluation of the project land, and payment of a minimum 20% guaranteed profit from PRSB.

However, DBKLâ s decision not to speak to the media and interested parties is not helping the parties involved to find a win-win situation all around. A DBKL spokesman says, due to the ongoing arbitration, City Hall could not issue any statement or comments to the media.

â Iâ m so sorry to inform you that DBKL canâ t answer the questions you have posted. The reason is that this case is still in arbitration. We will know more details once the process is over,â says DBKL media relations officer Md Aznan Md Zain.

Ivory Properties group CEO Datuk Low Eng Hock says the group has asked to meet with DBKL to discuss the ARA in detail but has yet to receive any confirmation to date.

â We are still waiting for a response from DBKL,â Low says in response to an email from The Edge. The Penang-based property developer has plans to work with PR1MA Corp Malaysia to come up with an affordable housing proposal for Plaza Rakyat.

â We aim to provide more affordable homes for the people and we hope DBKL is receptive to the proposal,â Low states in his email. If it is given the right to develop Plaza Rakyat, it would be Ivory Propertiesâ first major project in the Klang Valley.

The Plaza Rakyat project â " first mooted by Datuk Hamzah Abdul Majeed and his wife Datin Freida Pilus in the early 1990s, and subsequently taken over by Tingâ s now defunct Wembley Industries Holdings Bhd â " has been postponed indefinitely since construction was halted during the 1997/98 Asian financial crisis.

The project would have been a multi-modal transport hub amidst an integrated property development, probably the first of its kind in Kuala Lumpur at the time before the completion of KL Sentral in the early 2000s.

â At the moment, nobody knows what exactly DBKL wants. Even if it does not agree with the terms of the agreement with Ivory Properties, it should at least make it known to the receiver so that something can be worked out,â says the source close to AdamPrimus.
May 14, 2014

This post has been edited by bb68: May 29 2014, 12:50 PM
cfa28
post May 28 2014, 05:58 PM

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Bro, it would have been easier to read if its separated into paragraphs.

Currently wall of text - TLDR any summary besides Will take many years before Plaza Rakyat is resolved??
TSbb68
post May 28 2014, 06:06 PM

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[quote=cfa28,May 28 2014, 05:58 PM]
Bro, it would have been easier to read if its separated into paragraphs.

Noted. tongue.gif
TSbb68
post Jun 2 2014, 03:03 PM

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Plaza Rakyat project to be revived

First Published: 7:43pm, May 30, 2014
Last Updated: 2:38pm, May 31, 2014

Good news guys !! rclxms.gif

KUALA LUMPUR (May 30): This will be a year of maintenance and upgrading for Kuala Lumpur, said Mayor Datuk Seri Ahmad Phesal.

"We will be hosting the SEA Games in 2017, so the MPs have identified problems clogging the city."

This includes the appointment of a new contractor to continue constructing Plaza Rakyat- an abandoned project opposite Tung Shin Hospital.

Ahmad Phesal noted that the project stalled 17 years ago due to legal complications which have obstructed the Ministry of Federal Territories from intervening.

"We are currently waiting for the arbitrators to sort out issues of due diligence and ascertaining financial obligations and the quantum involved before engaging the new contractor."

Construction is scheduled to begin next month but he noted that the process might take some time.

He added that the Ministry has also requested for the KL City Hall (DBKL) to engage with several banks, and primarily RHB Bank, to discuss financing the construction.

"The tribunal's decision will become the basis of our negotiations with the new contractor. After the deliberation, then we will speak to banks on how best to restart this project."

Bukit Bintang MP Fong Kui Lun welcomed the new development to finally rehabilitate the 'eyesore' for both locals and tourists.

"It's a huge plot of land that was meant to be a mixed development with residences and offices," he told reporters after a meeting between Federal Territories MPs and the mayor.



Read more: http://www.fz.com/content/plaza-rakyat-pro...d#ixzz33SlMX4KG
rainman19
post Jun 3 2014, 09:57 AM

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another gem in town
TSbb68
post Jun 3 2014, 11:14 AM

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Hope this time the dead plaza mayat will resurrect !
TSbb68
post Jun 3 2014, 11:17 AM

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I can't help but wondering if there is any plaza Rakyat buyers here in this forum too... share your thought.
TSbb68
post Jun 24 2014, 05:52 PM

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The Star

Published: Tuesday June 24, 2014 MYT 12:00:00 AM
Updated: Tuesday June 24, 2014 MYT 6:50:57 AM
Ivory plans RM1.4bil projects, developing 80-acre land bank in Penang

BY DAVID TAN

On the Plaza Rakyat development, Low said the company was in the process of procuring an extension for the conditional acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd to acquire the leases and development right of the project land.

“The last extension ends on June 4 and we need more time to meet the conditions precedent stated in the ARA.

“Our proposal to Datuk Bandar Kuala Lumpur has given special attention to the interest of the end purchasers, whose deposit money has been tied up by the project during their purchase from the previous developer and we hope to help solve their woes soon,” he said.
CloudAtla$
post Jun 24 2014, 07:28 PM

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If this project revived, next door robertchai will fly !
TSbb68
post Jun 25 2014, 12:39 PM

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QUOTE(CloudAtla$ @ Jun 24 2014, 07:28 PM)
If this project revived, next door robertchai will fly !
*
sure fly but dont how high only
TSbb68
post Jun 25 2014, 12:43 PM

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Published: Wednesday June 25, 2014 MYT 12:00:00 AM
Updated: Wednesday June 25, 2014 MYT 7:19:42 AM

DBKL to inspect site of abandoned Plaza Rakyat project

The Star
BY BAVANI M


KUALA Lumpur City Hall (DBKL) will serve a legal notice to the receiver of the abandoned Plaza Rakyat project so it can enter the premises and address health and safety concerns.

Public Works and Drainage Depart­ment director Tan Keng Chok said the department had written to the court-appointed receiver and manager, Adamprimus Chartered Accountants, several months ago, asking for permission to enter the site and carry out rectification work, including repair a bridge linking the Plaza Rakyat LRT station to Pudu Sentral.

“We wrote to them asking for permission to enter, but they stopped us. Since public safety is concerned, the legal department has advised us to serve them a notice and we will be going in within the week,’’ Tan said.

He was responding to StarMetro’s report on June 23, “Unsightly and Dangerous”, which highlighted safety concerns at the long-abandoned Plaza Rakyat project.

When contacted, a source from Adamprimus said some of the concerns were addressed and they had been maintaining the area by doing general cleaning regularly.

“As a manager, we are maintaining the site as best as we can. We also carry out fogging activities every week. We have placed several security guards to ensure no one goes in or out and have done our best to seal the place.

“We don’t want anyone to just walk in as scrap metal is valuable and ensure the site is checked regularly,’’ he said.

The source added that the water formed a pool because the old piping system connected to the LRT station is leaking.

On the huge pond that is filled with rainwater, the source said it cannot be drained because this could cause the entire structure to collapse.

“It acts as a buffer to keep the place stable. That is why no one did anything about it for 20 years.”

The source admitted that DBKL had written to them, asking for permission to go in and repair the bridge, and they wrote back to request that security in the area was maintained.

“We want an undertaking that the hoarding is in place. We do not want to be held responsible if anything happens at the site,’’ he said.

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

DBKL is currently involved in an arbitration proceeding with the developer.

Hence, any attempts to move forward can only be achieved if arbitration between PRSB and DBKL is resolved quickly.

There have been calls for either UDA Holdings Bhd or Syarikat Prasarana Negara Bhd (Prasarana), which manages the Pudu Sentral and Plaza Rakyat LRT stations respectively, to take responsibility for the bridge.

Spokesmen for both companies said their hands were tied as the bridge was on private land.
TSbb68
post Jun 27 2014, 10:15 AM

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THE STAR

Published: Friday June 27, 2014 MYT 12:00:00 AM
Updated: Friday June 27, 2014 MYT 7:52:57 AM

New firm to revive Plaza Rakyat

BY INTAN FARHANA ZAINUL

Plaza Rakyat - Abandoned site

KUALA LUMPUR: The revival of the abandoned Plaza Rakyat project in Jalan Pudu here is headed the way of controversy, with the Kuala Lumpur City Hall (DBKL) looking to appoint a new company to undertake the job.

Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib revealed yesterday that DBKL did not recognise the appointment of Ivory Properties Group Bhd to revive the project.

On the other hand, Ivory, which had won the rights to revive the project after a tender exercise conducted by Plaza Rakyat Sdn Bhd (PRSB) in September last year, has not given up on undertaking the job.

Under the agreement, PRSB would transfer the existing sub-lease and all development rights under the joint-venture agreement with DBKL to a subsidiary of Ivory.

Ahmad Phesal told StarBiz that he was awaiting the completion of the arbitration between DBKL and PRSB to appoint the new company. He, however, declined to name it.

“DBKL, together with the Federal Territories Ministry, has decided that some other company should take over the redevelopment of Plaza Rakyat and not Ivory. We were not involved in the appointment of Ivory for this project (initially),” he said yesterday.

“As far as we are concerned, DBKL cannot just agree to the appointment of Ivory by PRSB to take over the project. We have our own plans,” Ahmad Phesal added.

As early as September last year, DBKL had denied media reports that it had entered into negotiations with Ivory to take over the development of the Plaza Rakyat project.

DBKL said it had terminated its joint venture with PRSB in April 2010, and that the latter had no legal standing to enter into any pact with any third party.

However, Ivory is keen to be party to the revival of the project.

In an interview with StarBiz, Ivory chief executive officer Datuk Low Eng Hock said the company was keen to meet up with DBKL and the mayor on the acquisition and rehabilitation agreement (ARA) for the project.

Low said early this week that the group was open to including new counter-offers from DBKL in its package that would provide a win-win solution for all the stakeholders of the project.

“We hope to meet up with DBKL soon to inform them about the details of our ARA with PRSB,” Low said.

Ivory wants to develop it into a mixed-development project comprising a shopping mall, serviced residences and hotels at a gross development value (GDV) of RM8bil.

“Plaza Rakyat will be enhanced with the introduction of new building components to maximise the potential of the land.

“On top of new serviced residence towers, the affordable component introduced will establish a community of young working adults, making it possible for them to afford a home located at the convenience of a city centre,” Low added.

Ivory is currently working with PR1MA Corp Malaysia to come up with 1,000 affordable housing units for Plaza Rakyat, according to Low.

The group has put up a fair and attractive package for DBKL and PRSB, the original developer of the scheme, Low added.

Whether or not Ivory would get its proposal heard by DBKL is not clear, given the fact that DBKL has its own plans for the revival of Plaza Rakyat.

The story of Plaza Rakyat dates back to 1993 when PRSB, which was then controlled by Tan Sri Ting Pek Khiing’s Wembley Industries Holdings Bhd, had ambitious plans to develop it into a mixed-development project comprising a shopping mall, serviced apartments, a hotel and office towers. The project was supposed to have a GDV of RM1.3bil.

However, the Asian financial crisis of 1997-1998 forced the developers to abandon the project, although the foundations and a six-storey basement carpark was completed. Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
KaFai
post Jun 27 2014, 10:06 PM

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Any insider news on which new company will take the job?
sitizak
post Jun 27 2014, 10:41 PM

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ecoWorld again?!? smile.gif
Babizz
post Jun 27 2014, 10:55 PM

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Pity Ivory. Many developers gonna avoid reviving old projects if legal issues like this pop up.
TSbb68
post Jun 27 2014, 11:06 PM

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QUOTE(KaFai @ Jun 27 2014, 10:06 PM)
Any insider news on which new company will take the job?
*
Maybe Gamuda... hmm.gif
liam_emmet
post Jun 28 2014, 12:22 AM

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ivory not won the tender for this ardy?
TSbb68
post Jun 28 2014, 12:31 AM

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QUOTE(liam_emmet @ Jun 28 2014, 12:22 AM)
ivory not won the tender for this ardy?
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Ivory entered into agreement with someone that had been terminated, so it is void.
kuroyume
post Jun 28 2014, 08:21 AM

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It's a good news . Ivory plans to build 1000 affordable units in plaza rakyat with prima project . That's really scary and high dense
nachez
post Jun 28 2014, 08:23 AM

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malaysia grow up ..
CloudAtla$
post Jun 28 2014, 08:38 AM

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QUOTE(kuroyume @ Jun 28 2014, 08:21 AM)
It's a good news . Ivory plans to build 1000 affordable units in plaza rakyat with prima project . That's really scary and high dense
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Yea, in your dream.
CloudAtla$
post Jun 28 2014, 08:38 AM

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QUOTE(bb68 @ Jun 27 2014, 11:06 PM)
Maybe Gamuda... hmm.gif
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Yea, built a mrt station inside it.
KaFai
post Jun 28 2014, 09:41 AM

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QUOTE(bb68 @ Jun 27 2014, 11:06 PM)
Maybe Gamuda... hmm.gif
*
I hope so. biggrin.gif But I think any top developer will do. If Eco World has already gotten the job at BBCC, then most likely they won't get involved in this. I kinda feel Sunway is quite suitable to take over this project.
SUStikaram
post Jun 28 2014, 04:44 PM

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I hope it is ytl.


mingyew
post Jun 28 2014, 06:31 PM

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QUOTE(tikaram @ Jun 28 2014, 04:44 PM)
I hope it is ytl.
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Ytl won't touch this kind of shit
Maneki-neko
post Jun 28 2014, 06:44 PM

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QUOTE(tikaram @ Jun 28 2014, 04:44 PM)
I hope it is ytl.
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I welcome YTL too rclxms.gif
kuroyume
post Jun 28 2014, 07:39 PM

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QUOTE(CloudAtla$ @ Jun 28 2014, 08:38 AM)
Yea, in your dream.
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Dumb
CloudAtla$
post Jun 28 2014, 08:10 PM

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QUOTE(kuroyume @ Jun 28 2014, 07:39 PM)
Dumb
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Prima in golden triangle. Seriously, dumb dumb. Have a sweet dream tonite.
TSbb68
post Jun 28 2014, 08:57 PM

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QUOTE(CloudAtla$ @ Jun 28 2014, 08:38 AM)
Yea, built a mrt station inside it.
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user posted image

It was once that MRT is considering the alignment tru plaza rakyat but it will be a duplication of LRT which has already been serving the area. So it is later re-aligned to waarisan merdeka to cater for future development. It make sense actually.
kuroyume
post Jun 28 2014, 09:32 PM

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QUOTE(CloudAtla$ @ Jun 28 2014, 08:10 PM)
Prima in golden triangle. Seriously, dumb dumb. Have a sweet dream tonite.
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Just you could not get what I mean , I mean it's good news ivory din manage to get the deal , if not they going to make 1000 units of cheap home . Really dumb
CloudAtla$
post Jun 28 2014, 09:34 PM

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QUOTE(kuroyume @ Jun 28 2014, 09:32 PM)
Just you could not get what I mean , I mean it's good news ivory din manage to get the deal , if not they going to make 1000 units of cheap home . Really dumb
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Really a dumb statement fr a dumb dumb. In your dream yea dumb dumb.
kuroyume
post Jun 28 2014, 09:37 PM

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Up to u ... Line up to buy Robertson la hahaha
liam_emmet
post Jun 28 2014, 09:41 PM

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QUOTE(bb68 @ Jun 28 2014, 01:31 AM)
Ivory entered into agreement with someone that had been terminated, so it is void.
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thats bad
TSbb68
post Jun 28 2014, 09:57 PM

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QUOTE(liam_emmet @ Jun 28 2014, 09:41 PM)
thats bad
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er... I am not really sure if Ivory can really swallow this giant PR sweat.gif

This PR cant afford to have another drama so better be sure to get the real "God" on board for its salvation flex.gif .
TSbb68
post Jun 28 2014, 09:58 PM

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QUOTE(kuroyume @ Jun 28 2014, 09:37 PM)
Up to u ... Line up to buy Robertson la hahaha
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Are you the TR owner? or plan to buy the phase 2 TR?
kuroyume
post Jun 28 2014, 10:35 PM

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QUOTE(bb68 @ Jun 28 2014, 09:58 PM)
Are you the TR owner? or plan to buy the phase 2 TR?
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I am phase 1 owner smile.gif
KaFai
post Jun 28 2014, 11:08 PM

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QUOTE(tikaram @ Jun 28 2014, 04:44 PM)
I hope it is ytl.
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Sunway because of their expertise in retail & hotel management.
TSbb68
post Jun 28 2014, 11:26 PM

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QUOTE(KaFai @ Jun 28 2014, 11:08 PM)
Sunway because of their expertise in retail & hotel management.
*
Sunway is good but not excellent, Just normal retail...

YTL is better in luxury marketing in hotel and resort but rare in retail...

I also very interested to know whom is in DBKL's mind. Hope not cheapskate GLC or cronies...
CloudAtla$
post Jun 29 2014, 09:25 AM

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QUOTE(kuroyume @ Jun 28 2014, 10:35 PM)
I am phase 1 owner smile.gif
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The following is a good news for you:

It's a good news . Ivory plans to build 1000 affordable units in plaza rakyat with prima project . That's really scary and high dense

This post has been edited by CloudAtla$: Jun 29 2014, 09:26 AM
kuroyume
post Jun 29 2014, 12:38 PM

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QUOTE(CloudAtla$ @ Jun 29 2014, 09:25 AM)
The following is a good news for you:

It's a good news . Ivory plans to build 1000 affordable units in plaza rakyat with prima project . That's really scary and high dense
*
Oh dear hahaha
TSbb68
post Jun 30 2014, 10:22 AM

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rclxms.gif GOOD NEWS !!! rclxms.gif

rclxm9.gif

(The Star) DBKL to end agreement

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 nonperformance 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

The abandoned site is set to be revived as a new contractor has been identified to carry out the rejuvenation work. — filepic 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.

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.

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, 24storey 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 mixeddevelopment project.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
rongfu
post Jun 30 2014, 10:45 AM

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QUOTE(bb68 @ Jun 30 2014, 10:22 AM)
rclxms.gif GOOD NEWS !!!  rclxms.gif

rclxm9.gif

(The Star) DBKL to end agreement

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 nonperformance 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

The abandoned site is set to be revived as a new contractor has been identified to carry out the rejuvenation work. — filepic 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.

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.

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, 24storey 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 mixeddevelopment project.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
*
today news ? can put the link...

TQ

SUStikaram
post Jun 30 2014, 02:45 PM

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I hope dbkl will take back the land.

Dont built wat ever height of office mall or hotel.

Just put in a nice green park like klcc for young and old or love birds couple. thumbup.gif

We need more green in the city.

This post has been edited by tikaram: Jun 30 2014, 02:48 PM
TSbb68
post Jun 30 2014, 03:19 PM

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QUOTE(rongfu @ Jun 30 2014, 10:45 AM)
today news ? can put the link...

TQ
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It's from today's The Star news.
TSbb68
post Jun 30 2014, 03:22 PM

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QUOTE(tikaram @ Jun 30 2014, 02:45 PM)
I hope dbkl will take back the land.

Dont built wat ever height of office mall or hotel.

Just put in a nice green park like klcc for young and old or love birds couple. thumbup.gif

We need more green in the city.
*
If this comes true, I will buy another biji The Robertson!
Babizz
post Jun 30 2014, 04:14 PM

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The Robertson still got units left ah?
rongfu
post Jun 30 2014, 08:30 PM

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QUOTE(Babizz @ Jun 30 2014, 04:14 PM)
The Robertson still got units left ah?
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bumi-lot



SalvationArmy
post Jun 30 2014, 08:50 PM

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QUOTE(tikaram @ Jun 30 2014, 02:45 PM)
I hope dbkl will take back the land.

Dont built wat ever height of office mall or hotel.

Just put in a nice green park like klcc for young and old or love birds couple. thumbup.gif

We need more green in the city.
*
Agreed. But would DBKL really do that?

KL lacks good green space, the only one I can think of is KLCC. The others are really substandard.
MrHunter
post Jun 30 2014, 09:17 PM

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Wondering whether buyers pantang or not on the ex jail site with uncountable dead there. Somemore criminal soul......emm.
SUStikaram
post Jun 30 2014, 09:20 PM

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QUOTE(MrHunter @ Jun 30 2014, 10:17 PM)
Wondering whether buyers pantang or not on the ex jail site with uncountable dead there. Somemore criminal soul......emm.
*
Got church nearby. Angel will protect buyers ma.

AMEN
topearn
post Jun 30 2014, 09:25 PM

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QUOTE(SalvationArmy @ Jun 30 2014, 08:50 PM)
Agreed. But would DBKL really do that?

KL lacks good green space, the only one I can think of is KLCC. The others are really substandard.
*

$ talks.... green open space do not generate $.

SUStikaram
post Jun 30 2014, 09:29 PM

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QUOTE(topearn @ Jun 30 2014, 10:25 PM)
$ talks.... green open space do not generate $.
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The most expensive residence in london is next to hyde park or kesinton garden.
yoong81
post Jul 1 2014, 03:10 PM

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QUOTE(bb68 @ Jun 3 2014, 11:17 AM)
I can't help but wondering if there is any plaza Rakyat buyers here in this forum too... share your thought.
*
i think not many plaza rakyat buyers in this forum..

this project was launched in 1990s..
tats almost 20 years ago..

many buyers would be old, maybe passed away by now..
Clement1001
post Jul 1 2014, 05:07 PM

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QUOTE(bb68 @ Jun 2 2014, 03:03 PM)
user posted image

Plaza Rakyat project to be revived

First Published: 7:43pm, May 30, 2014
Last Updated: 2:38pm, May 31, 2014

Good news guys !!  rclxms.gif

KUALA LUMPUR (May 30): This will be a year of maintenance and upgrading for Kuala Lumpur, said Mayor Datuk Seri Ahmad Phesal.

"We will be hosting the SEA Games in 2017, so the MPs have identified problems clogging the city."

This includes the appointment of a new contractor to continue constructing Plaza Rakyat- an abandoned project opposite Tung Shin Hospital.

Ahmad Phesal noted that the project stalled 17 years ago due to legal complications which have obstructed the Ministry of Federal Territories from intervening.

"We are currently waiting for the arbitrators to sort out issues of due diligence and ascertaining financial obligations and the quantum involved before engaging the new contractor."

Construction is scheduled to begin next month but he noted that the process might take some time.

He added that the Ministry has also requested for the KL City Hall (DBKL) to engage with several banks, and primarily RHB Bank, to discuss financing the construction.

"The tribunal's decision will become the basis of our negotiations with the new contractor. After the deliberation, then we will speak to banks on how best to restart this project."

Bukit Bintang MP Fong Kui Lun welcomed the new development to finally rehabilitate the 'eyesore' for both locals and tourists.

"It's a huge plot of land that was meant to be a mixed development with residences and offices," he told reporters after a meeting between Federal Territories MPs and the mayor.
Read more: http://www.fz.com/content/plaza-rakyat-pro...d#ixzz33SlMX4KG
*
At first i thought our Datuk Bandar took a selfie !
TSbb68
post Jul 1 2014, 05:33 PM

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QUOTE(Clement1001 @ Jul 1 2014, 05:07 PM)
At first i thought our Datuk Bandar took a selfie !
*
selfie on scaffolding blink.gif ?! haha i wonder if he ever visited the site at all... sweat.gif

This post has been edited by bb68: Jul 1 2014, 05:34 PM
TSbb68
post Jul 1 2014, 05:36 PM

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QUOTE(yoong81 @ Jul 1 2014, 03:10 PM)
i think not many plaza rakyat buyers in this forum..

this project was launched in 1990s..
tats almost 20 years ago..

many buyers would be old, maybe passed away by now..
*
very sad investment stories... sad.gif
hope the decendant can get something from the rivival thumbup.gif

This post has been edited by bb68: Jul 1 2014, 05:40 PM
TSbb68
post Jul 2 2014, 12:17 PM

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Ivory Properties still in talks with Plaza Rakyat developer on pact extension

Posted on 1 July 2014 - 05:39am

sunbiz@thesundaily.com

PETALING JAYA: Ivory Properties Group Bhd, which reportedly is to be replaced as the developer of the abandoned Plaza Rakyat project on Jalan Pudu, Kuala Lumpur, said that it is still in discussions with the receiver and manager of Plaza Rakyat Sdn Bhd (PRSB) to extend the conditions and precedent period of the acquisition and rehabilitation agreement signed in September 2013.

The group, which is developing the project through subsidiary Ivory Place Sdn Bhd, told Bursa Malaysia yesterday it is unaware of the intention and statements made by Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib regarding other parties being considered for the Plaza Rakyat project and the ongoing arbitration involving PRSB.

Last Friday, a news report quoted Phesal as saying that he is awaiting the completion of arbitration between Kuala Lumpur City hall and PRSB to appoint a new company to revive Plaza Rakyat.

Ivory Properties in September 2013 announced that it won the bid to redevelop the Plaza Rakyat commercial project, which was abandoned in the aftermath of the 1997/98 Asian financial crisis, with a revised gross development value of RM8 billion.
Clement1001
post Jul 2 2014, 01:21 PM

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wow, 20 years back they have already plan to build a 79 storey tower office tower. No wonder so many investors have high hope on the projects previously .
TSbb68
post Jul 3 2014, 05:52 PM

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Ivory seeks amicable deal, wants recognition of interest in revival of Plaza Rakyat

BY DAVID TAN

“We would like to appeal to DBKL to give us a chance to present our blueprint to them. “The best solution is for all parties to sit down and reach a win-win solution for all the stakeholders, which include the purchasers who have already made downpayments,” group chief executive officer Datuk Low Eng Hock told StarBiz.
“We would like to appeal to DBKL to give us a chance to present our blueprint to them. “The best solution is for all parties to sit down and reach a win-win solution for all the stakeholders, which include the purchasers who have already made downpayments,” group chief executive officer Datuk Low Eng Hock told StarBiz.


GEORGE TOWN: Ivory Properties Group Bhd is seeking an amicable solution even though Kuala Lumpur City Hall (DBKL) has refused to recognise its interest in the revival of the abandoned Plaza Rakyat project in Jalan Pudu.

“We would like to appeal to DBKL to give us a chance to present our blueprint to them.

“The best solution is for all parties to sit down and reach a win-win solution for all the stakeholders, which include the purchasers who have already made downpayments,” group chief executive officer Datuk Low Eng Hock told StarBiz.

Low said he did not believe in bringing the controversy to court, as it was not the best solution even though AdamPrimus – the receiver and manager of Plaza Rakyat – had awarded Ivory the right to resuscitate the abandoned scheme.

“We will exhaust all channels to work out an amicable solution with DBKL to materialise the project as the plan to develop Plaza Rakyat, due to its strategic and prime location, would benefit the local community and the stakeholders concerned.”

Low said DBKL might be too concerned with the legal tussle between it and original developer Plaza Rakyat Sdn Bhd (PRSB), but Ivory believes it is a third party coming in as a white knight to solve the long-standing problem being faced by all.

“We believe we are the easiest party to close the deal since we have signed an acquisition and rehabilitation agreement with the lenders and PRSB,” he said.

According to legal opinions, even if PRSB did not get a favourable decision from the ongoing arbitration between the company and DBKL, the former still had the recourse to appeal, which would further delay the redevelopment of the Plaza Rakyat project. rclxub.gif rclxub.gif rclxub.gif rclxub.gif rclxub.gif

The arbitration revolves around whether DBKL had the right to terminate the joint-venture agreement (JVA) and lease agreement with PRSB on the Plaza Rakyat project in 2010.

On June 27, Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib had revealed that DBKL did not recognise the appointment of Ivory to revive the project.

Ahmad Phesal had said that he was awaiting the completion of the arbitration between DBKL and PRSB to appoint the new company. He, however, had declined to name it.

“DBKL, together with the Federal Territories Ministry, has decided that some other company should take over the redevelopment of Plaza Rakyat and not Ivory. We were not involved in the appointment of Ivory for this project (initially),” he had said.

On the other hand, Ivory, which had won the rights to revive the project after a tender exercise conducted by PRSB in September last year, has not given up on undertaking the job.

Under the agreement, PRSB would transfer the existing sub-lease and all development rights under the JVA with DBKL to a subsidiary of Ivory.

Ivory wants to develop it into a mixed-development project comprising a shopping mall, serviced residences and hotels at a gross development value (GDV) of RM8bil.

“Plaza Rakyat will be enhanced with the introduction of new building components to maximise the potential of the land.

“On top of new serviced residence towers, the affordable component introduced will establish a community of young working adults, making it possible for them to afford a home located at the convenience of a city centre,” Low had said in an earlier report.

Ivory is currently working with PR1MA Corp Malaysia to come up with 1,000 affordable housing units for Plaza Rakyat, Low had said. doh.gif doh.gif doh.gif doh.gif doh.gif

The group had put up a fair and attractive package for DBKL and PRSB, Low had added.

The story of Plaza Rakyat dates back to 1993 when PRSB, which was then controlled by Tan Sri Ting Pek Khiing’s Wembley Industries Holdings Bhd, had ambitious plans to develop it into a mixed-development project comprising a shopping mall, serviced apartments, a hotel and office towers.

The project was supposed to have a GDV of RM1.3bil.

However, the Asian financial crisis of 1997-1998 forced the developers to abandon the project, although the foundations and a six-storey basement car park were completed.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
TSbb68
post Aug 7 2014, 10:09 AM

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Published: Thursday August 7, 2014 MYT 12:00:00 AM
Updated: Thursday August 7, 2014 MYT 8:10:10 AM

Ivory Properties walks away from plan to redevelop Plaza Rakyat

The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties.
The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties.

PETALING JAYA: Ivory Properties Group Bhd is walking away from a deal to redevelop the long-abandoned Plaza Rakyat in Kuala Lumpur after it failed to agree on the terms with the project’s receiver and manager.

It said in a filing with Bursa Malaysia that its unit, Ivory Place Sdn Bhd, and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement following their discussion to extend the conditions precedent period of the acquisition and rehabilitation agreement (ARA).

“Accordingly, the ARA has been terminated, both Ivory Place Sdn Bhd and PRSB have acknowledged and will observe the terms and conditions therein to come to a satisfactory conclusion arising from the termination of the ARA,” the Penang-based property firm added.

Group chief executive officer Datuk Low Eng Hock told StarBiz early last month that Ivory was intent on seeking an amicable solution to the troubled Plaza Rakyat along Jalan Pudu even though Kuala Lumpur City Hall (DBKL) had other plans for the project.

Ivory had won the rights to revive the project after a tender exercise conducted by PRSB in September last year.

It had proposed a mixed-use development comprising a shopping mall, serviced residences and hotels with a gross development value of RM8bil.

But Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib said in June that DBKL did not recognise the appointment of Ivory as the new developer of Plaza Rakyat.

It was reported that DBKL was awaiting the completion of arbitration proceedings between it and PRSB and was set to reclaim possession of the site following the green light from the arbitrator.

The original plan for Plaza Rakyat had 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 gave up on Plaza Rakyat.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
puchongite
post Aug 7 2014, 10:18 AM

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QUOTE(bb68 @ Aug 7 2014, 10:09 AM)
Published: Thursday August 7, 2014 MYT 12:00:00 AM
Updated: Thursday August 7, 2014 MYT 8:10:10 AM

Ivory Properties walks away from plan to redevelop Plaza Rakyat

The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties.
The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties.

PETALING JAYA: Ivory Properties Group Bhd is walking away from a deal to redevelop the long-abandoned Plaza Rakyat in Kuala Lumpur after it failed to agree on the terms with the project’s receiver and manager.

It said in a filing with Bursa Malaysia that its unit, Ivory Place Sdn Bhd, and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement following their discussion to extend the conditions precedent period of the acquisition and rehabilitation agreement (ARA).

“Accordingly, the ARA has been terminated, both Ivory Place Sdn Bhd and PRSB have acknowledged and will observe the terms and conditions therein to come to a satisfactory conclusion arising from the termination of the ARA,” the Penang-based property firm added.

Group chief executive officer Datuk Low Eng Hock told StarBiz early last month that Ivory was intent on seeking an amicable solution to the troubled Plaza Rakyat along Jalan Pudu even though Kuala Lumpur City Hall (DBKL) had other plans for the project.

Ivory had won the rights to revive the project after a tender exercise conducted by PRSB in September last year.

It had proposed a mixed-use development comprising a shopping mall, serviced residences and hotels with a gross development value of RM8bil.

But Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib said in June that DBKL did not recognise the appointment of Ivory as the new developer of Plaza Rakyat.

It was reported that DBKL was awaiting the completion of arbitration proceedings between it and PRSB and was set to reclaim possession of the site following the green light from the arbitrator.

The original plan for Plaza Rakyat had 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 gave up on Plaza Rakyat.

Subsequently, PRSB went into receivership and came under the administration of a consortium of lender banks.
*
They better go away lar, trying to develop pr1ma houses at that location ? Got otak or not ?
ketnave
post Aug 7 2014, 10:26 AM

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Damn, so what does it means ?

Is it going to end up being abandoned forever and ever ?! shocking.gif
TSbb68
post Aug 7 2014, 10:27 AM

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QUOTE(puchongite @ Aug 7 2014, 10:18 AM)
They better go away lar, trying to develop pr1ma houses at that location ? Got otak or not ?
*
Ya feel relief knowing they quit, lousy revival proposal lol.
Moreover I dont think they are financially strong enough to be the knight trying to save our ugly sleeping princess !
TSbb68
post Aug 7 2014, 10:30 AM

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QUOTE(ketnave @ Aug 7 2014, 10:26 AM)
Damn, so what does it means ?

Is it going to end up being abandoned forever and ever ?! shocking.gif
*
Don't worry. DBKL has already identified a developer to revive the project. All we are waiting now is the forever arbitration proceedings to damn f**king come to an end!
ketnave
post Aug 7 2014, 10:32 AM

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QUOTE(bb68 @ Aug 7 2014, 10:30 AM)
Don't worry. DBKL has already identified a developer to revive the project. All we are waiting now is the forever arbitration proceedings to damn f**king come to an end!
*
what does it means by arbitration proceedings ?

who is the new developer ?!
puchongite
post Aug 7 2014, 10:34 AM

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QUOTE(bb68 @ Aug 7 2014, 10:30 AM)
Don't worry. DBKL has already identified a developer to revive the project. All we are waiting now is the forever arbitration proceedings to damn f**king come to an end!
*
Well, Ivory may not be a good choice but I also don't think the new choice agreeable by DBKL will be good either.

They always have other agenda which influence their choice, irregardless of merits.
value_investor
post Aug 7 2014, 11:40 AM

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QUOTE(puchongite @ Aug 7 2014, 10:34 AM)
Well, Ivory may not be a good choice but I also don't think the new choice agreeable by DBKL will be good either.

They always have other agenda which influence their choice, irregardless of merits.
*
If anyone has seen Ivory projects in Penang, they will know they all suffer from design deficiency. Penang Times Square is a big failure.
TSbb68
post Aug 7 2014, 12:10 PM

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QUOTE(value_investor @ Aug 7 2014, 11:40 AM)
If anyone has seen Ivory projects in Penang, they will know they all suffer from design deficiency. Penang Times Square is a big failure.
*
Been to Penang Time Square twice. One word to describe...Emmmmmpty.
Yes the whole space and layout design is totally a failure. When u walk in the mall everything seems not right. Vary bad feeling.
kochin
post Aug 7 2014, 12:11 PM

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QUOTE(puchongite @ Aug 7 2014, 10:18 AM)
They better go away lar, trying to develop pr1ma houses at that location ? Got otak or not ?
*
where does it say they are building prima house there? hmm.gif
TSbb68
post Aug 7 2014, 12:14 PM

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QUOTE(puchongite @ Aug 7 2014, 10:34 AM)
Well, Ivory may not be a good choice but I also don't think the new choice agreeable by DBKL will be good either.

They always have other agenda which influence their choice, irregardless of merits.
*
Well let's wait and see.
DBKL is desperate to recover all his losses all these years. Sure will see big greed in the revival plan.
puchongite
post Aug 7 2014, 12:14 PM

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QUOTE(kochin @ Aug 7 2014, 12:11 PM)
where does it say they are building prima house there?  hmm.gif
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https://forum.lowyat.net/topic/3239568/+58

SalvationArmy
post Aug 7 2014, 09:51 PM

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Actually, there are lots of old folks living in Pudu under bad conditions.

Pr1ma houses at Plaza Rakyat will be a good solution for them.
CloudAtla$
post Aug 7 2014, 10:06 PM

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QUOTE(SalvationArmy @ Aug 7 2014, 09:51 PM)
Actually, there are lots of old folks living in Pudu under bad conditions.

Pr1ma houses at Plaza Rakyat will be a good solution for them.
*
Yes, then can rent out to all the bangla and indon workers. Will become international community home.
SalvationArmy
post Aug 7 2014, 10:09 PM

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If you know Pudu well, you will notice there has been many friends from Myanmar staying there these days.

KL = international city rclxm9.gif rclxm9.gif rclxm9.gif
puchongite
post Aug 7 2014, 10:12 PM

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QUOTE(SalvationArmy @ Aug 7 2014, 09:51 PM)
Actually, there are lots of old folks living in Pudu under bad conditions.

Pr1ma houses at Plaza Rakyat will be a good solution for them.
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True but here the proposal is coming from Ivory or DBKL ?

If it is coming from DBKL I can understand. But Ivory ? Quite hard for me to understand, as all business entities only interested to optimize profit .....
TSbb68
post Aug 14 2014, 02:07 PM

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

BY BAVANI M

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.


Rusty metal bars and concrete at the abandoned site.
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.

An LRT passes inside the half completed structure with exposed rebars and scaffolding and parts of a crane.
An LRT passes through the half- completed Plaza Rakyat structure.
“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.


A TNB substation inside the project site with a pool of water around it.
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.

This post has been edited by bb68: Aug 14 2014, 02:38 PM
puchongite
post Aug 14 2014, 02:18 PM

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QUOTE(bb68 @ Aug 14 2014, 02:07 PM)

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 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.

*
Yes, our money ! Absolutely disgusting !

This post has been edited by puchongite: Aug 14 2014, 02:19 PM
TSbb68
post Aug 14 2014, 02:22 PM

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QUOTE(puchongite @ Aug 14 2014, 02:18 PM)
Yes, our money ! Absolutely disgusting !
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How is this outcome compared to previous Ivory proposal which suggest as follows:

According to the ARA, Ivory Properties will pay RM560 million to DBKL for the project. At the same time, Ivory Properties will settle all outstanding quit rent to DBKL, while PRSB will be paid RM400 million, which will go towards settling its debts with the banks and other parties.


puchongite
post Aug 14 2014, 03:48 PM

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QUOTE(bb68 @ Aug 14 2014, 02:22 PM)
How is this outcome compared to previous Ivory proposal which suggest as follows:

According to the ARA, Ivory Properties will pay RM560 million to DBKL for the project. At the same time, Ivory Properties will settle all outstanding quit rent to DBKL, while PRSB will be paid RM400 million, which will go towards settling its debts with the banks and other parties.
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Damn shit ! Standard one students know which is better !

Question is whether the new developer will pay any money to DBKL ? Is yes, where will the money go to ? Will it be credited back to the same pool where the 200 mil is taken from ?
SUSgogo2
post Aug 14 2014, 03:52 PM

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QUOTE(puchongite @ Aug 14 2014, 03:48 PM)
Damn shit ! Standard one students know which is better !

Question is whether the new developer will pay any money to DBKL ? Is yes, where will the money go to ? Will it be credited back to the same pool where the 200 mil is taken from ?
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Nope. The new bumiputra company will get another RM200mil to start building. rclxms.gif
Maneki-neko
post Aug 14 2014, 03:52 PM

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thought Eco World would take over this Pudu place.....

QUOTE(bb68 @ Aug 14 2014, 02:07 PM)
Payout in millions for stalled project is in the city’s interest, says mayor

BY BAVANI M

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.
Rusty metal bars and concrete at the abandoned site.
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.

An LRT passes inside the half completed structure with exposed rebars and scaffolding and parts of a crane.
An LRT passes through the half- completed Plaza Rakyat structure.
“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.
A TNB substation inside the project site with a pool of water around it.
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.
*
puchongite
post Aug 14 2014, 03:58 PM

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QUOTE(gogo2 @ Aug 14 2014, 03:52 PM)
Nope. The new bumiputra company will get another RM200mil to start building.  rclxms.gif
*
Judging from how "boleh" they are, this will be the most likely outcome !
TSbb68
post Aug 15 2014, 01:25 PM

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QUOTE(puchongite @ Aug 14 2014, 03:48 PM)
Damn shit ! Standard one students know which is better !

Question is whether the new developer will pay any money to DBKL ? Is yes, where will the money go to ? Will it be credited back to the same pool where the 200 mil is taken from ?
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I differ. With Ivory proposal, DBKL only get 560mil equivalent to 7% of new 8B GDV. Now if DBKL gets control over the land and redevelopment they could get a lot more. Say 20% as what they always wanted, that will be 1.6B .So minus 200mil they still pocket in 1.4B ! !
TSbb68
post Aug 15 2014, 01:27 PM

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QUOTE(Maneki-neko @ Aug 14 2014, 03:52 PM)
thought Eco World would take over this Pudu place.....
*
10 ringgit says it maybe GAMUDA LAND !!
puchongite
post Aug 15 2014, 01:35 PM

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QUOTE(bb68 @ Aug 15 2014, 01:25 PM)
I differ. With Ivory proposal, DBKL only get 560mil equivalent to 7% of new 8B GDV.  Now if DBKL gets control over the land and redevelopment they could get a lot more. Say 20% as what they always wanted, that will be 1.6B .So minus 200mil they still pocket in 1.4B ! !
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What do you mean by "Gets control over the land and redevelopement and get a lot more" ?

DBKL is not a developer. They can't develop anything. Finally, DBKL can only get money from another developer and how much the developer will give to DBKL is unknown. Or best case, they form a joint development business entity. And even if the new developer give money to DBKL, as discussed, it's unknown where the money will channel to.

This post has been edited by puchongite: Aug 15 2014, 01:35 PM
TSbb68
post Aug 15 2014, 01:53 PM

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QUOTE(puchongite @ Aug 15 2014, 01:35 PM)
What do you mean by "Gets control over the land and redevelopement and get a lot more" ?

DBKL is not a developer. They can't develop anything. Finally, DBKL can only get money from another developer and how much the developer will give to DBKL is unknown. Or best case, they form a joint development business entity. And even if the new developer give money to DBKL, as discussed, it's unknown where the money will channel to.
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Get controls means they now legally free to decide if to sell or lease the land at higher price or joint develop the site and get shared profit. As for the doubt on use of received money, I have no comments, too early to judge.
puchongite
post Aug 15 2014, 02:00 PM

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QUOTE(bb68 @ Aug 15 2014, 01:53 PM)
Get controls means they now legally free to decide if to sell or lease the land at higher price or joint develop the site and get shared profit. As for the doubt on use of received money, I have no comments, too early to judge.
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Here you assumed that it will be sold or leased at higher price. But there is no indication thus far.

As I mentioned, DBKL need not decide things based on merits and so they can always say they have to sell at lower price or even subsidize the new developer due to social and country obligation .....
SUStikaram
post Aug 16 2014, 07:35 AM

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Hope the new development by dbkl is public parks for cathering local children n retiring people.

This post has been edited by tikaram: Aug 16 2014, 07:36 AM
TSbb68
post Aug 27 2014, 01:33 PM

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DBKL acquisition of Plaza Rakyat poses many questions
Published: Wednesday August 27, 2014 MYT 12:00:00 AM
Updated: Wednesday August 27, 2014 MYT 7:11:07 AM

BY CHOONG MEK ZHIN

BUYERS of the long delayed Plaza Rakyat project want Kuala Lumpur City Hall (DBKL) to prove their commitment in reviving and completing the project as well as to consider their wishes.

“We have been waiting for this project a very long time. In fact, while waiting for it, some buyers have already passed away without ever knowing the fate of their purchase,” Stephen Yong, a buyer, said. cry.gif

He purchased two units as a retirement plan for he and his wife.

“We run small businesses — she runs a salon and I a food court stall. We had bought the units in hopes of renting them out when we retire,” he said.

Another buyer who only wanted to be known as Danny said the buyers had initially been excited about Ivory Properties Group Bhd developing the project.

“From what we had read, it sounded like a good deal with talk of compensation for us too.

“Currently, DBKL is in the midst of deciding on a new developer for the project but nothing has been said about us. We are in the dark and how do we know our interests are being looked into?” he said.

Earlier this month, Ivory filed with Bursa Malaysia that Ivory Place Sdn Bhd and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement and thus, had terminated the acquisition and rehabilitation agreement.

PRSB had completed about 30% of the project before experiencing financial problems during the 1998 financial crisis, forcing the developer to abandon it.

StarMetro recently highlighted several issues at the site, including a rickety connecting bridge that is currently being fixed, mosquito breeding spots and overall structural integrity concerns.

DBKL is expected to announce a new developer for the project next month after the takeover.

This is following the arbitrator’s decision in early July for the local authority to terminate the joint-venture agreement with the PRSB with the condition it pays RM200mil to the developer for the portion that had already been built as well as bank loans with interest.
puchongite
post Aug 27 2014, 02:12 PM

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QUOTE(bb68 @ Aug 27 2014, 01:33 PM)
DBKL acquisition of Plaza Rakyat poses many questions
Published: Wednesday August 27, 2014 MYT 12:00:00 AM
Updated: Wednesday August 27, 2014 MYT 7:11:07 AM

BY CHOONG MEK ZHIN

BUYERS of the long delayed Plaza Rakyat project want Kuala Lumpur City Hall (DBKL) to prove their commitment in reviving and completing the project as well as to consider their wishes.

“We have been waiting for this project a very long time. In fact, while waiting for it, some buyers have already passed away without ever knowing the fate of their purchase,” Stephen Yong, a buyer, said.  cry.gif

He purchased two units as a retirement plan for he and his wife.

“We run small businesses — she runs a salon and I a food court stall. We had bought the units in hopes of renting them out when we retire,” he said.

Another buyer who only wanted to be known as Danny said the buyers had initially been excited about Ivory Properties Group Bhd developing the project.

“From what we had read, it sounded like a good deal with talk of compensation for us too.

“Currently, DBKL is in the midst of deciding on a new developer for the project but nothing has been said about us. We are in the dark and how do we know our interests are being looked into?” he said.

Earlier this month, Ivory filed with Bursa Malaysia that Ivory Place Sdn Bhd and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement and thus, had terminated the acquisition and rehabilitation agreement.

PRSB had completed about 30% of the project before experiencing financial problems during the 1998 financial crisis, forcing the developer to abandon it.

StarMetro recently highlighted several issues at the site, including a rickety connecting bridge that is currently being fixed, mosquito breeding spots and overall structural integrity concerns.

DBKL is expected to announce a new developer for the project next month after the takeover.

This is following the arbitrator’s decision in early July for the local authority to terminate the joint-venture agreement with the PRSB with the condition it pays RM200mil to the developer for the portion that had already been built as well as bank loans with interest.
*
I am not a buyer but I can totally understand how they feel. UNCERTAIN ! LACK OF CONFIDENCE !
SUStikaram
post Aug 27 2014, 02:15 PM

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QUOTE(bb68 @ Aug 27 2014, 02:33 PM)
DBKL acquisition of Plaza Rakyat poses many questions
Published: Wednesday August 27, 2014 MYT 12:00:00 AM
Updated: Wednesday August 27, 2014 MYT 7:11:07 AM

BY CHOONG MEK ZHIN

BUYERS of the long delayed Plaza Rakyat project want Kuala Lumpur City Hall (DBKL) to prove their commitment in reviving and completing the project as well as to consider their wishes.

“We have been waiting for this project a very long time. In fact, while waiting for it, some buyers have already passed away without ever knowing the fate of their purchase,” Stephen Yong, a buyer, said.  cry.gif

He purchased two units as a retirement plan for he and his wife.

“We run small businesses — she runs a salon and I a food court stall. We had bought the units in hopes of renting them out when we retire,” he said.

Another buyer who only wanted to be known as Danny said the buyers had initially been excited about Ivory Properties Group Bhd developing the project.

“From what we had read, it sounded like a good deal with talk of compensation for us too.

“Currently, DBKL is in the midst of deciding on a new developer for the project but nothing has been said about us. We are in the dark and how do we know our interests are being looked into?” he said.

Earlier this month, Ivory filed with Bursa Malaysia that Ivory Place Sdn Bhd and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement and thus, had terminated the acquisition and rehabilitation agreement.

PRSB had completed about 30% of the project before experiencing financial problems during the 1998 financial crisis, forcing the developer to abandon it.

StarMetro recently highlighted several issues at the site, including a rickety connecting bridge that is currently being fixed, mosquito breeding spots and overall structural integrity concerns.

DBKL is expected to announce a new developer for the project next month after the takeover.

This is following the arbitrator’s decision in early July for the local authority to terminate the joint-venture agreement with the PRSB with the condition it pays RM200mil to the developer for the portion that had already been built as well as bank loans with interest.
*
Hope the new development by dbkl is public parks for cathering local children n retiring peopl

fnm83
post Aug 27 2014, 02:20 PM

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what is this building supposed to be at the first place?
condo or shopping complex or offices?

Currently Plaza rakyat is the biggest kolam nyamuk aedes in Malaysia.
TSbb68
post Aug 27 2014, 02:21 PM

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QUOTE(fnm83 @ Aug 27 2014, 02:20 PM)
what is this building supposed to be at the first place?
condo or shopping complex or offices?

Currently Plaza rakyat is the biggest kolam nyamuk aedes in Malaysia.
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it was a mix development with mall, hotel, apartment bla bla bola
yoong81
post Aug 27 2014, 04:03 PM

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QUOTE(bb68 @ Aug 27 2014, 01:33 PM)
DBKL acquisition of Plaza Rakyat poses many questions
Published: Wednesday August 27, 2014 MYT 12:00:00 AM
Updated: Wednesday August 27, 2014 MYT 7:11:07 AM

BY CHOONG MEK ZHIN

BUYERS of the long delayed Plaza Rakyat project want Kuala Lumpur City Hall (DBKL) to prove their commitment in reviving and completing the project as well as to consider their wishes.

“We have been waiting for this project a very long time. In fact, while waiting for it, some buyers have already passed away without ever knowing the fate of their purchase,” Stephen Yong, a buyer, said.  cry.gif

He purchased two units as a retirement plan for he and his wife.

“We run small businesses — she runs a salon and I a food court stall. We had bought the units in hopes of renting them out when we retire,” he said.

Another buyer who only wanted to be known as Danny said the buyers had initially been excited about Ivory Properties Group Bhd developing the project.

“From what we had read, it sounded like a good deal with talk of compensation for us too.

“Currently, DBKL is in the midst of deciding on a new developer for the project but nothing has been said about us. We are in the dark and how do we know our interests are being looked into?” he said.

Earlier this month, Ivory filed with Bursa Malaysia that Ivory Place Sdn Bhd and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement and thus, had terminated the acquisition and rehabilitation agreement.

PRSB had completed about 30% of the project before experiencing financial problems during the 1998 financial crisis, forcing the developer to abandon it.

StarMetro recently highlighted several issues at the site, including a rickety connecting bridge that is currently being fixed, mosquito breeding spots and overall structural integrity concerns.

DBKL is expected to announce a new developer for the project next month after the takeover.

This is following the arbitrator’s decision in early July for the local authority to terminate the joint-venture agreement with the PRSB with the condition it pays RM200mil to the developer for the portion that had already been built as well as bank loans with interest.
*
i rmbr seeing similar article last year... about a hair salon owner couple...

haiiih... the buyers are still paying bank loan interest until now...

wat will happen to them? will they even be considered in the development?
puchongite
post Aug 27 2014, 04:31 PM

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QUOTE(yoong81 @ Aug 27 2014, 04:03 PM)
i rmbr seeing similar article last year... about a hair salon owner couple...

haiiih... the buyers are still paying bank loan interest until now...

wat will happen to them? will they even be considered in the development?
*
I wonder if they will be compensated, how's the calculation will be.

Maybe some of the previous buyers are given an option to purchase the new units with a reduced price.

And if they don't want to take that option, they will cash out with some money, to offset the amount paid, the interest incurred, and also the opportunity cost.
12Digit
post Aug 27 2014, 05:44 PM

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So now what it will be ? DBKL will be the developer or who will be the developer?
TSbb68
post Aug 27 2014, 07:26 PM

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QUOTE(12Digit @ Aug 27 2014, 05:44 PM)
So now what it will be ? DBKL will be the developer or who will be the developer?
*
well as reported, to be announced in September ! Looking forward for a BLAST !!
TSbb68
post Sep 9 2014, 09:30 AM

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DBKL gets better deal for Plaza Rakyat from party chosen without tender

user posted image

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 hmm.gif , 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. hmm.gif

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. AlsoProfit Consortium did not seek a revision in plot ratio of Plaza Rakyat,hmm.gif 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.

Plaza Rakyat has been abandoned since the 1998 financial crisis and PRSB was finally put under receiver and manager AdamPrimus Chartered Accountants a year ago.

AdamPrimus called for a tender exercise in May 2013, in which Ivory Properties was chosen. Under the terms, Ivory Properties had to pay PRSB RM400mil for the work done on Plaza Rakyat then and pay DBKL a maximum RM560mil from the development.

A crucial condition set by AdamPrimus was that Ivory Properties obtained the consent of DBKL to take over the project.

However, this was a sticking point because DBKL had filed for legal action to terminate its agreement with PRSB on the grounds that the latter did not fulfil its conditions.

Consequently, DBKL did not recognise AdamPrimus taking over the revival of the project and the tender exercise where Ivory Properties came with the best offer.

DBKL filed for arbitration and subsequently won an award in its favour in early July to terminate the agreement with PRSB and take back the site.

However, the condition is that DBKL pays PRSB RM100mil for work done on the site and settle outstanding bank loans with interest.

“DBKL is negotiating with the receivers and manager to reduce the amount to RM70mil after netting off the amount due for quit rent and other fees,” said the official. “City hall has filed the arbitration awards at the Kuala Lumpur High Court to make them enforceable as a court order. Once the award is registered only then can we take possession of the site.”

However, Ivory Properties is still keen on reviving the abandoned Plaza Rakyat mixed development project and is hopeful of getting some feedback from DBKL on the matter.

Ivory Properties chief executive officer Datuk Low Eng Hock said that although the acquisition and rehabilitation agreement (ARA) had been terminated, the group was still waiting for DBKL to get back to them.

“We are still keen on reviving the abandoned project and have laid our conditions to DBKL.

“We are still waiting for DBKL to get back to us and we hope to receive a favourable response from DBKL soon,” he added.

Low said the company believed that DBKL would find an amicable solution that benefited all parties, especially the buyers who had been affected all these years.

In an announcement to Bursa Malaysia on Sept 6, Ivory Properties announced that the ARA had been terminated between its subsidiary Ivory Place Sdn Bhd and PRSB as both parties could not come to an agreement.

This post has been edited by bb68: Sep 9 2014, 09:33 AM
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post Sep 29 2014, 05:23 PM

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又迎來另一場起訴官司‧人民廣場復工遙遙無期

WTF !! rclxub.gif doh.gif rclxub.gif doh.gif rclxub.gif doh.gif
http://mykampung.sinchew.com.my/node/321086?tid=6

擱置長達20年的吉隆坡人民廣場工程(Plaza Rakyat)“命運坎坷”,儘管仲裁庭已在今年7月裁決出現復工轉機,詎料市政局又再迎來另一場被清盤司起訴的官司,以致復工期依然遙遙無期,121名產業業主只能繼續痴痴等待!

據悉,市政局在仲裁庭作出判決後,進入工地和準備接管有關工程,不過清盤司卻在8月5日入稟高庭,以挑戰市政局不同意由該造委任承建商IVORY復工的決定,目前仍在排期等待開庭審訊。
市長盼任期內解決
吉隆坡市長拿督斯里阿末菲沙接受《大都會》社區報記者的專訪時,除了詳述該項工程的“坎坷遭遇”和遲遲未能復工的緣由,也強調克服人民廣場廢置問題,是他任期的其中一項任務和挑戰,並希望能在退休之前解決有關問題。
他指出,目前人民廣場現有的工地底層積水已有3層樓高,而強大的水壓讓牆壁變得“穩固”,一旦將積水抽吸出來,牆壁的結構極有可能坍塌。
他補充,由於市政局目前面對上述技術問題,所以市政局不會進行任何工程,直至案件審結後,才深入研究穩固建築物結構的措施。
上述位於富都路的人民廣場工程是政府在1995年推出的計劃,工程包括興建1座79層樓高的摩天樓,除了長途巴士終站、德士站及輕快鐵外,也包括辦公大樓,其中59層樓為服務式公寓、450間房的4星級酒店及150間房的廉價酒店。
與發展商終止合約鬧上庭
仲裁庭裁決市局賠1億
阿末菲沙追述,基於人民廣場計劃已擱置多年,吉隆坡市政局決定採取行動,與發展商Tetuan Plaza Rakyat終止合約,可是後者卻把此事帶上法庭,最終法庭裁決成立一個仲裁庭,以審理此案。
他說,仲裁庭被賦權針對發展商被吉隆坡市政局終止合約而索取賠償一事作出裁決。
他指出,市政局是於1992年與發展商簽署合約,並在2010年4月21日解除合約,可發展商不滿市政局解除合約,因此向市政局索取超過12億令吉的賠償,加上市政局同時也向發展商追討應有的損失賠償,雙方對簿公堂。
“此事(人民廣場廢置工程)已延宕多年,仲裁庭在今年7月4日裁決(Interim Findings)市政局採取的終止合約決定是合法和有效,不過市政局必須根據發展商已在合約內完成的部份基設工程,如輕快鐵站,繳付相關費用給承包商。”
他披露,根據仲裁庭的裁決,市政局必須繳還給發展商高達1億令吉的毀約金,這包括延遲完工的賠償、地價、門牌稅,以及已完成的建築物結構,如輕快鐵工程等。
發展商須賠償3千萬
不過,仲裁庭同時也裁決發展商必須賠償3千萬令吉給市政局,作為延遲完工、租金和地價的損失賠償;換言之,從1億令吉扣除約3千萬令吉之後,剩餘的約7千萬令吉,必須償還給銀行,以便市政局可以收回和取消土地抵押。
他指出,根據合約規定,銀行的土地貸款費用高達2億令吉,但銀行支付給發展商的貸款額只有5千萬令吉,不過該筆貸款被拖欠多年,因此欠款額已累積到1億4千400萬令吉。
他說,他將與有關銀行代表進一步商討,以確定所要支付給銀行的實際費用。
他強調,為了避免人們產生混淆,他有必要作出澄清,即仲裁庭是向銀行作出“分開式的裁決”(Keputusan Berasingan),即市政局所支付給發展商的1億令吉,是包括用以贖回向銀行作出的土地租賃(或抵押給銀行的土地費用)。”
清盤司通過招標遴選
市局不同意委IVORY接管
針對一些購屋者希望市政局能考慮接納由銀行建議的一個新的發展商IVORY來接替人民廣場工程時,阿末菲沙回應說,當市政局終止與發展商的合約時,發展商已被視為破產,銀行委任清盤司為接管人(Receiver and Manager)以處理人民廣場事務。”
他說,由於有關清盤司欲以通過招標方式,以讓工程復工,然而市政局拒絕並已通知對方,市政局已否決這項要求,可是對方仍一意孤行,並通過招標方式向許多承包公司作出獻議,最終經過自行的評估和分析後,委托發展商IVORY來接管有關工程。
“市政局已表明不同意這項獻議和方式,因為這是我們(市政局)的權利,要委任誰來繼續承建,是我們的決定。”
他指出,市政局在仲裁庭作出判決後,也進入工地和準備接管有關工程,不過清盤司卻在8月5日入稟高庭,以挑戰市政局作出的上述決定,目前仍在排期等待開庭審訊。
“根據法庭的庭令,之前的發展商必須在法庭作出裁決的30天內或8月5日之前,將有關工地主權移交給市政局,所以市政局才準備進入工地。”
市局原擬委私人公司復工
他說,經過他與聯邦直轄區部長拿督斯里東姑安南的商討後,同意將有關工程委托給一家私人公司,以便在人民廣場復工。
“我們仍在等待這間公司擬定商業模式(Business Model),才來考慮和決定是否適合採用,當中必須考慮到所需承擔的責任,如支付給銀行的費用、賠償給121名索價的購屋者,以及其他相關費用等。”
當記者詢及這間全新的承包公司,是否需要根據原有的建築模式和規格,來續建人民廣場工程時,他指出,市政局一定會慎密審視有關合約內容。
“如果這項將繼建的聯營工程不會為市政局帶來利益,我們會研究和探討其他新的建議,好比發展商要求提高人口密度、更改建築物結構和藍圖、容積率等,我們都會探討,以便為市政局與發展商製造雙贏局面。”
他說,由於時代已經不同了,市政局或許不可以採用舊有的建築物模式和建築藍圖,更何況它將需要復工。(星洲日報/大都會‧報道:蘇斯敏)

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post Nov 23 2014, 11:20 PM

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Kuala Lumpur mayor to make site visit today

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http://www.thestar.com.my/News/Community/2...te-visit-today/

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 initial loan taken was RM58mil but the amount snowballed to a whopping RM150mil since 1992.

Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib is expected to visit the site today.

The abandoned Plaza Rakyat had become derelict with pools of stagnant water and rubbish strewn all over the place, making 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 then developer Plaza Rakyat Sdn Bhd (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.

DBKL Health and Environment Department director Dr Hayati Abdullah said a team specifically in charge of monitoring active and abandoned construction sites visited on Wednesday to make a preliminary assessment and gauge the extent of work required for the clean-up.

“It is going to be a big job and we have only been informed about it this week.

“The initial inspection will involve the basics, which means identifying what needs to be done where; we have to get our priorities right because it is a big area,” said Hayati.

She said the basement carpark area would not be touched as yet.

“It is not safe and that particular job requires some expertise,” she added.

Hayati said the department had been keeping close tabs on the construction site to ensure it did not become a breeding ground for mosquitoes.

In June, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor told StarMetro that three companies had shown interest in developing Plaza Rakyat but the government decided to go with Profit Consortium Sdn Bhd, which presented a better deal.

He also said the new developer would ensure the buyers were duly compensated.

The arbitrators Prof Tan Sri Visu Sinnadurai, Datuk Ghazi Ishak and Robert Lazar, who were involved in negotiations with PRSB and DBKL, confirmed in June that the local authority was lawfully entitled to terminate the agreement because of non-performance and breach by PRSB.

However, they said DBKL had to settle the RM200mil outstanding loans taken by PRSB and reimburse the company and the banks. In addition, DBKL was not allowed to enter the site until they had registered the award with the court.

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

While relieved over the news of the Plaza Rakyat project revival, the long-suffering buyers want the Government to ensure they got the units they purchased decades ago.

“We have been waiting for years for our units, so we want the Government to ensure that we are given similar lots in this new project,” said Stephen Yong.

Yong, 70, said he had paid a 20% deposit of RM300,000 19 years ago for two units in Plaza Rakyat.

“It was a lot of money back then, a large chunk of my life savings. I want units in the new project. It is only fair that they compensate us with units for all the pain and suffering that we had been put through,” he said.

Buyer Danny G. agreed with Yong.

Danny added, “Since the previous developer failed to deliver the units at the expiry of the extension period, the vendor should pay us liquidated damages (LAD). Going by the sale and purchase agreement from November 1996, the developer was given three years plus one year extension to complete and hand over our shoplots.

“They should have handed over by year 2000, but there has been a lapse of 14 years. So the LAD would run into hundreds of thousands of ringgit.”

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 was not completed,” she said.

There are about 200 buyers, many now in their twilight years, who have invested their life savings in the Plaza Rakyat project almost 20 years ago.

In 2011, about 20 buyers lodged police reports at the Tun H.S. Lee police station demanding compensation and refund of their downpayment for the abandoned project.

A total of 221 business lots were sold.

TSbb68
post Dec 9 2014, 02:04 PM

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Pledge to Plaza Rakyat buyers

http://www.thestar.com.my/News/Community/2...ests-will-be-l/

PURCHASERS of the abandoned Plaza Rakyat project in Jalan Pudu have been assured that their investments will be returned either in the form of new units or cash payments.

Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said the matter would be solved at the end of the month when the government awards the contract to develop the place to the new developers.

“We hope to solve it by the end of the month after we make the award.

“The new developer has been told it must uphold the interests of Kuala Lumpur City Hall (DBKL) and the buyers. We will make sure they do so.

“Apart from the need to revitalise the project, we have always been concerned about the rights of the buyers,” Tengku Adnan said.

“If the buyers want cash, the developer will make sure they get their money back, and if they want units in the new development, they will get that.

“Please have faith in the Government,” he stressed.

Last week, StarMetro reported that DBKL had taken vacant possession of the site.

Excited over the news, several buyers had called the newspaper saying they wanted the Government to ensure they received the units they purchased decades ago.

A total of 221 business lots were sold 20 years ago when the project was launched.

Today, there are about 200 buyers, many now in their twilight years, who had invested their life savings in the Plaza Rakyat project.

In 2011, about 20 buyers lodged police reports at the Tun H.S. Lee police station demanding compensation and refund of their downpayment for the abandoned project.

jasonpang
post Dec 9 2014, 04:41 PM

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QUOTE(bb68 @ Dec 9 2014, 02:04 PM)
Pledge to Plaza Rakyat buyers

http://www.thestar.com.my/News/Community/2...ests-will-be-l/

PURCHASERS of the abandoned Plaza Rakyat project in Jalan Pudu have been assured that their investments will be returned either in the form of new units or cash payments.

Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said the matter would be solved at the end of the month when the government awards the contract to develop the place to the new developers.

“We hope to solve it by the end of the month after we make the award.

“The new developer has been told it must uphold the interests of Kuala Lumpur City Hall (DBKL) and the buyers. We will make sure they do so.

“Apart from the need to revitalise the project, we have always been concerned about the rights of the buyers,” Tengku Adnan said.

“If the buyers want cash, the developer will make sure they get their money back, and if they want units in the new development, they will get that.

“Please have faith in the Government,” he stressed.

Last week, StarMetro reported that DBKL had taken vacant possession of the site.

Excited over the news, several buyers had called the newspaper saying they wanted the Government to ensure they received the units they purchased decades ago.

A total of 221 business lots were sold 20 years ago when the project was launched.

Today, there are about 200 buyers, many now in their twilight years, who had invested their life savings in the Plaza Rakyat project.

In 2011, about 20 buyers lodged police reports at the Tun H.S. Lee police station demanding compensation and refund of their downpayment for the abandoned project.
*
<solve it by the end of the month after we make the award>

can solve at this month ?


TSbb68
post Dec 9 2014, 07:10 PM

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QUOTE(jasonpang @ Dec 9 2014, 04:41 PM)
<solve it by the end of the month after we make the award>

can solve at this month ?
*
can gua...
TSbb68
post Dec 30 2014, 12:47 PM

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New hoarding in sight! Work to resume soon smile.gif


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jinsailoo
post Dec 30 2014, 02:34 PM

Look at all my stars!!
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it is good that this project resume ASAP,

remember last time when star LRT just started already abandoned,

i pass by their every day when i went to school
TSbb68
post May 31 2015, 10:49 PM

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post May 31 2015, 11:27 PM

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bb68


nexona88
post May 31 2015, 11:33 PM

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woah needed to pay today market price shakehead.gif buyers suffer again doh.gif
owj
post Jun 1 2015, 05:02 PM

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Question is if most of the buyers are in their twilight years and they need to buy at the current market price, how are they going to apply loan, if needed?

puchongite
post Jun 1 2015, 05:09 PM

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QUOTE(nexona88 @ May 31 2015, 11:33 PM)
woah needed to pay today market price  shakehead.gif  buyers suffer again  doh.gif
*
Sooooo ..... grossly unfair !!!
nexona88
post Jun 1 2015, 05:14 PM

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QUOTE(puchongite @ Jun 1 2015, 05:09 PM)
Sooooo  .....  grossly unfair !!!
*
yes.. really unfair...

the project is like sooo long delay shakehead.gif
TSbb68
post Oct 28 2015, 04:01 PM

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Draining the capital’s biggest fish pond

THE STAR . BY BAVANI M.

user posted image

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.

user posted image
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.

user posted image
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.

user posted image
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
owj
post Oct 28 2015, 04:44 PM

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Wow. Got 7 storey basement?
kochin
post Oct 28 2015, 04:51 PM

I just hope I do!
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from the last pic, check out the site progress for 118.
seems to be moving full steam ahead.
KaFai
post Oct 28 2015, 06:07 PM

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Nice to finally hear some news about this project.
nexona88
post Oct 28 2015, 07:03 PM

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finally something good is happening rclxms.gif
HELLO HELLO
post Oct 28 2015, 09:11 PM

Look at all my stars!!
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Just turn it to little tropical Jungle rainforest+ Eco fish pond Can function as retention pond in the city. Put more soil, plant more trees only. Let the wild bird come rest rest. Tourist can visit n relax. This is what we lack of in the heart of the city. Sure become another tourist hot spot.

This post has been edited by HELLO HELLO: Oct 28 2015, 09:16 PM
nexona88
post Oct 28 2015, 09:51 PM

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QUOTE(HELLO HELLO @ Oct 28 2015, 09:11 PM)
Just turn it to little tropical Jungle rainforest+ Eco fish pond Can function as retention pond in the city. Put more soil, plant more trees only. Let the wild bird come rest rest. Tourist can visit n relax. This is what we lack of in the heart of the city. Sure become another tourist hot spot.
*
cannot make so much $$ compare with condo / mall / office sweat.gif
nivota
post Oct 28 2015, 10:51 PM

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if after the land assessment shown that it no longer suitable for high rise construction, they should make it become like a plaza/setiawalk type and integrating with nature
nexona88
post Oct 28 2015, 11:03 PM

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if land "not suitable" for high rise construction, they would "make it" suitable for high rise whistling.gif

prime land in KL wor drool.gif icon_question.gif
Babizz
post Oct 29 2015, 07:44 AM

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mall/retail n hotel here confirm fail..resi duno who wana stay here also..

Honestly duno what to do here also..
kochin
post Oct 29 2015, 08:40 AM

I just hope I do!
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QUOTE(Babizz @ Oct 29 2015, 07:44 AM)
mall/retail n hotel here confirm fail..resi duno who wana stay here also..

Honestly duno what to do here also..
*
many.

can try amusement/theme park, universities, museums, DBKL new headquarter, etc
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post Oct 29 2015, 09:51 AM

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QUOTE(kochin @ Oct 28 2015, 06:40 PM)
many.

can try amusement/theme park, universities, museums, DBKL new headquarter, etc
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theme park n museum would be good but its nt easy to design a theme park when d whole strucutre is thr already unless they wana tear down the whole thing!
KaFai
post Oct 29 2015, 11:13 AM

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QUOTE(Babizz @ Oct 29 2015, 07:44 AM)
mall/retail n hotel here confirm fail..resi duno who wana stay here also..

Honestly duno what to do here also..
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Actually if projects like KL118, BBCC & ROL are completed without fail plus existing tourist attraction sites like Petaling street, Jalan Alor & Bangunan Sultan Abdul Samad, I don't see why hotel here cannot survive. I believe Swiss Garden nearby should be doing well.
TSbb68
post Oct 29 2015, 11:26 AM

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Any news on Jalan Alor Upgrade?
gjohn
post Oct 29 2015, 11:44 AM

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QUOTE(HELLO HELLO @ Oct 28 2015, 09:11 PM)
Just turn it to little tropical Jungle rainforest+ Eco fish pond Can function as retention pond in the city. Put more soil, plant more trees only. Let the wild bird come rest rest. Tourist can visit n relax. This is what we lack of in the heart of the city. Sure become another tourist hot spot.
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yup..eco style park ..

QUOTE(KaFai @ Oct 29 2015, 11:13 AM)
Actually if projects like KL118, BBCC & ROL are completed without fail plus existing tourist attraction sites like Petaling street, Jalan Alor & Bangunan Sultan Abdul Samad, I don't see why hotel here cannot survive. I believe Swiss Garden nearby should be doing well.
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yup..if well planned..
maybe can hotels within the plaza rakyat can survive
kochin
post Oct 29 2015, 11:53 AM

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QUOTE(KaFai @ Oct 29 2015, 11:13 AM)
Actually if projects like KL118, BBCC & ROL are completed without fail plus existing tourist attraction sites like Petaling street, Jalan Alor & Bangunan Sultan Abdul Samad, I don't see why hotel here cannot survive. I believe Swiss Garden nearby should be doing well.
*
very old article:
Swiss-Garden Residences achieves 90% average occupancy, plans expansion
By The Editor / TheEdge | August 19, 2011 : 5:49 AM MYT

KUALA LUMPUR: Swiss-Garden Residences have achieved to-date 90% average occupancy following its soft launch in April, said operator Swiss-Garden Hotel & Residences central region group general manager Rayan Komatt.“This is a reflection and testament that serviced residences are in great demand and an emerging trend compared to hotels,” he said in a speech at the official opening of its first serviced apartments yesterday.The hotelier sees growing potential in the serviced apartments segment and plans to start three new Swiss-Garden Residences in Butterworth, Malacca and Kuantan within the next three years, said Swiss-Garden International vice-president of business development and sales and marketing, Francis Lee.Swiss-Garden Residences Kuala Lumpur sits on a 1.7-acre (0.68ha) site that is a stone’s throw away from the vibrant Bukit Bintang district.The serviced apartments have a gross development value of RM320 million and are divided into a north and south tower that stand at 37 storeys and 33 storeys respectively.The development features a total of 478 units, most of them ranging from 550 sq ft 1-bedroom to 750 sq ft 2-bedroom types, and there are also two units of 2,700 sq ft penthouses.

Swiss-Garden Residences Kuala Lumpur marks the hotelier's foray into serviced apartments.

These lodgings are intended for corporate and business travellers who are either on short trips or looking for longer-term accommodation. Facilities include an infinity pool, a Jacuzzi, children’s pool and playground, squash court, gym, sauna, games room, reading room, launderette, convenience store, business centre and complimentary shuttle services.Apart from the serviced residences here, Swiss-Garden International Hotels, Resorts & Inns manages and operates six other hotels and resorts in Malaysia and Australia.These are Swiss-Garden Resort & Spa Kuantan, Swiss-Garden Golf Resort & Spa Damai Laut, Swiss-Inn Kuala Lumpur, Swiss-Inn Sungai Petani, Swiss-Inn Waterfront Sandakan as well as Garden Lodge in Sydney, Australia.This article appeared on the Property page, The Edge Financial Daily, August 19, 2011
nexona88
post Oct 29 2015, 05:10 PM

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DBKL to sell Plaza Rakyat to Profit Consortium for RM740m, says Tengku Adnan
QUOTE
"The selling price [of Plaza Rakyat] is RM740 million, of which RM700 million is the outright sale of the land and RM40 million is for them to resolve the issue with the 211 buyers."

He said that he has put a term in the SPA that the developer will resolve the issues with the 211 buyers.

"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.

http://www.theedgemarkets.com/my/article/d...?type=Corporate
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post Oct 29 2015, 07:14 PM

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post Oct 30 2015, 01:49 PM

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QUOTE(nexona88 @ Oct 29 2015, 05:10 PM)
DBKL to sell Plaza Rakyat to Profit Consortium for RM740m, says Tengku Adnan

http://www.theedgemarkets.com/my/article/d...?type=Corporate
*
Cheap...
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post Oct 30 2015, 02:51 PM

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the buyers did not have rights? ahem this is not the way a politician should talk.
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post Oct 30 2015, 05:47 PM

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Plaza Rakyat owners to get compensation from Profit Consortium
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Profit Consortium Sdn Bhd will soon meet with the 211 Plaza Rakyat buyers to discuss compensation for the lots they purchased 20 years ago for the now defunct development.

Profit Consortium Sdn Bhd lawyer Derek Fernandez said the company had paid Kuala Lumpur City Hall a RM70 million deposit today for the purchase of Plaza Rakyat.

“We will first have to set up a registry of buyers with their information. Then we will advertise in the media, as well as check with the City Hall database, and compile a list of buyers.

“The individual buyers will be contacted and they will have to present their documentation. The documents will then be assessed and owners will be categorised according to those who have legal grounds and those who don’t.

“Even so, those who don’t have legal grounds but will still be considered for compensation,” he said.

Fernandez said that Profit Consortium Sdn Bhd was expected to meet with the buyers early next year to discuss compensation.

“It is an obligation under the agreement to handle the legal claim of the buyers. We will follow the directives of the government and handle the compensation process.

“First, we need to get the names of all the buyers, then we can proceed from there,” he said.

http://www.theedgeproperty.com.my/content/...ofit-consortium
TSbb68
post Oct 30 2015, 05:48 PM

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"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 blink.gif blink.gif blink.gif

40mil / 211 buyers = RM189K !!

Each buyer only get 189k compensation ?!! shocking.gif shocking.gif shocking.gif

This post has been edited by bb68: Oct 30 2015, 05:50 PM
TSbb68
post Oct 31 2015, 09:44 AM

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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。」

nexona88
post Oct 31 2015, 11:49 AM

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QUOTE(bb68 @ Oct 30 2015, 05:48 PM)
"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  blink.gif  blink.gif  blink.gif

40mil / 211 buyers = RM189K !!

Each buyer only get 189k compensation ?!!  shocking.gif  shocking.gif  shocking.gif
*
"better get something then nothing" - gomen says tongue.gif biggrin.gif blush.gif
owj
post Oct 31 2015, 09:52 PM

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QUOTE(nexona88 @ Oct 31 2015, 11:49 AM)
"better get something then nothing" - gomen says  tongue.gif  biggrin.gif  blush.gif
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Did the 211 owners start serving interest or just paid the downpayment?
sonic_cd
post Oct 31 2015, 09:56 PM

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wrong post .. sorry

This post has been edited by sonic_cd: Oct 31 2015, 10:02 PM
nexona88
post Oct 31 2015, 10:10 PM

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QUOTE(owj @ Oct 31 2015, 09:52 PM)
Did the 211 owners start serving interest or just paid the downpayment?
*
if not mistaken, the buyer paid DP of 20% to 30% years ago nod.gif
topearn
post Oct 31 2015, 10:44 PM

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QUOTE(nexona88 @ Oct 31 2015, 10:10 PM)
if not mistaken, the buyer paid DP of 20% to 30% years ago nod.gif
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Pay just 20-30% deposit, get back RM189K, not too shabby an investment.
nexona88
post Oct 31 2015, 10:48 PM

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QUOTE(topearn @ Oct 31 2015, 10:44 PM)
Pay just 20-30% deposit, get back RM189K, not too shabby an investment.
*
some of the buyers already dead sad.gif waited so long for the project & at last cry.gif
TSbb68
post Oct 31 2015, 11:04 PM

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QUOTE(topearn @ Oct 31 2015, 10:44 PM)
Pay just 20-30% deposit, get back RM189K, not too shabby an investment.
*
Purchase price RM600,000
30% DP = RM180,000

Buyer basically get back the down payment without interest. vmad.gif
topearn
post Nov 1 2015, 08:15 AM

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QUOTE(bb68 @ Oct 31 2015, 11:04 PM)
Purchase price RM600,000
30% DP = RM180,000

Buyer basically get back the down payment without interest.  vmad.gif
*

Damn, not a good deal for buyers then.

nexona88
post Nov 1 2015, 01:04 PM

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QUOTE(topearn @ Nov 1 2015, 08:15 AM)
Damn, not a good deal for buyers then.
*
yup. no good deal mad.gif

but what to do. even FT minister say that buyer not entitled to any compensation, but because gomen is very "caring" & "understanding the suffering" so they giving some money rolleyes.gif
TSbb68
post Nov 6 2015, 10:08 AM

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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
nexona88
post Nov 6 2015, 12:30 PM

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QUOTE(bb68 @ Nov 6 2015, 10:08 AM)
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
*
cheap? expensive? hmm.gif
TSbb68
post Nov 6 2015, 05:03 PM

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QUOTE(nexona88 @ Nov 6 2015, 12:30 PM)
cheap? expensive?  hmm.gif
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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..
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post Nov 7 2015, 06:31 PM

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QUOTE(bb68 @ Nov 6 2015, 03:03 AM)
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..
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u shld compare with marina bay sands sg psf price instead..

wei this area is dam teruk n dodgy even without plaza rakyat..cnt compare even brickfields area in terms of how crappy it is..


ryan@chua
post Nov 7 2015, 08:22 PM

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QUOTE(topearn @ Oct 31 2015, 11:44 PM)
Pay just 20-30% deposit, get back RM189K, not too shabby an investment.
*
Fail invest still can get compensation really not bad already.
Example you buy 600k stock and the company bankrupt. Zero compensation.

proplens
post Nov 7 2015, 08:29 PM

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Don't see any improvement in prospect at all for this development, and good luck to the Robertson buyers. This plaza rakyat will be a forever pain literally a dump site in the next 10 years at least, i reckon.

Just look at the profile of the developer and the so called guangdong based developer (guys, this is not the reputable ones like Vanke, Wanda, COLI, Evergrande etc), kind of see what is coming.
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post Nov 7 2015, 08:31 PM

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QUOTE(proplens @ Nov 7 2015, 08:29 PM)
Don't see any improvement in prospect at all for this development, and good luck to the Robertson buyers. This plaza rakyat will be a forever pain literally a dump site in the next 10 years at least, i reckon.

Just look at the profile of the developer and the so called guangdong based developer (guys, this is not the reputable ones like Vanke, Wanda, COLI, Evergrande etc), kind of see what is coming.
*
Typical haters
nexona88
post Nov 7 2015, 11:04 PM

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QUOTE(ryan@chua @ Nov 7 2015, 08:22 PM)
Fail invest still can get compensation really not bad already.
Example you buy 600k stock and the company bankrupt.  Zero compensation.
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actually they don't want to get anything, but because have some "pressure from certain parties" so gomen "caring & understanding" gave out something to buyers sweat.gif
ryan@chua
post Nov 8 2015, 12:10 AM

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QUOTE(Ironken @ Nov 7 2015, 09:31 PM)
Typical haters
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You should ask him to advise where is the best to to invest.
Haha
Swiss garden doing pretty well without any bbcc or 118

proplens
post Nov 10 2015, 05:48 PM

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QUOTE(Ironken @ Nov 7 2015, 08:31 PM)
Typical haters
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Aiyo, not a hater la. I came really close to investing in the Robertson given gamuda reputation and reasonable pricing. Think still can make $$, just that the plaza rakyat will be a damn eyeshore and don't think will be gone. This area should be much better if DBKL seriously want to revive it by choosing a better partner.
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post Apr 6 2016, 03:11 PM

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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

TSbb68
post Apr 6 2016, 03:15 PM

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QUOTE(bb68 @ Apr 6 2016, 03:11 PM)

"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.
10% only ?!! bangwall.gif
SUShuaweie5830
post Apr 6 2016, 03:19 PM

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QUOTE(bb68 @ Apr 6 2016, 03:15 PM)
10% only ?!!   bangwall.gif
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Too much ? laugh.gif laugh.gif laugh.gif
TSbb68
post Apr 6 2016, 04:35 PM

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QUOTE(huaweie5830 @ Apr 6 2016, 03:19 PM)
Too much ?  laugh.gif  laugh.gif  laugh.gif
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You dont be so bad la. Those are the hard earn money of the Purchasers whom some of them have already passed on.... innocent.gif
SUShuaweie5830
post Apr 6 2016, 05:54 PM

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QUOTE(bb68 @ Apr 6 2016, 04:35 PM)
You dont be so bad la. Those are the hard earn money of the Purchasers whom some of them have already passed on....  innocent.gif
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compare to total lost

10% is actually quite good liao

laugh.gif
value_investor
post Apr 6 2016, 07:26 PM

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QUOTE(bb68 @ Apr 6 2016, 03:15 PM)
10% only ?!!   bangwall.gif
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The purchasers might have just been billed 30% overall since it wasn't completed ... so 10% translated to 30% of the purchasers paid sum actually!

TSbb68
post Apr 8 2016, 02:22 PM

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QUOTE(value_investor @ Apr 6 2016, 07:26 PM)
The purchasers might have just been billed 30% overall since it wasn't completed ... so 10% translated to 30% of the purchasers paid sum actually!
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hmm... that's true. thumbsup.gif
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post Apr 28 2016, 08:21 PM

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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.


-----

thesundaily
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post Apr 29 2016, 03:02 PM

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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
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post Apr 29 2016, 03:03 PM

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QUOTE(Xyclop @ Apr 28 2016, 08:21 PM)
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.
-----

thesundaily
*
F I N A L L Y ! thumbsup.gif
nexona88
post Apr 29 2016, 05:06 PM

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expected to start in June 2017? doh.gif

really pity those bought early days.
almaine
post Apr 29 2016, 05:38 PM

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QUOTE(nexona88 @ Apr 29 2016, 05:06 PM)
expected to start in June 2017? doh.gif

really pity those bought early days.
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yea, how many 20 years we have?
nexona88
post Apr 29 2016, 06:09 PM

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QUOTE(almaine @ Apr 29 2016, 05:38 PM)
yea, how many 20 years we have?
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the project really fail big time.

some of the buyer already died, didn't see what they bought cry.gif
wil-i-am
post Apr 29 2016, 06:24 PM

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Finally buyers c some light @ d end of tunnel
TSbb68
post Aug 14 2016, 12:04 PM

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QUOTE(patchay;134709946)
New plan for Plaza Rakyat


Common podium
--------------
Retail complex comprising shopping mall, boutique hotel, parking and facilities.

Tower A Service Residences & Hotel
--------------
shocking.gif - 92 storeys, including 5 levels of common podium
shocking.gif - 1,200 residence units excluding hotel rooms

Tower B Service Apartments
--------------
shocking.gif - 80 storeys, including 6 levels of common podium
shocking.gif - 1,480 residence units excluding hotel rooms

Tower C Service Apartments
--------------
shocking.gif - 60 storeys, including 3 levels of common podium
shocking.gif - 1,026 residence units excluding hotel rooms

nexona88
post Aug 14 2016, 12:16 PM

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Very ambitious project
icemanfx
post Aug 14 2016, 12:26 PM

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QUOTE(bb68 @ Aug 14 2016, 12:04 PM)
QUOTE(patchay;134709946)
New plan for Plaza Rakyat
Common podium
--------------
Retail complex comprising shopping mall, boutique hotel, parking and facilities.

Tower A Service Residences & Hotel
--------------
shocking.gif - 92 storeys, including 5 levels of common podium
shocking.gif - 1,200 residence units excluding hotel rooms

Tower B Service Apartments
--------------
shocking.gif - 80 storeys, including 6 levels of common podium
shocking.gif - 1,480 residence units excluding hotel rooms

Tower C Service Apartments
--------------
shocking.gif - 60 storeys, including 3 levels of common podium
shocking.gif - 1,026 residence units excluding hotel rooms

*
The more the better.

TSbb68
post Aug 14 2016, 01:08 PM

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

[/quote]
The more the better.
*

[/quote]

Total 3700 residential units !
wl_n
post Aug 14 2016, 01:27 PM

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If they selling 1000psf will be BBB.

This post has been edited by wl_n: Aug 14 2016, 01:27 PM
nexona88
post Aug 14 2016, 05:11 PM

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won't be selling at 1000psf leh laugh.gif

should be minimum 1,300 psf above blush.gif
MonGJiHyo
post Aug 14 2016, 05:15 PM

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Pudus Sentral next door have a lot of shops closing down bangwall.gif
TSbb68
post Aug 14 2016, 09:44 PM

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QUOTE(nexona88 @ Aug 14 2016, 05:11 PM)
won't be selling at 1000psf leh laugh.gif

should be minimum 1,300 psf above blush.gif
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This one is going to be expensive having spend much on arbitration and abortive works sweat.gif
TSbb68
post Aug 14 2016, 09:45 PM

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QUOTE(MonGJiHyo @ Aug 14 2016, 05:15 PM)
Pudus Sentral next door have a lot of shops closing down  bangwall.gif
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May as well redevelop the pudu sntral together with Plaza Rakyat icon_rolleyes.gif
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post Apr 10 2017, 09:19 AM

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Plaza Rakyat New Development Plan


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Realestate.my
post Apr 10 2017, 08:51 PM

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So good. but so little units only. Should build more. So that surrounding price can increase.
intoxicat
post Apr 11 2017, 12:45 AM

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20-30 years ago, this development was THE project in town. With effluxion of time, central coach station is no longer a MUST for the capital. In fact people are all now used to Terminal Bersepadu Selatan, Duta Bus Terminal and Pekeliling Bus Terminal.

Also, now with budget airlines, more and more people driving, and with the completion of dual tracks rail and HSR, can someone tell me why we need Puduraya again?

Oh, its for our 3m foreign expatriates from Bangla, Endon and etc to visit their friends working in other States.
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post Apr 11 2017, 12:53 AM

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QUOTE(intoxicat @ Apr 11 2017, 12:45 AM)
20-30 years ago, this development was THE project in town. With effluxion of time, central coach station is no longer a MUST for the capital. In fact people are all now used to Terminal Bersepadu Selatan, Duta Bus Terminal and Pekeliling Bus Terminal.

Also, now with budget airlines, more and more people driving, and with the completion of dual tracks rail and HSR, can someone tell me why we need Puduraya again?

Oh, its for our 3m foreign expatriates from Bangla, Endon and etc to visit their friends working in other States.
*
china developer will build and provide the ghosts to buy these monstrosities. we provide the land and infra. bangla and indon provide the bodies. whats not to like?
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post Apr 11 2017, 02:27 AM

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QUOTE(intoxicat @ Apr 11 2017, 12:45 AM)
20-30 years ago, this development was THE project in town. With effluxion of time, central coach station is no longer a MUST for the capital. In fact people are all now used to Terminal Bersepadu Selatan, Duta Bus Terminal and Pekeliling Bus Terminal.
*
If property investment is a sure win, every obasan and unker are property tycoon, where got chance for gen x, y and z to queue for new launch.
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post Apr 20 2017, 05:52 PM

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Resurrected Plaza Rakyat set to be new iconic landmark

Vasantha Ganesan / The Edge Malaysia
April 18, 2017 17:00 pm MYT


THE once abandoned Plaza Rakyat in Kuala Lumpur will soon be redeveloped into a landmark that the developer says will be the most significant next to the Petronas Twin Towers.

Slated for completion in 2022, Profit Consortium Sdn Bhd has planned four skyscrapers — the tallest at 92 storeys — on the five land parcels that make up the 15.3-acre site in Pudu. Some 3,805 serviced apartments will be built.

The 92-storey block will have more floors than the 88-storey Petronas Twin Towers.The Signature Tower in Tun Razak Exchange will also be 92 storeys tall, but the highest will be the 118-storey KL118 being built by Permodalan Nasional Bhd.

Profit Consortium bought the abandoned project from Kuala Lumpur City Hall (DBKL) for RM740 million in October 2015.

The company is an 82:18 joint venture between China-based, Singapore-listed property developer Debao Property Development Ltd’s wholly-owned Pavillion Treasures Land and Development Sdn Bhd and Malaysian firm Gabungan Tiasa Sdn Bhd.

The developer, which is finalising the plan for the multibillion-ringgit mixed-used development, has already commenced repair works on the site.

In a circular to shareholders on Jan 11, Debao Property said the project will comprise a central business district (1.35 million sq ft of gross floor area), a five-star hotel (200,000 sq ft), a budget hotel (150,000 sq ft) and a residential condominium (5.6 million sq ft).

The four towers, sitting atop a commercial podium that includes retail space, will provide 7.3 million sq ft of GFA.

“The company believes that Plaza Rakyat ... will become the next most significant landmark in Kuala Lumpur after the Petronas Twin Towers,” the circular says.

Meanwhile, documents sighted by The Edge reveal that Profit Consortium began the development application process last August. In December, it received planning permission for its four towers — a 92-storey building with 1,196 serviced apartments and a hotel, an 87-storey tower with 1,616 serviced apartments, a 63-storey block for a hotel and another 62-storey block with 993 serviced apartments.

On the gross development value of the project, industry experts have given a back-of-the-envelope figure of RM6 billion to RM8 billion. As a general rule, in calculating GDV, the plot ratio and sale price are important.

According to Debao’s annual report for the financial year ended Dec 31, 2015, the developer had planned pre-sales to commence in the first quarter of this year. With, 3,800 serviced apartments available for sale, the question is, who will be the target market and at what price will they be sold.

Last week, TheEdgeProperty.com reported that the average transacted prices of some non-landed residential properties in the KLCC area declined 10% to 24% last year compared with 2015.

For example, the price of Idaman Residences had dropped from RM900 to RM806 psf and St Mary Residences from RM1,391 to RM1,053 psf.

So, what now of Plaza Rakyat? Debao is linked to Guangdong Debao Land Co Ltd. It is not known if Debao has plans to sell its apartments to buyers from China. Beijing recently introduced restrictions on capital outflow, causing some purchasers of the Forest City project in Johor to have second thoughts.

The history of Plaza Rakyat goes back to 1993, when Tan Sri Ting Pek Khiing’s Wembley Industries Holdings Bhd undertook to develop the land. At that time, the estimated GDV of the mixed-used development was RM1.3 billion.

But the project was halted when the Asian financial crisis of 1997/98 struck. In November 2014, Plaza Rakyat was handed over to DBKL following a legal process.

Meanwhile, a search on the Companies Commission of Malaysia website reveals that Profit Consortium’s directors are Zhang Mao, Yuan Junrui, Tan Peng Koon, Yuan Lesheng, Tan Sri Abdul Samad Alias, Anuar Adam and Zhong Yuzhao.

The shareholders of Gabungan Tiasa are Eco Habitat Sdn Bhd (33.33%), Maxcorp Development Sdn Bhd (28.67%), Sungei Wang Group Sdn Bhd (28.67%) and Abdul Samad (9.33%).

Eco Habitat’s shareholders are Datuk Seri Tee Yam (90%), Ameera Encee Koo Abdullah (5%), Wong Siaw Puie (5%) and Koo Soon Khang (one share).

The shareholders of Maxcorp are Aldillan Anuar (60%), Almiran Anuar (35%) and Anuar Adam (5%). As for Sungei Wang Group, the shareholders are Abdul Jaliludin Jamalludin (69.31%), Simon Wee Howe Yew (29.70%) and Tan Peng Koon (0.99%).

Anuar Adam, Tan, Aldillan, and Abdul Samad all sit on the board of Tadmax Resources Bhd. Abdul Jaliludin is also a director of Anzo Holdings Bhd.

According to the annual report, apart from Plaza Rakyat, Debao has three other projects in Malaysia. One is in Kuchai Lama and is scheduled for completion in 2019.

Another ongoing project is in Imbi, Kuala Lumpur. Debao took the market by surprise when it paid a record sum of RM4,310 psf or RM388 million for the former SRJK © Jalan Imbi. Debao, through Elite Starhill, plans to build two blocks of serviced apartments (72 and 73 storeys) on the 90,008 sq ft tract near Berjaya Times Square. Its annual report states that the project, with GFA of 120,000 sq ft, is expected to be completed in 2019.

The third project is in Cheras Mahkota, which has been reserved for future development. It has an estimated GFA of 129,000 sq ft.
TSbb68
post May 4 2017, 05:56 PM

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delete

This post has been edited by bb68: May 4 2017, 06:07 PM
TSbb68
post Aug 3 2017, 04:18 PM

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Plaza Rakyat to Rise After Compensating Buyers
• August 2, 2017




To protect the interest of original buyers, the government will only allow the Plaza Rakyat project to start once the issue of compensation to buyers is resolved, said Deputy Federal Territories Minister Datuk Loga Bala Mohan.

He revealed that a clause aimed at safeguarding the original buyers has been inserted in the sales and purchase agreement between the Kuala Lumpur City Hall (DBKL) and the project’s new developer, reported The Star.

In October 2015, Profit Consortium Sdn Bhd, the new developer of the project, had signed a sale and purchase agreement to take over the abandoned project for RM740 million, of which RM40 million is set aside to resolve compensation issues.

Of the 211 original buyers, 104 had been issued offer letters by Profit Consortium since January and the process is still ongoing.

“DBKL is the one approving the plans and we will ensure that the new developer fulfils their obligations to the original buyers of the project,” said Loga Bala.

“Having said that, the buyers should be reasonable in their claims and not expect the impossible,” he said, noting that former buyers should receive what they had initially put into the project.

Loga Bala made the statement following reports that some of the original buyers wanted to be compensated based on the current market price, which should not be the case as DBKL and the new developer had no legal obligation towards them.

“They must understand that DBKL has already sold the land and has no further rights to it.”

“You can still purchase a unit from the project today but at the current market rate; the RM400,000 can be off-set against the new purchase price,” he explained.

Abandoned in 1997, Plaza Rakyat was 30 percent complete when Plaza Rakyat Sdn Bhd (PRSB) ran into financial problems during the 1997/1998 Asian financial crisis.

The government terminated PRSB’s contract in 2010 or 12 years after the mixed-development project was abandoned by the company.

Meanwhile, Profit Consortium had revised their previous plan for the 6.2ha site, with their latest proposal featuring five skyscrapers, revealed Loga Bala.

The new developer plans to build a 96-storey tower, comprising 50-storey service apartments, 26-storey hotel and 10-storey office space. The others will be 70-, 60-, 58- and 52-storeys high.



Image sourced from The Star



Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
TSbb68
post Aug 10 2017, 11:40 PM

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by Raub308 from http://www.skyscrapercity.com/showthread.p...=290375&page=56

The footprint of enlarged PR project may look like this...

This post has been edited by bb68: Aug 10 2017, 11:42 PM


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GEM38
post Sep 13 2017, 11:59 AM

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saw this from their facebook biggrin.gif
TSbb68
post Sep 13 2017, 03:26 PM

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QUOTE(GEM38 @ Sep 13 2017, 11:59 AM)
saw this from their facebook  biggrin.gif
*
Anything lesser than 118 height is not worth mentioning. If Debao wants to make it a real hit in the market, dwarf the Merdeka Tower even by 1 storey rclxms.gif
SUStikaram
post Sep 13 2017, 03:53 PM

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QUOTE(bb68 @ Sep 13 2017, 04:26 PM)
Anything lesser than 118 height is not worth mentioning. If Debao wants to make it a real hit in the market, dwarf the Merdeka Tower even by 1 storey  rclxms.gif
*
Maybe is thier other land next to berjaya time square.?

Not PR.
GEM38
post Sep 14 2017, 10:00 AM

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QUOTE(tikaram @ Sep 13 2017, 03:53 PM)
Maybe is thier other land next to berjaya time square.?

Not PR.
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from the picture itself, i guess so hmm.gif
LaBoost008
post Sep 16 2017, 09:31 AM

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This plaza rakyat revival no site physical progress at all up to date. Have been talking for years. Now next door robert zai also completion soon. Could be stuck with compensation and legal issue with old purchasers?
TSbb68
post Sep 17 2017, 12:33 PM

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QUOTE(LaBoost008 @ Sep 16 2017, 09:31 AM)
This plaza rakyat revival no site physical progress at all up to date. Have been talking for years. Now next door robert zai also completion soon. Could be stuck with compensation and legal issue with old purchasers?
*
judging from how it was handled from being abandoned, 20 years of court case, revival plan by Penang developer then profit konsortium, continuing delay until today, it has been a series of failures. doh.gif
GEM38
post Sep 28 2017, 09:51 AM

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QUOTE(bb68 @ Sep 17 2017, 12:33 PM)
judging from how it was handled from being abandoned, 20 years of court case, revival plan by Penang developer then profit konsortium, continuing delay until today, it has been a series of failures.  doh.gif
*
indeed a big eye sour..
nexona88
post Sep 28 2017, 12:08 PM

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Passed by the place..
Seems like no progress as all shakehead.gif
Same old same old only...
Itwasn'tme
post Feb 26 2018, 05:54 PM

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is this project still going on? same goes to their another project at jalan imbi.
teikboon
post Feb 26 2018, 05:59 PM

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QUOTE(Itwasn'tme @ Feb 26 2018, 05:54 PM)
is this project still going on? same goes to their another project at jalan imbi.
*
passby that place yesterday... still looks like another abandoned project
nexona88
post Feb 26 2018, 06:21 PM

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No progress..

very sad to see the place.. such waste strategic location middle of KL tongue.gif
Itwasn'tme
post Mar 1 2018, 02:07 PM

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QUOTE(teikboon @ Feb 26 2018, 05:59 PM)
passby that place yesterday... still looks like another abandoned project
*
You mean plaza rakyat?
teikboon
post Mar 1 2018, 04:18 PM

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QUOTE(Itwasn'tme @ Mar 1 2018, 02:07 PM)
You mean plaza rakyat?
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Yes
nexona88
post Mar 1 2018, 04:24 PM

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QUOTE(Itwasn'tme @ Mar 1 2018, 02:07 PM)
You mean plaza rakyat?
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have u seen the place..

really pity situation bye.gif bruce.gif
M & D
post Mar 1 2018, 04:46 PM

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QUOTE(tikaram @ Sep 13 2017, 03:53 PM)
Maybe is thier other land next to berjaya time square.?

Not PR.
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QUOTE(GEM38 @ Sep 14 2017, 10:00 AM)
from the picture itself, i guess so  hmm.gif
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Not PR... is next to Times Sq
BEANCOUNTER
post Mar 1 2018, 05:39 PM

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QUOTE(M & D @ Mar 1 2018, 04:46 PM)
Not PR... is next to Times Sq
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The one at junction? Formerly called what gallery? Can see pillar one?
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post Mar 2 2018, 10:17 AM

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Hopefully this is will not be another good news that won't last long! The place is really an eyesore! Been there bangwall.gif bangwall.gif and around for many years & yet nothing has been done to resolve it! Not sure how long it will take to get things going. Well, hope for the best! thumbsup.gif
M & D
post Mar 6 2018, 11:39 AM

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QUOTE(BEANCOUNTER @ Mar 1 2018, 05:39 PM)
The one at junction? Formerly called what gallery? Can see pillar one?
*
next to the school
TSbb68
post Mar 6 2018, 03:58 PM

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Agensi : Dewan Bandaraya Kuala Lumpur, W.Persekutuan
No. Rujukan Projek : DBKL.OSC (S) A13 T4 170714-041 (PTKM 171117)

Nama Projek : CADANGAN PEMBANGUNAN - PELAN CADANGAN PEMBANGUNAN DIKEMUKAKAN KE JABATAN INI MELALUI JABATAN PERANCANGAN EKONOMI DAN PEMBNAGUNAN BERTARIKH 14.10.2016. PERMOHONAN CADANGAN PINDAAN PERINTAH PEMBANGUNAN BERTARIKH 16.11.1991 KEPADA CADANGAN PEMBANGUNAN BERCAMPUR (KOMERSIAL) YANG MENGANDUNGI:-

1) 8 TINGKAT PODIUM KOMERSIAL BESERTA TEMPAT LETAK KERETA BERTINGKAT MENGANDUNGI:
A) 6 TINGKAT RUANG PERNIAGAAN
B) 6 TINGKAT TEMPAT LETAK KERETA (PODIUM)
C) 6 TINGKAT TEMPAT LETAK KERETA (DI ATAS STESEN LRT PLAZA RAKYAT)
D) 5 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH (BESMEN 2, 3, 4, 5 DAN 6)

2) 1 BLOK (TOWER 1 ) 96 TINGKAT YANG MENGANDUNGI:- RUANG PEJABAT 10 TINGKAT, PANGSAPURI PERKHIDMATAN 50 TINGKAT (744 UNIT) BESERTA DAN HOTEL 27 TINGKAT (516 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

3) 1 BLOK (TOWER 2) 31 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 22 TINGKAT (313 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

4) 1 BLOK (TOWER 3) 59 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 51 TINGKATAN (641 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

5) 1 BLOK (TOWER 4) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

6) 1 BLOK (TOWER 5) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN DI ATAS LOT 737, 738, 739, 740 DAN 471, JALAN PUDU, KUALA LUMPUR


Untuk Tetuan : TETUAN PROFIT CONSORTIUM SDN BHD, SUITE 1 TO 3, TINGKAT 31, MENARA KH, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR TEL 03-321489998/FAX 03-321489987

Kategori Projek : A - Projek Biasa
Jenis Pemajuan : A - Perumahan
Rancangan Tempatan (RT) :
Dikemukakan RT (Rancangan Tempatan) No. Lot : LOT 737, 738, 739, 740 DAN 471
Mukim: KUALA LUMPUR

Tarikh Permohonan : 17-Nov-2017

A13 (Kebenaran Merancang (KM)) : 57 hari , Lulus, 28-Nov-17 (11 hari)


This post has been edited by bb68: Mar 6 2018, 04:32 PM
SUStikaram
post Mar 6 2018, 04:19 PM

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QUOTE(bb68 @ Mar 6 2018, 04:58 PM)
Agensi : Dewan Bandaraya Kuala Lumpur, W.Persekutuan
No. Rujukan Projek : DBKL.OSC (S) A13 T4 170714-041 (PTKM 171117)

Nama Projek : CADANGAN PEMBANGUNAN - PELAN CADANGAN PEMBANGUNAN DIKEMUKAKAN KE JABATAN INI MELALUI JABATAN PERANCANGAN EKONOMI DAN PEMBNAGUNAN BERTARIKH 14.10.2016. PERMOHONAN CADANGAN PINDAAN PERINTAH PEMBANGUNAN BERTARIKH 16.11.1991 KEPADA CADANGAN PEMBANGUNAN BERCAMPUR (KOMERSIAL) YANG MENGANDUNGI:-1) 8 TINGKAT PODIUM KOMERSIAL BESERTA TEMPAT LETAK KERETA BERTINGKAT MENGANDUNGI:

A) 6 TINGKAT RUANG PERNIAGAAN
B) 6 TINGKAT TEMPAT LETAK KERETA (PODIUM)
C) 6 TINGKAT TEMPAT LETAK KERETA (DI ATAS STESEN LRT PLAZA RAKYAT)
D) 5 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH (BESMEN 2, 3, 4, 5 DAN 6)

2) 1 BLOK (TOWER 1 ) 96 TINGKAT YANG MENGANDUNGI:- RUANG PEJABAT 10 TINGKAT, PANGSAPURI PERKHIDMATAN 50 TINGKAT (744 UNIT) BESERTA DAN HOTEL 27 TINGKAT (516 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

3) 1 BLOK (TOWER 2) 31 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 22 TINGKAT (313 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

4) 1 BLOK (TOWER 3) 59 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 51 TINGKATAN (641 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

5) 1 BLOK (TOWER 4) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

6) 1 BLOK (TOWER 5) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN DI ATAS LOT 737, 738, 739, 740 DAN 471, JALAN PUDU, KUALA LUMPUR


Untuk Tetuan : TETUAN PROFIT CONSORTIUM SDN BHD, SUITE 1 TO 3, TINGKAT 31, MENARA KH, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR TEL 03-321489998/FAX 03-321489987

Kategori Projek : A - Projek Biasa
Jenis Pemajuan : A - Perumahan
Rancangan Tempatan (RT) :
Dikemukakan RT (Rancangan Tempatan) No. Lot : LOT 737, 738, 739, 740 DAN 471
Mukim: KUALA LUMPUR

Tarikh Permohonan : 17-Nov-2017

A13 (Kebenaran Merancang (KM)) : 57 hari , Lulus, 28-Nov-17 (11 hari)

*
Another possible project half dead @ year 2020

1) They fast fast give green light ( before election- 11 days sweat.gif )
2) to this new kid & crony company (milik bekas tentera) - hardly have any good track records
3) and increase the floor high of tower 4 & 5 and numbers of units. 81 floors and 1295 units

sweat.gif

This post has been edited by tikaram: Mar 6 2018, 04:23 PM
TSbb68
post Mar 6 2018, 04:30 PM

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QUOTE(tikaram @ Mar 6 2018, 04:19 PM)
Another possible  project half dead @ year 2020

1) They fast fast  give green light ( before election- 11 days  sweat.gif )
2)  to this new kid &  crony company (milik bekas tentera) - hardly have any good track records
3)  and increase the floor high of  tower 4 & 5 and numbers of units.  81 floors and 1295 units

sweat.gif
*
All are services apartment and hotel...
no shopping mall is a bummer shakehead.gif

This post has been edited by bb68: Mar 6 2018, 04:31 PM
SUStikaram
post Mar 6 2018, 04:30 PM

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QUOTE(bb68 @ Mar 6 2018, 05:30 PM)
All are services apartment and hotel...
no shopping mall??
*
got 6 TINGKAT RUANG PERNIAGAAN

This post has been edited by tikaram: Mar 6 2018, 04:31 PM
TSbb68
post Mar 6 2018, 04:33 PM

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QUOTE(tikaram @ Mar 6 2018, 04:30 PM)
got  6 TINGKAT RUANG PERNIAGAAN
*
oh ya, miss that.. thumbsup.gif
BEANCOUNTER
post Mar 6 2018, 05:44 PM

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81 storey.....holy xxxxxx

will be the tallest residential blocks in Malaysia lioa.....

hope they sell 1000psf....
TSbb68
post Mar 6 2018, 05:59 PM

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QUOTE(BEANCOUNTER @ Mar 6 2018, 05:44 PM)
81 storey.....holy xxxxxx

will be the tallest residential blocks in Malaysia lioa.....

hope they sell 1000psf....
*
The Robertson next to it is only half its height lol sweat.gif
selinix
post Mar 6 2018, 06:33 PM

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81 floors, the lift better equip with turbo
KaFai
post Mar 6 2018, 06:39 PM

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Haizz....no eye see. Can the existing foundation support the extra height? Why do they have to build so many unit?
StarPrimo
post Mar 6 2018, 06:48 PM

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QUOTE(BEANCOUNTER @ Mar 6 2018, 05:44 PM)
81 storey.....holy xxxxxx

will be the tallest residential blocks in Malaysia lioa.....

hope they sell 1000psf....
*
Seriously 81 storey??? blink.gif
Tallest residential ever shocking.gif
SUSNew Klang
post Mar 6 2018, 08:42 PM

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This is just an idea, right? Can the existing foundation support this 81 floors?
Mijac
post Mar 6 2018, 08:56 PM

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QUOTE(New Klang @ Mar 6 2018, 08:42 PM)
This is just an idea, right? Can the existing foundation support this 81 floors?
*
Very dangerous if can’t support. shakehead.gif
senapang
post Mar 6 2018, 09:08 PM

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QUOTE(tikaram @ Mar 6 2018, 04:19 PM)
Another possible  project half dead @ year 2020

1) They fast fast  give green light ( before election- 11 days  sweat.gif )
2)  to this new kid &  crony company (milik bekas tentera) - hardly have any good track records
3)  and increase the floor high of  tower 4 & 5 and numbers of units.  81 floors and 1295 units

sweat.gif
*
Gila..


Got rumawip? brows.gif
propertybbb
post Mar 6 2018, 09:26 PM

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Destined to fail again.
ryan@chua
post Mar 6 2018, 10:25 PM

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QUOTE(bb68 @ Mar 6 2018, 04:58 PM)
Agensi : Dewan Bandaraya Kuala Lumpur, W.Persekutuan
No. Rujukan Projek : DBKL.OSC (S) A13 T4 170714-041 (PTKM 171117)

Nama Projek : CADANGAN PEMBANGUNAN - PELAN CADANGAN PEMBANGUNAN DIKEMUKAKAN KE JABATAN INI MELALUI JABATAN PERANCANGAN EKONOMI DAN PEMBNAGUNAN BERTARIKH 14.10.2016. PERMOHONAN CADANGAN PINDAAN PERINTAH PEMBANGUNAN BERTARIKH 16.11.1991 KEPADA CADANGAN PEMBANGUNAN BERCAMPUR (KOMERSIAL) YANG MENGANDUNGI:-

1) 8 TINGKAT PODIUM KOMERSIAL BESERTA TEMPAT LETAK KERETA BERTINGKAT MENGANDUNGI:
A) 6 TINGKAT RUANG PERNIAGAAN
B) 6 TINGKAT TEMPAT LETAK KERETA (PODIUM)
C) 6 TINGKAT TEMPAT LETAK KERETA (DI ATAS STESEN LRT PLAZA RAKYAT)
D) 5 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH (BESMEN 2, 3, 4, 5 DAN 6)

2) 1 BLOK (TOWER 1 ) 96 TINGKAT YANG MENGANDUNGI:- RUANG PEJABAT 10 TINGKAT, PANGSAPURI PERKHIDMATAN 50 TINGKAT (744 UNIT) BESERTA DAN HOTEL 27 TINGKAT (516 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

3) 1 BLOK (TOWER 2) 31 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 22 TINGKAT (313 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

4) 1 BLOK (TOWER 3) 59 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 51 TINGKATAN (641 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

5) 1 BLOK (TOWER 4) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN

6) 1 BLOK (TOWER 5) 81 TINGKAT YANG MENGANDUNGI:- PANGSAPURI PERKHIDMATAN 70 TINGKAT (1295 UNIT) BESERTA KEMUDAHAN KEMUDAHAN DI ATAS LOT 737, 738, 739, 740 DAN 471, JALAN PUDU, KUALA LUMPUR


Untuk Tetuan : TETUAN PROFIT CONSORTIUM SDN BHD, SUITE 1 TO 3, TINGKAT 31, MENARA KH, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR TEL 03-321489998/FAX 03-321489987

Kategori Projek : A - Projek Biasa
Jenis Pemajuan : A - Perumahan
Rancangan Tempatan (RT) :
Dikemukakan RT (Rancangan Tempatan) No. Lot : LOT 737, 738, 739, 740 DAN 471
Mukim: KUALA LUMPUR

Tarikh Permohonan : 17-Nov-2017

A13 (Kebenaran Merancang (KM)) : 57 hari , Lulus, 28-Nov-17 (11 hari)

*
Another JB-Forest City ...gg

Xyclop
post Mar 6 2018, 10:36 PM

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The existing foundation to be reused to support 81 floors. How safe is that?

Oops.....sorry for the repost.

This post has been edited by Xyclop: Mar 6 2018, 10:38 PM
nexona88
post Mar 6 2018, 10:41 PM

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81 storey!!!

really crazy yo...


and using existing foundation too.. GG whistling.gif
MonGJiHyo
post Mar 6 2018, 11:05 PM

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QUOTE(nexona88 @ Mar 6 2018, 10:41 PM)
81 storey!!!

really crazy yo...
and using existing foundation too.. GG whistling.gif
*
foundation with fishing pond for many years before it clean up....
nexona88
post Mar 6 2018, 11:08 PM

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QUOTE(MonGJiHyo @ Mar 6 2018, 11:05 PM)
foundation with fishing pond for many years before it clean up....
*
it's safe??

really doubt about it...

hmm.gif
BEANCOUNTER
post Mar 7 2018, 02:42 AM

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The tallest one is 96 atorey leh..
Plus twin 81storey service apartments.

It will overahine bbcc jor......

Become 3rd tallest building in malaysia after pnb118 and trx110.
propertybbb
post Mar 7 2018, 08:51 AM

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QUOTE(nexona88 @ Mar 6 2018, 11:41 PM)
81 storey!!!

really crazy yo...
and using existing foundation too.. GG whistling.gif
*
Wonder how the developer can convince the buyer to put money on this project. Even u give it to Ecoworld, with crazy fan based also may not be able to pull the buyers over to this historic place in kl. god bless !
SUStikaram
post Mar 7 2018, 08:57 AM

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QUOTE(New Klang @ Mar 6 2018, 09:42 PM)
This is just an idea, right? Can the existing foundation support this 81 floors?
*
where does it mentioned using the existing foundation?

the new building with few more floor basement car park wo. " D) 5 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH (BESMEN 2, 3, 4, 5 DAN 6) "

Existing only have 3 level basement car park.




This post has been edited by tikaram: Mar 7 2018, 09:04 AM
SUSNew Klang
post Mar 7 2018, 09:53 AM

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QUOTE(tikaram @ Mar 7 2018, 08:57 AM)
where does it mentioned using the existing foundation?

the new building with few more floor basement car park wo.  "  D) 5 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH (BESMEN 2, 3, 4, 5 DAN 6) "

Existing only have 3 level basement car park.
*
All the existing concrete will be hacked and more digging?
SUStikaram
post Mar 7 2018, 10:00 AM

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QUOTE(New Klang @ Mar 7 2018, 10:53 AM)
All the existing concrete will be hacked and more digging?
*
I don;t know.

But hay, where does it mentioned using the existing foundation?
nexona88
post Mar 7 2018, 10:43 AM

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QUOTE(propertybbb @ Mar 7 2018, 08:51 AM)
Wonder how the developer can convince the buyer to put money on this project. Even u give it to Ecoworld, with crazy fan based also may not be able to pull the buyers over to this historic place in kl. god bless !
*
And the developer is new kid...
Some mentioned crony...
Hard to attract buyers 😴
nexona88
post Mar 7 2018, 10:46 AM

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If new foundation..
Meaning more cost involved yo..
Do u think they want to spend more...
Nowadays its all about profit.. So cutting corners is norm....
SUStikaram
post Mar 7 2018, 11:41 AM

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QUOTE(nexona88 @ Mar 7 2018, 11:46 AM)
If new foundation..
Meaning more cost involved yo..
Do u think they want to spend more...
Nowadays its all about profit.. So cutting corners is norm....
*
Cutting corner? Wow!!!...Will the 3rd party consultant/ engineer allow cutting corner for a 90++ floor building.

pls think before comments la bangwall.gif
imprezaWRX
post Mar 7 2018, 12:42 PM

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China money again .. woot woot!

rclxm9.gif


old news btw
http://www.theedgemarkets.com/article/resu...iconic-landmark


icemanfx
post Mar 7 2018, 12:55 PM

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QUOTE(New Klang @ Mar 6 2018, 08:42 PM)
This is just an idea, right? Can the existing foundation support this 81 floors?
*
sub structure of this development was designed and completed in 1990's. with light weight design and ibs, it is possible to add more floors.

more new supply mean more choice for buyers, more works for contractors and service providers and good for economy.

QUOTE(propertybbb @ Mar 7 2018, 08:51 AM)
Wonder how the developer can convince the buyer to put money on this project. Even u give it to Ecoworld, with crazy fan based also may not be able to pull the buyers over to this historic place in kl. god bless !
*
What if the developer priced at below rm800 psf?


This post has been edited by icemanfx: Mar 7 2018, 12:59 PM
SUSNew Klang
post Mar 7 2018, 01:04 PM

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QUOTE(icemanfx @ Mar 7 2018, 12:55 PM)
sub structure of this development was designed and completed in 1990's. with light weight design and ibs, it is possible to add more floors.

more new supply mean more choice for buyers, more works for contractors and service providers and good for economy.
What if the developer priced at below rm800 psf?
*
Do you know what they are doing?

Tell us more of what is the design.


icemanfx
post Mar 7 2018, 01:09 PM

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QUOTE(New Klang @ Mar 7 2018, 01:04 PM)
Do you know what they are doing?

Tell us more of what is the design.
*
Their c&s consultants can tell you more.

SUSNew Klang
post Mar 7 2018, 01:11 PM

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QUOTE(icemanfx @ Mar 7 2018, 01:09 PM)
Their c&s consultants can tell you more.
*
Do you know them? Pm your contact
BEANCOUNTER
post Mar 7 2018, 03:01 PM

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3800 units of apartments....

Our new plaza rakyat M vertica......2.......

Holy cow.....
SUStikaram
post Mar 7 2018, 03:33 PM

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QUOTE(BEANCOUNTER @ Mar 7 2018, 04:01 PM)
3800 units of apartments....

Our new plaza rakyat M vertica......2.......

Holy cow.....
*
3800 is super high.

Robertson only about 800++

plaza rakyat land size nearly 2 times compare ex-cheras badminton

This post has been edited by tikaram: Mar 7 2018, 03:33 PM
icemanfx
post Mar 7 2018, 03:42 PM

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QUOTE(BEANCOUNTER @ Mar 7 2018, 03:01 PM)
3800 units of apartments....
*
Ideal location for airbnb.

why bother with those near mrt station if can buy in the city?


This post has been edited by icemanfx: Mar 7 2018, 03:53 PM
BEANCOUNTER
post Mar 7 2018, 04:35 PM

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QUOTE(tikaram @ Mar 7 2018, 03:33 PM)
3800 is super high.

Robertson only about 800++

plaza rakyat land size  nearly 2 times compare ex-cheras badminton
*
But residences are just part of what on offer......

Not like m vertica all resi only.
nexona88
post Mar 7 2018, 06:37 PM

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now next question is the pricing...

if at the right pricing like 800psf or lower, then could be BBB too tongue.gif
Mijac
post Mar 7 2018, 09:28 PM

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QUOTE(icemanfx @ Mar 7 2018, 03:42 PM)
Ideal location for airbnb.

why bother with those near mrt station if can buy in the city?
*
Yeah, location great for Airbnb !
SUStikaram
post Mar 7 2018, 10:06 PM

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QUOTE(nexona88 @ Mar 7 2018, 07:37 PM)
now next question is the pricing...

if at the right pricing like 800psf or lower, then could be BBB too tongue.gif
*
Why 800 psf..or lower?........... better speculate la 400psf or lower la.
nexona88
post Mar 7 2018, 11:11 PM

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QUOTE(tikaram @ Mar 7 2018, 10:06 PM)
Why 800 psf..or lower?........... better speculate la 400psf or lower la.
*
logically.. it's won't be 400psf or lower..
if really.. all those Macais / political link would sapu first.. Public gets almost nothing cool2.gif

BEANCOUNTER
post Mar 8 2018, 03:33 AM

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QUOTE(Jayne K @ Mar 8 2018, 12:00 AM)
96 & 81???!!! wow where's the source of this info???  shocking.gif  shocking.gif  shocking.gif
*
The edge aeticle and above work order.
SUStikaram
post Mar 8 2018, 06:34 AM

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QUOTE(nexona88 @ Mar 8 2018, 12:11 AM)
logically.. it's won't be 400psf or lower..
if really.. all those Macais / political link would sapu first.. Public gets almost nothing  cool2.gif
*
So logically it will be 800psf n lower?
Itwasn'tme
post Mar 8 2018, 12:22 PM

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QUOTE(nexona88 @ Mar 1 2018, 04:24 PM)
have u seen the place..

really pity situation  bye.gif  bruce.gif
*
yea, the famous fish pond. such an eye sour
TSbb68
post Mar 8 2018, 05:24 PM

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I am puzzled why they still not start the construction work after getting KM back in November 2017. After KM approval, every minute count for a Construction Company.
yslysl
post Mar 9 2018, 02:51 AM

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QUOTE(bb68 @ Mar 8 2018, 05:24 PM)
I am puzzled why they still not start the construction work after getting KM back in November 2017. After KM approval, every minute count for a Construction Company.
*
what is KM ???

some got back their down payment only
some want down payment + compensation
they dont want to pay the compensation maybe that is why...
TSbb68
post Mar 9 2018, 09:50 AM

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QUOTE(yslysl @ Mar 9 2018, 02:51 AM)
what is KM ???

some got back their down payment only
some want down payment + compensation
they dont want to pay the compensation maybe that is why...
*
KM = Kebenaran Merancang = Development Order = Approval to start a project.
LaBoost008
post Mar 9 2018, 10:10 AM

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QUOTE(bb68 @ Mar 8 2018, 05:24 PM)
I am puzzled why they still not start the construction work after getting KM back in November 2017. After KM approval, every minute count for a Construction Company.
*
They are developer, not contractor. What to count?

This post has been edited by LaBoost008: Mar 9 2018, 10:11 AM
ryan@chua
post Mar 9 2018, 10:43 AM

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Simply 1500psf onwards
If below that , sapu by wind
BEANCOUNTER
post Mar 9 2018, 10:59 AM

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Tis gov...

One minute said high end prop over supplied.
One minute said malls over supplied

Next minute approved everything n build warchest

End of rhe day money is their only friends.
Who cares about consequences.
mangoproperty
post Mar 9 2018, 11:51 AM

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QUOTE(ryan@chua @ Mar 9 2018, 10:43 AM)
Simply 1500psf onwards
If below that , sapu by wind
*
Whole KL this area is the best ?
BEANCOUNTER
post Mar 9 2018, 05:23 PM

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QUOTE(mangoproperty @ Mar 9 2018, 11:51 AM)
Whole KL this area is the best ?
*
THE FUTURE OF KUL signature towers.

Trx bbcc plaza rakayt pnb118 (110s 80s 91s 118s)
Later bdr malaysia will form the 5th alliance
Huat ah.......

Yr cucu wont know klcc jor.......kuda legasi......boleh masuk dalam buku sejarah.
Mijac
post Mar 9 2018, 05:30 PM

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QUOTE(BEANCOUNTER @ Mar 9 2018, 05:23 PM)
THE FUTURE OF KUL signature towers.

Trx bbcc plaza rakayt pnb118 (110s 80s 91s 118s)
Later bdr malaysia will form the 5th alliance
Huat ah.......

Yr cucu wont know klcc jor.......kuda legasi......boleh masuk dalam buku sejarah.
*
KLCC will slowly be forgotten.... bye.gif

BEANCOUNTER
post Mar 9 2018, 05:32 PM

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QUOTE(Mijac @ Mar 9 2018, 05:30 PM)
KLCC will slowly be forgotten....  bye.gif
*
I hear petronas sold twin towers to qatari investors.....

True or not?
mangoproperty
post Mar 9 2018, 10:25 PM

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QUOTE(BEANCOUNTER @ Mar 9 2018, 05:23 PM)
THE FUTURE OF KUL signature towers.

Trx bbcc plaza rakayt pnb118 (110s 80s 91s 118s)
Later bdr malaysia will form the 5th alliance
Huat ah.......

Yr cucu wont know klcc jor.......kuda legasi......boleh masuk dalam buku sejarah.
*
Then Robertson investors must be laughing to the bank
SUStikaram
post Mar 10 2018, 11:58 AM

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QUOTE(mangoproperty @ Mar 9 2018, 11:25 PM)
Then Robertson investors must be laughing to the bank
*
Ok la. 31% gain only.

nexona88
post Mar 10 2018, 12:30 PM

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QUOTE(BEANCOUNTER @ Mar 9 2018, 05:32 PM)
I hear petronas sold twin towers to qatari investors.....

True or not?
*
What?
Petronas pokai ahh..
Going bankrupt 😎
Needed to sell their flagship tower..
nexona88
post Mar 10 2018, 12:31 PM

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QUOTE(Mijac @ Mar 9 2018, 05:30 PM)
KLCC will slowly be forgotten....  bye.gif
*
Well "someone" want to wipe of previous legacy & make new one..
Thus KL118 and TRX tower comes into picture...
BEANCOUNTER
post Mar 10 2018, 12:46 PM

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QUOTE(nexona88 @ Mar 10 2018, 12:30 PM)
What?
Petronas pokai ahh..
Going bankrupt 😎
Needed to sell their flagship tower..
*
Aiya trick nia..

Macam 1mdb and trx thingy.

Sell and buy back at ridiculous price.....to fatten some people.
nexona88
post Mar 10 2018, 01:02 PM

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QUOTE(BEANCOUNTER @ Mar 10 2018, 12:46 PM)
Aiya trick nia..

Macam 1mdb and trx thingy.

Sell and buy back at ridiculous price.....to fatten some people.
*
Ahh yes..
That famous tricks...
Forgotten about it...
SUStikaram
post Mar 10 2018, 01:23 PM

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QUOTE(nexona88 @ Mar 10 2018, 02:02 PM)
Ahh yes..
That famous tricks...
Forgotten about it...
*
Hi this is not kopitiam or political thread. Stick back to proprty talk pls.
mangoproperty
post Mar 10 2018, 01:34 PM

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QUOTE(tikaram @ Mar 10 2018, 11:58 AM)
Ok la. 31% gain only.
*
Bought last year ?
davkong
post Mar 10 2018, 03:02 PM

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QUOTE(tikaram @ Mar 10 2018, 01:23 PM)
Hi this is not kopitiam or political thread. Stick back to proprty talk pls.
*
+1
TSbb68
post Apr 16 2018, 02:03 PM

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BRIEF-Debao Property Development Updates On Proposed Sale Of Shares In Profit Consortium Sdn
Reuters Staff

1 MIN READ

April 12 (Reuters) - Debao Property Development Ltd :

* SHAREHOLDER OF PROFIT CONSORTIUM IN DISCUSSIONS WITH A CO FOR SALE OF 38% STAKE IN PROFIT CONSORTIUM

* EXPECTS A POSITIVE CASH FLOW FOR PLAZA RAKYAT PROJECT FOLLOWING PROPOSED SALE
TSbb68
post Apr 26 2018, 12:15 PM

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Plaza Rakyat design...


Attached thumbnail(s)
Attached Image
BEANCOUNTER
post Apr 26 2018, 12:19 PM

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Architecturers wet dream.
urbanite
post Apr 26 2018, 02:40 PM

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QUOTE(BEANCOUNTER @ Apr 26 2018, 12:19 PM)
Architecturers wet dream.
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Engineer's nightmare
Jagalat
post Apr 26 2018, 03:11 PM

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Buildings' shape look like someone raising the hands to reveal middle fingers are always longer?
eclectice
post Apr 26 2018, 05:47 PM

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QUOTE(bb68 @ Apr 26 2018, 12:15 PM)
Plaza Rakyat design...
*
OMG, huge gravestones?
DesRed
post Apr 26 2018, 06:12 PM

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QUOTE(bb68 @ Apr 26 2018, 12:15 PM)
Plaza Rakyat design...
*
Looks like a mosque's minaret(s) to me.

Either way, they're going to have to tear down those unfinished structures. hmm.gif

This post has been edited by DesRed: Apr 26 2018, 06:12 PM
bigman
post Apr 26 2018, 06:15 PM

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QUOTE(bb68 @ Apr 26 2018, 12:15 PM)
Plaza Rakyat design...
*
im sure...the surrounding property price will drop
icemanfx
post Apr 26 2018, 09:35 PM

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QUOTE(bigman @ Apr 26 2018, 06:15 PM)
im sure...the surrounding property price will drop
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Many paid premium for iconic view. Why price drop within this iconic view?

BEANCOUNTER
post Apr 26 2018, 11:31 PM

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The actual buildings will be much water down version de...
Sam Kk
post Apr 27 2018, 05:17 PM

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QUOTE(bb68 @ Apr 26 2018, 12:15 PM)
Plaza Rakyat design...
*
Tell me this is not serious??!
nexona88
post Apr 27 2018, 08:30 PM

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QUOTE(bb68 @ Apr 26 2018, 12:15 PM)
Plaza Rakyat design...
*
Looks like Muslim grave only hmm.gif

Disliked it...
propertybbb
post Apr 28 2018, 06:54 AM

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QUOTE(Sam Kk @ Apr 27 2018, 06:17 PM)
Tell me this is not serious??!
*
If can complete already a miracle..regardless wats shape. This project will still status quo for next 10yrs at least.
nexona88
post Apr 28 2018, 08:22 AM

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Hahahha true..
Don't delay already good enough 😑
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post May 8 2018, 03:44 PM

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QUOTE(propertybbb @ Apr 28 2018, 06:54 AM)
If can complete already a miracle..regardless wats shape. This project will still status quo for next 10yrs at least.
*
Wow! Like that good to see only lo. Now design also no good.
TSbb68
post Sep 3 2018, 11:15 AM

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Yet another drama... doh.gif

THE developer of Plaza Rakyat has until the end of September to settle its outstanding payments to City Hall, failing which its contract will be terminated.

Mayor Md Amin Nordin Abdul Aziz said an agreement had been reached to allow the developer to continue work on the abandoned project.

TSbb68
post Sep 5 2018, 04:43 PM

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KUALA LUMPUR (September 3): Plaza Rakyat lot owners are unhappy that Kuala Lumpur City Hall (DBKL) has “washed its hands of” compensation of the stalled project.

Their pro tem committee secretariat Ng Pang Wah, 69 said they were not informed that DBKL is no longer involved, according to The Malaysian Insight (TMI).

“Why is DBKL claiming that they have nothing to do with us? When we bought the property, they were the landowner.

“How, can they say that they are not involved?”

DBKL has said that the new developer, as landowner, had no legal obligations towards the lot owners.

Quoted by TMI, Mayor Md Amin Nordin Abd Aziz said: “If the developer gets the approval, it can go ahead with the project even if it has not compensated the lot owners, and it is then up to the lot owners to take whatever actions against the developer.”

Ng said they have been informed that there is a compensation clause in the sale and purchase (S&P) agreement.

“All we are asking is for a fair deal.

“The developer definitely bought the property at market price, but they are offering the lot owners a refund of the sum they invested 20 years ago, which is not fair.

“Our investments had depreciated over the years. If we would have bought other properties in the city, it would have appreciated by now.”

The news portal reports that the developer has been given until the end of September to settle outstanding payments to DBKL, failing which its contract will be terminated.

Following the 1997 Asian financial crisis, the project in Jalan Pudu was abandoned.

Profit Consortium Sdn Bhd, a new developer, signed a S&P agreement with DBKL in 2015 to take over the 6.2ha site for a sum of RM740 million.

Ng said efforts to contact DBKL has not yielded results, and they are now looking to the new government with renewed hope.

“All we are asking is for a meeting with the developer. We are not asking for a fair compensation. We are all old and some have died.

“We don’t want to drag this matter to court and get tangled in a legal tussle.”

TMI reports that the lot owners have sent a letter to the Prime Minister’s Department, in hopes of meeting Federal Territories Minister Khalid Samad.

Plaza Rakyat is a mixed development comprising a 79-storey office tower, a 46-storey condominium block, a 24-storey hotel, and a seven-storey shopping centre.

The news portal reports that since January, 104 of the 211 original buyers have been issued offer letters by the new developer and negotiations are ongoing.
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post Feb 15 2019, 03:07 PM

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SELAKuser posted image

Apabila Dr. Mahathir Mohamad melawat Terminal Bersepadu Selatan (TBS) di Bandar Tasik Selatan baru-baru ini, selepas dibuka pada 1 Januari 2011, timbul cerita mengenai projek Plaza Rakyat yang terbengkalai. Isu ini timbul kerana Plaza Rakyat dibina pada era Perdana Menteri Keempat. Plaza Rakyat dirancang sebagai hab pengangkutan awam bagi menggantikan Pudu Raya yang menjadi hentian pengangkutan awam dari seluruh pelusuk negara. Disebabkan kesesakan di situ, maka Plaza Rakyat dicadangkan untuk menggantikan Pudu Raya.

Sebuah padang permainan bersebelahan Pudu Raya diambil alih dan dijadikan tapak projek. Kini padang yang dulu menjadi tempat rekreasi bagi warga kota bertukar wajah kepada hutan batu yang menyakitkan mata memandang. Ada yang berkata kawasan itu kini menjadi tempat pembiakan nyamuk aedes. Kalau betul dakwaan itu, Dewan Bandaraya Kuala Lumpur (DBKL) jangan lupa melakukan pemeriksaan berkala. Jangan kawasan kediaman lain jadi tumpuan untuk mencegah denggi, tetapi kawasan di tengah-tengah kota terlepas pandang.



Hari ini Plaza Rakyat hanya wujud pada nama sahaja, menumpang di stesen Transit Aliran Ringan (LRT). Mungkin kalau tidak dinamakan Stesen Plaza Rakyat, orang ramai terutama generasi baharu tidak tahu wujud projek terbengkalai di situ. Plaza Rakyat adalah tinggalan konkrit usang, berkarat, berdaki, berlumut dan macam-macam lagi. Mujurlah Pudu Raya tidak diruntuhkan serentak dengan pelancaran Plaza Rakyat, jika tidak semakin hodohlah kawasan itu. Pudu Raya masih bertahan walaupun namanya sudah bertukar kepada Pudu Sentral dan kemudiannya sebagai Pusat Transformasi Bandar Kuala Lumpur (UTC).

Pudu Raya masih hidup dengan pelbagai aktiviti walaupun tidak sesibuk masa lalu. Panorama buruk kawasan pembangunan Plaza Rakyat boleh dinikmati di bangunan tinggi sekitar kawasan itu malahan boleh dilihat jika anda menaiki LRT yang melintasi stesen Plaza Rakyat. Bagi para pelancong atau mereka yang berada di puncak Menara KL juga boleh menikmati suasana hodoh ini. Dari atas menara, jika ternampak satu kawasan buruk umpama tinggalan perang atau bencana berhampiran Stadium Negara, maka itulah ‘Plaza Rakyat’ yang tidak menjadi kenyataan.

Sejak bila Plaza Rakyat terbengkalai? Menyelak kembali sejarah, projek ini mula dibina pada tahun 1992 dengan anggaran kos RM1.2 bilion. Plaza Rakyat dikatakan akan menjadi bangunan kedua tertinggi di Kuala Lumpur selepas Menara Berkembar Petronas. Terdapat beberapa komponen pembangunan plaza ini. Khabarnya, mengikut pelan asal, menara tertinggi di sebelah barat plaza itu akan mempunyai 79 tingkat ruang pejabat, disambung dengan menara setinggi 20 tingkat di timur dengan menerusi blok podium setinggi enam tingkat. Ketinggian keseluruhan Plaza Rakyat (termasuk menara telekomunikasi) adalah 382 meter. Ruang seluas 6.6 juta kaki persegi akan terhasil apabila ia disiapkan merangkumi ruang perniagaan, pusat pengangkutan awam, hotel dan pejabat. Ia juga akan mempunyai tujuh panggung wayang, pusat hiburan, hotel empat bintang dengan 415 bilik dan 315 unit apartmen.



Akibat kegawatan ekonomi pada tahun 1997, projek yang dijangka siap sepenuhnya pada Mei 2007 terbengkalai. Pelbagai langkah diambil bagi memulihkan projek itu tetapi gagal dan masih terbengkalai sehingga ke hari ini. Ketika banyak projek lain yang lebih besar dirancang selepas itu siap mengikut jadual, Plaza Rakyat terus membatu tanpa perkembangan. Begitulah kisah duka Plaza Rakyat.

Apakah kesudahannya projek ini? Pada Oktober 2015, Dewan Rakyat diberitahu, sebanyak RM40 juta diperuntukkan untuk menyelesaikan masalah 211 pembeli projek Plaza Rakyat yang terbengkalai itu. Menteri Wilayah Persekutuan, Tengku Adnan Tengku Mansor berkata, syarikat Profit Consortium Sdn. Bhd. dilantik untuk membangunkan semula Plaza Rakyat dan dijangka memasuki perjanjian jual beli dengan DBKL pada bulan November 2015.

“Harga jualan yang ditawarkan bagi tapak Plaza Rakyat kepada pembeli ialah RM740 juta iaitu RM700 juta bagi ‘outright sale’ tanah, manakala bakinya akan digunakan untuk menyelesaikan masalah pembeli lama projek itu,” kata Tengku Adnan ketika menjawab soalan Fong Kui Lun (DAP-Bukit Bintang) yang meminta penjelasan mengapa DBKL masih gagal memulihkan projek terbengkalai Itu. DBKL telah melalui proses perundangan yang panjang dalam menyelesaikan isu Plaza Rakyat yang terbengkalai dan masalah kewangan dihadapi Plaza Rakyat Sdn. Bhd. (PRSB). Susulan itu tapak projek diserahkan kepada DBKL pada 6 November 2014.

“Dengan pelantikan syarikat baharu ini (Profit Consortium Sdn Bhd), diharapkan isu projek yang terbengkalai dapat dipulihkan,” katanya seperti dilaporkan Bernama. Itu setakat 2015, maknanya setelah 18 tahun.

Pada Mei 2016, Timbalan Menteri Wilayah Persekutuan, Dr. Loga Bala Mohan ketika bercakap di lobi Parlimen berkata, projek Plaza Rakyat terbengkalai dijangka mula dibangunkan pada Jun tahun berikutnya. Namun pihaknya harus menyelesaikan urusan tuntutan kepada semua pendeposit projek itu terlebih dahulu sebelum dapat membangunkan plaza berkenaan.

Sekarang dah masuk tahun 2019, maknanya sudah 22 tahun. Adakah projek Plaza Rakyat akan terus terbiar begitu sahaja? Sejauh mana peranan DBKL dalam menghadapi pemulihan projek ini? Bolehkah DBKL ‘lepas tangan’ terhadap projek ini?



Sesuatu perlu dilakukan bagi menamatkan penantian Plaza Rakyat. Mungkin kerajaan Pakatan Harapan pimpinan Dr. Mahathir dapat membawa harapan baharu bagi membantu menyelesaikan apa juga kemelut yang melanda projek berkenaan. Inilah peluang PM Ke-7 memulihkan projek era PM Ke-4. Satu keputusan yang tegas dan muktamad perlu dibuat supaya ia bukan sahaja menyelesaikan masalah pemaju, pemilik dan pembeli tetapi juga orang ramai yang tidak senang dengan pemandangan ini. Tidak wajar pemandangan buruk itu dibiarkan terus kekal. Nak buat monumen pun tidak sesuai.

Semua pihak perlu memberi kerjasama bagi menamatkan kemelut ini. Pilihan yang ada hanya dua iaitu meneruskan projek berkenaan atau membatalkannya. Meneruskan projek itu sudah tentu memerlukan pengubahsuaian terhadap komponen projek itu termasuk pusat pengangkutan awam. Ketika ini hab pengangkutan awam telah beroperasi sepenuhnya dengan baik di TBS. Dengan rangkaian hubungan melalui LRT, komuter dan ERL, serta kesesuaian semasa, Plaza Rakyat tidak lagi sesuai untuk menjadi pusat pengangkutan awam.

Satu perkara lagi yang perlu diberi perhatian ialah sama ada selepas terbiar selama 22 tahun, struktur yang sudah terbina itu masih dalam keadaan selamat?

Jika tidak ada jalan keluar, struktur yang sudah terbina itu eloklah diruntuhkan sahaja. Meruntuhkan bangunan bukanlah sesuatu yang sukar. Sebelum ini beberapa bangunan termasuk flat dan pusat perniagaan diruntuhkan untuk memberi laluan kepada projek lain. Apa yang penting kata pemutus pihak-pihak yang terlibat. Mustahil, masalah ini tidak ada jalan keluar.

Amat merugikan lokasi yang bernilai tinggi itu terbiar tanpa sebarang hasil. Semoga dengan kebijaksanaan dan keprihatinan kerajaan yang ada pada hari ini termasuk menteri yang baharu, projek ini dapat diselamatkan. Projek-projek seumpama ini juga perlu diberi perhatian untuk diselamatkan.

— BebasNews
nexona88
post Feb 15 2019, 04:30 PM

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prime location in CBD of KL...
really pity looking at the place.. whenever u see from LRT Station, damn.. heart feel sad inside... from my School days until now... Still looking the same shit...
TSbb68
post May 2 2019, 03:25 PM

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Debao unit to sell stake in loss-making Malaysia business for 4m yuan
MON, APR 29, 2019 - 10:18 AM
The Business Times
FIONA LAMfiolam@sph.com.sg@FionaLamBT


DEBAO Property Development is proposing to sell a 43 per cent stake in Malaysia’s Profit Consortium (PC) for four million yuan (S$808,793) to Chinese management services firm Guangzhou Xu Zhuo Enterprise Management.

Debao, a Singapore-based developer of residential and commercial properties in China, intends to use the entire proceeds from the proposed disposal for working capital, it said in an exchange filing on Monday before the market opened.

The proposed disposal is an opportunity for Debao to divest its loss-making business, as PC has been incurring significant losses since 2016 - with net accumulated losses amounting to RM7.8 million (S$2.6 million) as at Dec 31, 2018 - due to the high finance cost for its Plaza Rakyat project.

Debao’s wholly owned subsidiary, Pavillion Treasures Land and Development, on April 26 entered into a sale and purchase agreement (SPA) with the buyer, Guangzhou Xu Zhuo, and guarantors Guangdong Debao Property Investment and Guangzhou Xiang Chun Enterprises Management for the disposal.



Through Pavillion Treasures, Debao owns a 62 per cent interest in PC, while the remaining shares are held by independent third party shareholders.

SEE ALSO: Stocks to watch: SIA, Keppel Corp, IEV, Global Invacom, Debao
After the proposed disposal, Pavillion Treasures will hold a 19 per cent interest in PC.

The parties to the SPA also agreed that the buyer, Guangzhou Xu Zhuo, will loan 136 million yuan to PC as working capital for the repayment of PC’s accounts payables.

PC is to continue with the development of the Plaza Rakyat project – a large-scale integrated development comprising residential units, a five-star hotel, a budget hotel, offices and a shopping mall.

PC finalised the development plan in 2017 and started repair works of the existing development on the land for the project, but the works have been delayed due to PC’s cash flow difficulties in funding the Plaza Rakyat project and/or working capital requirements, Debao said in the filing on Monday.

For the Plaza Rakyat project, PC entered into a SPA in October 2015 with Datuk Bandar Kuala Lumpur to acquire five Malaysian land parcels in central Kuala Lumpur for a total of RM700 million, excluding pension and interest for late payment.

Debao said it faces a strained cash flow due to tightened monetary policies by the Chinese government to curb liquidity and higher bank statutory reserves. As a result, the amount of funds available to commercial banks in China to lend to businesses including Debao has decreased. Interest rates have also risen, leading to higher finance costs.

Debao requires “significant capital injection” to fund the development of its other projects, it said. In the meantime, the sale of PC would provide working capital to fund the property development projects, reduce the group’s liabilities and strengthen its financial position as a whole.

The acquisition price of four million yuan was determined based on arm’s length negotiations between the buyer and Pavillion Treasures. In arriving at the price, both parties took into account, among other factors, the cash flow, value of the assets held by PC and the payment deadlines faced by PC with respect to the Plaza Rakyat project.

Debao Property Development shares were trading at S$0.10 as at 9.57am on Monday, up 2.2 Singapore cents.


DesRed
post May 11 2019, 11:01 PM

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From Edgeprop.my:
Plaza Rakyat project to restart soon

About time. It's been years since I saw this incomplete project whenever I happen to pass by there.
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post May 11 2019, 11:15 PM

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good news indeed..

such waste.. pity each time I see the place. should have become something meaningful..
hope the projects can rejuvenate the whole area. bring positive vibe
icemanfx
post May 11 2019, 11:26 PM

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QUOTE(DesRed @ May 11 2019, 11:01 PM)
From Edgeprop.my:
Plaza Rakyat project to restart soon

About time. It's been years since I saw this incomplete project whenever I happen to pass by there.
*
https://www.businesstimes.com.sg/companies-...ess-for-4m-yuan

If debao, a plc couldn't secure finance from banks in china and sg; Guangzhou Xu Zhuo is not a soe or plc, how Guangzhou Xu Zhuo could obtain finance? believe this is likely a delaying tactic to avoid rm70m being forfeited.

This post has been edited by icemanfx: May 11 2019, 11:55 PM
TSbb68
post May 12 2019, 11:25 PM

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NEWS EdgeProp.my / May 11, 2019
Plaza Rakyat project to restart soon


China-based Guangzhou Xu Zhuo Enterprise Management Co Ltd, who are expected to pay the outstanding debt due to DBKL.


Work on the long-abandoned Plaza Rakyat project in Jalan Pudu, Kuala Lumpur is expected to begin soon, A 43% stake in the developer - Profit Consortium Sdn Bhd is being bought by China-based Guangzhou Xu Zhuo Enterprise Management Co Ltd, who are expected to pay the outstanding debt due to Kuala Lumpur City Hall (DBKL)

“The Plaza Rakyat project is being taken over by a new consortium, which finalised its takeover at end-March. It has also contacted DBKL (to) pay the amount outstanding (by Profit Consortium) and is expected to start work soon,” Minister of Federal Territories Khalid Abdul Samad said, speaking to The Edge.

The stake in Profit Consortium is being sold for RMB4 million (RM2.4 million) from Singapore-listed Debao Property Development Ltd Profit Consortium, which had problems in funding the project.

Profit Consortium bought the partially completed Plaza Rakyat project in 2015. Comprising five parcels of leasehold land totalling 29.64 acres, it was purchased from DBKL for RM700 million, much of which remains unpaid.

The publication reports that in an announcement to the Singapore Stock Exchange (SGX) on April 29, Debao said that as at Feb 21, Profit Consortium had paid DBKL the first instalment of RM70 million, part of the second instalment amounting to RM20 million, which was due on March 31 (from the total amount due of RM140 million) and late payment interest of RM11.31 million.

“The third, fourth and fifth instalments of RM150 million, RM150 million and RM190 million respectively, are payable after the building plan has been obtained,” Debao says, adding that Profit Consortium also owes pensioners RM7.36 million under a government contract.

Khalid says that Profit Consortium has also paid RM70 million of the RM140 million due from the second instalment. “It has already paid half (of the RM140 million) and the balance will be paid by the end of this month,” he is quoted as saying.

Guangzhou Xu Zhuo, as part of the deal. will loan RMB136 million to Profit Consor­tium as working capital for the repayment of the company’s accounts payable.

The publication cites the Companies Commission of Malaysia (SSM) website, which shows Profit Consortium’s total liabilities for the financial year ended Dec 31, 2017 (FY2017) stood at RM129.1 million, all of which were current.

In 2017, the development plan for Plaza Rakyat had been finalised, and repair works to the existing development on the land had commenced, but work was halted due to cash flow difficulties to fund working capital requirements.

The project is a large-scale mixed-use development that includes high-quality residential units, a five-star hotel, a budget hotel, offices and a large-scale shopping mall. A 96-storey skyscraper and two 81-storey towers is revealed in an earlier development proposal submitted to DBKL.
BEANCOUNTER
post May 13 2019, 01:02 PM

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the Chinese wave is very strong in Malaysia...almost like a tsunami....

everyway is cina mari……….kul could easily become one of the smaller china cities.
BEANCOUNTER
post May 13 2019, 01:09 PM

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seriously
TRX PNB BBCC and tis one all together, KL will be flooded with office space and malls to the brink.....and tis is just within 2kms square area.
icemanfx
post May 13 2019, 02:08 PM

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QUOTE(BEANCOUNTER @ May 13 2019, 01:02 PM)
the Chinese wave is very strong in Malaysia...almost like a tsunami....

everyway is cina mari……….kul could easily become one of the smaller china cities.
*
As long as current policy remain, doubt chinese could obtain finance from china to build or invest.

planc
post May 13 2019, 02:13 PM

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QUOTE(BEANCOUNTER @ May 13 2019, 12:02 PM)
the Chinese wave is very strong in Malaysia...almost like a tsunami....

everyway is cina mari……….kul could easily become one of the smaller china cities.
*
All their projects min 70flrs above Lol Agile BB and this
planc
post May 13 2019, 02:15 PM

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QUOTE(icemanfx @ May 13 2019, 01:08 PM)
As long as current policy remain, doubt chinese could obtain finance from china to build or invest.
*
Should revise the old policy, strata should change foreigners max can own 49% of whole projects..if all buy for vacation, seldom come and didn't pay maintenance wil create problem

This post has been edited by planc: May 13 2019, 02:15 PM
BEANCOUNTER
post May 13 2019, 04:02 PM

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QUOTE(icemanfx @ May 13 2019, 02:08 PM)
As long as current policy remain, doubt chinese could obtain finance from china to build or invest.
*
Most developers listed in hkg.

One country two policies.
icemanfx
post May 13 2019, 04:24 PM

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QUOTE(BEANCOUNTER @ May 13 2019, 04:02 PM)
Most developers listed in hkg.

One country two policies.
*
$ from mainland China.
BEANCOUNTER
post May 13 2019, 04:27 PM

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QUOTE(icemanfx @ May 13 2019, 04:24 PM)
$ from mainland China.
*
Did u see china companies all sap lap sau tong in their overseas expansion and all kui kui go back to china?

Ecrl project not overseaa project ah?

Or china only allowed state owned co to invest overseas but non private company?
icemanfx
post May 13 2019, 04:35 PM

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QUOTE(BEANCOUNTER @ May 13 2019, 04:27 PM)
Did u see china companies all sap lap sau tong in their overseas expansion and all kui kui go back to china?

Ecrl project not overseaa project ah?

Or china only allowed state owned co to invest overseas but non private company?
*
If you have Chinese contractor friends, they will explain to you what can and what can't.
BEANCOUNTER
post May 13 2019, 09:23 PM

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QUOTE(icemanfx @ May 13 2019, 04:35 PM)
If you have Chinese contractor friends, they will explain to you what can and what can't.
*
Meaning still can rite?
icemanfx
post May 13 2019, 09:29 PM

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QUOTE(BEANCOUNTER @ May 13 2019, 09:23 PM)
Meaning still can rite?
*
Not property development or investment.

This post has been edited by icemanfx: May 13 2019, 09:37 PM
Perth OZ P
post Aug 10 2019, 10:24 AM

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hi
I was staying at Robertson for three weeks in july and was intrigued looking down on the site.

i have read most of this thread and having watched the workers seeming to start clearing the site and add pump hoses and fence off the big gaps in the concrete i am curious how they can restart after 20 years.

Surely the rebar rods in the unfinished columns will be so rusted they cannot be used. If they then cut those out how will the towers they build on the crumbly base be safe?

I am not an engineer or constructor so dont know whats involved. Would anyone on the forum know how they can restart after 20 years without demolish?

TSbb68
post Aug 16 2019, 05:57 PM

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QUOTE(Perth OZ @ Aug 10 2019, 10:24 AM)
hi
I was staying at Robertson for three weeks in july and was intrigued looking down on the site.

  i have read most of this thread and having watched the workers seeming to start clearing the site and add pump hoses and fence off the big gaps in the concrete i am curious how they can restart after 20 years.

Surely the rebar rods in the unfinished columns  will be so rusted they cannot be used. If they then cut those out how will the towers they build on the crumbly base be safe? 

I am not an engineer or constructor so dont know whats involved. Would anyone on the forum know how they can restart after 20 years without demolish?
*
Restart soon.

PropertyTalk & Lifestyle Malaysia
August 14 at 5:07 PM ·
REDEVELOPMENT OF EX-PLAZA RAKYAT @ Jalan Pudu, Kuala Lumpur city by China-based Guangzhou Xu Zhuo Enterprise Management Co Ltd & Singapore-listed Debao Property Development Ltd.

Looks like this long abandoned site gonna start redevelopment soon. The site has dried up, no more mosquitos breeding pond. Some cranes and construction workers are also spotted (near to The Robertson) at site.

The project is a large-scale mixed-use development that includes high-quality residential units, a five-star hotel, a budget hotel, offices and a large-scale shopping mall. A 96-storey skyscraper and two 81-storey towers is revealed in an earlier development proposal submitted to DBKL.
AskarPerang
post Aug 17 2019, 12:44 AM

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The project is a large-scale mixed-use development that includes high-quality residential units, a five-star hotel, a budget hotel, offices and a large-scale shopping mall. A 96-storey skyscraper and two 81-storey towers is revealed in an earlier development proposal submitted to DBKL.




BEANCOUNTER
post Aug 17 2019, 11:09 PM

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They really confident to add another over 80sty highrise without doing a due diligent of office requirement n supply in kul?
nexona88
post Nov 25 2019, 04:28 PM

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Plaza Rakyat buyers want fair compensation
https://www.theedgemarkets.com/article/plaz...ir-compensation


Fcuk67
post Nov 25 2019, 04:51 PM

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29 years construction ..since 80's born
TSbb68
post Dec 9 2019, 05:16 PM

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Starting... thumbup.gif


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Johnsmith1175
post Dec 9 2019, 05:19 PM

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This should be the largest aquarium in malaysia.
nexona88
post Dec 9 2019, 06:07 PM

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QUOTE(bb68 @ Dec 9 2019, 05:16 PM)
Starting...  thumbup.gif
*
This for real..
Damn.. looks nice...
DesRed
post Dec 9 2019, 08:04 PM

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About time.

Been seeing that eyesore for years dy. Glad there's finally progress on it. thumbup.gif
Jay_AX
post Dec 31 2019, 10:35 AM

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This lakaran artis is wrong. The rendering is a project in China.

Can see it here:
1. https://new.qq.com/rain/a/20191010A04SX700
2. http://m.woaipu.com/news/html/53837

Because of language barrier, I am not sure what it is called. No article in English about it.
But anyway, we know that Plaza Rakyat is happening but they are not revealing the actual design.

QUOTE(bb68 @ Dec 9 2019, 05:16 PM)
Starting...  thumbup.gif
*
Johnsmith1175
post Dec 31 2019, 01:16 PM

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QUOTE(bb68 @ Dec 9 2019, 05:16 PM)
Starting...  thumbup.gif
*
Wrong project pictures. All these pictures nothing to do with plaza rakyat.

This post has been edited by Johnsmith1175: Dec 31 2019, 01:16 PM
edwedw
post Dec 31 2019, 05:11 PM

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Passby the other day and saw these pictures at site hoarding...

QUOTE(Johnsmith1175 @ Dec 31 2019, 01:16 PM)
Wrong project pictures. All these pictures nothing to do with plaza rakyat.
*
icemanfx
post Dec 31 2019, 05:39 PM

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QUOTE(Johnsmith1175 @ Dec 31 2019, 01:16 PM)
Wrong project pictures. All these pictures nothing to do with plaza rakyat.
*
No less excitement.
Johnsmith1175
post Dec 31 2019, 06:49 PM

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QUOTE(edwedw @ Dec 31 2019, 05:11 PM)
Passby the other day and saw these pictures at site hoarding...
*
This strange, this project pictures is clearly shows as 1 of the new developement in China Hefei.

This post has been edited by Johnsmith1175: Dec 31 2019, 07:10 PM
nexona88
post Dec 31 2019, 08:14 PM

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QUOTE(Johnsmith1175 @ Dec 31 2019, 06:49 PM)
This strange, this project pictures is clearly shows as 1 of the new developement in China Hefei.
*
Use same design..
Save cost tongue.gif
W.ROOK
post Jan 1 2020, 12:31 PM

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Are they going to remove or maintain the same foundation?
If were to remove, it will take easily a year or two and its going to be very expensive.
TSbb68
post Jan 16 2020, 02:35 PM

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QUOTE(Johnsmith1175 @ Dec 31 2019, 01:16 PM)
Wrong project pictures. All these pictures nothing to do with plaza rakyat.
*
I took these picture from the plaza rakyat newly put up hoarding doh.gif
pinkdm
post Jun 13 2020, 05:48 PM

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QUOTE(bb68 @ Jan 16 2020, 02:35 PM)
I took these picture from the plaza rakyat newly put up hoarding  doh.gif
*
HI, Latest update - some work just started...
pinkdm
post Jun 13 2020, 05:48 PM

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QUOTE(bb68 @ Jan 16 2020, 02:35 PM)
I took these picture from the plaza rakyat newly put up hoarding  doh.gif
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HI, Latest update - some work just started...
pinkdm
post Jun 13 2020, 05:48 PM

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QUOTE(bb68 @ Jan 16 2020, 02:35 PM)
I took these picture from the plaza rakyat newly put up hoarding  doh.gif
*
HI, Latest update - some work just started...
pinkdm
post Jun 13 2020, 05:48 PM

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QUOTE(bb68 @ Jan 16 2020, 02:35 PM)
I took these picture from the plaza rakyat newly put up hoarding  doh.gif
*
HI, Latest update - some work just started...

This post has been edited by pinkdm: Jun 19 2020, 08:47 PM


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pinkdm
post Jun 13 2020, 05:52 PM

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QUOTE(bb68 @ Jan 16 2020, 02:35 PM)
I took these picture from the plaza rakyat newly put up hoarding  doh.gif
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Hi, latest update; some work started- !


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cy91
post Jun 13 2020, 08:10 PM

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Nice finally solving the eyesore beside PNB118, prime land
cy91
post Jun 13 2020, 08:11 PM

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Nice finally solving the eyesore beside PNB118, prime land
pinkdm
post Jun 19 2020, 08:52 PM

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QUOTE(cy91 @ Jun 13 2020, 08:11 PM)
Nice finally solving the eyesore beside PNB118, prime land
*
China 'a construction company!


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icemanfx
post Jun 19 2020, 08:54 PM

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QUOTE(pinkdm @ Jun 19 2020, 08:52 PM)
China 'a construction company!
*
Strong cable with jib gor.
kswee
post Jun 19 2020, 09:12 PM

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QUOTE(pinkdm @ Jun 19 2020, 09:52 PM)
China 'a construction company!
*
Red arm wehh .. flex muscle .

tingthinking14
post Jun 29 2020, 09:33 AM

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Bruh, then wat happened to the existing buyer ? do they get compensated or have to die waiting for it ?
cy91
post Jun 29 2020, 01:45 PM

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QUOTE(tingthinking14 @ Jun 29 2020, 09:33 AM)
Bruh, then wat happened to the existing buyer ? do they get compensated or have to die waiting for it ?
*
Probably price already increased for this location. Just need to top up money to get a unit I guess.

89 storey tower biggrin.gif
propertyowner
post Jun 29 2020, 01:50 PM

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QUOTE(pinkdm @ Jun 19 2020, 08:52 PM)
China 'a construction company!
*
6 towers with 80+ and 90+ storeys, got any malaysia construction company can do?
tingthinking14
post Jun 29 2020, 03:02 PM

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QUOTE(cy91 @ Jun 29 2020, 02:45 PM)
Probably price already increased for this location. Just need to top up money to get a unit I guess.

89 storey tower  biggrin.gif
*
Material price also different le after 20 years (of course this is my assumption*) console.gif
jasonchaw
post Jun 29 2020, 03:10 PM

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another mega tower in KL city center

https://www.facebook.com/myaccetera/posts/3299503390070970
nexona88
post Jun 29 2020, 03:50 PM

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90+ storeys??

over supply in KL.. add more to it laugh.gif

thanks to China Power whistling.gif
kswee
post Jun 29 2020, 06:45 PM

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It going to cost huge sum. But quess who is going to pour in money. Hahahhaha
cy91
post Jun 29 2020, 10:41 PM

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QUOTE(nexona88 @ Jun 29 2020, 03:50 PM)
90+ storeys??

over supply in KL.. add more to it laugh.gif

thanks to China Power whistling.gif
*
Only aim to sell to ultra rich foreigner la this kind of project.. if u convert USD still consider cheap in capital city
nexona88
post Jun 29 2020, 11:59 PM

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QUOTE(cy91 @ Jun 29 2020, 10:41 PM)
Only aim to sell to ultra rich foreigner la this kind of project.. if u convert USD still consider cheap in capital city
*
Lucky project not completed...
If not sure GG..
Because foreigner also have trouble at home country.. Thanks to covid 19 tongue.gif
cy91
post Jun 30 2020, 09:12 AM

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QUOTE(nexona88 @ Jun 29 2020, 11:59 PM)
Lucky project not completed...
If not sure GG..
Because foreigner also have trouble at home country.. Thanks to covid 19 tongue.gif
*
When developer start planning and drawing 3 years ago who would have know about covid

This post has been edited by cy91: Jun 30 2020, 09:12 AM
nexona88
post Jun 30 2020, 10:05 AM

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QUOTE(cy91 @ Jun 30 2020, 09:12 AM)
When developer start planning and drawing 3 years ago who would have know about covid
*
Yes. True..

Just pure luck...
By the time project completed...
All is well I think 🎉
pinkdm
post Jul 23 2020, 01:31 PM

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QUOTE(nexona88 @ Jun 30 2020, 10:05 AM)
Yes. True..

Just pure luck...
By the time project completed...
All is well I think 🎉
*
China 's construction company & the advance methods are so fast & clean ; some floors are ady disappeared!


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nexona88
post Jul 23 2020, 01:32 PM

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glad to know tongue.gif
cy91
post Jul 23 2020, 02:22 PM

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QUOTE(pinkdm @ Jul 23 2020, 01:31 PM)
China 's construction  company & the advance methods  are so fast & clean ; some floors are ady disappeared!
*
Wow already got crane set up! rclxms.gif

TSbb68
post Jul 25 2020, 05:02 PM

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Demolition in progress
25 July 2020

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AFZAARTING
post Jul 25 2020, 05:47 PM

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PUDU- where your night life begin! Or ended! If u know what I mean..haha
ryan@chua
post Sep 1 2020, 11:00 PM

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Jagalat
post Sep 2 2020, 12:24 PM

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QUOTE(ryan@chua @ Sep 2 2020, 12:00 AM)
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*
If this is materialized, it implies a walkable path to/from paksa rakyat lrt stn.

This post has been edited by Jagalat: Sep 2 2020, 01:03 PM
nexona88
post Sep 2 2020, 01:09 PM

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QUOTE(ryan@chua @ Sep 1 2020, 11:00 PM)
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Seems like long walk 🤔
ryan@chua
post Sep 2 2020, 01:31 PM

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QUOTE(nexona88 @ Sep 2 2020, 02:09 PM)
Seems like long walk 🤔
*
Long distance is okay if under full air conditioning
Better than those projects self called walking distance but not really comfortable to walk.

In fact 7++m only
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This post has been edited by ryan@chua: Sep 2 2020, 01:35 PM
nexona88
post Sep 2 2020, 02:29 PM

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QUOTE(ryan@chua @ Sep 2 2020, 01:31 PM)
Long distance is okay if under full air conditioning
Better than those projects self called walking distance but not really comfortable to walk.

In fact 7++m only
Attached Image
*
hmm..
less 1km then should be walk-able cool2.gif
hope got some travelator too... better devil.gif
Jagalat
post Sep 2 2020, 02:45 PM

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QUOTE(nexona88 @ Sep 2 2020, 03:29 PM)
hmm..
less 1km then should be walk-able  cool2.gif
hope got some travelator too... better  devil.gif
*
I used to interchange between lrt and mrt here. Walking under mostly aircond (except at the lrt stn) is OK to me. Something can see the rain dropping on the glass roof while not exposed to it.

So far it is flat with escalators-assit for up/down(except maintenance time).

If the new underground passage is materialised, this also enables lrt passengers to have a choice to work at P&B118 tower, with more walking steps of course.
cy91
post Sep 2 2020, 02:47 PM

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1.5km is a logical walking distance. In Malaysia maybe less because of the weather. I would say below 1km u are safe to consider it as walking distance
nexona88
post Sep 2 2020, 02:50 PM

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QUOTE(Jagalat @ Sep 2 2020, 02:45 PM)
I used to interchange between lrt and mrt here. Walking under mostly aircond (except at the lrt stn) is OK to me. Something can see the rain dropping on the glass roof while not exposed to it.

So far it is flat with escalators-assit for up/down(except maintenance time).

If the new underground passage is materialised, this also enables lrt passengers to have a choice to work at P&B118 tower, with more walking steps of course.
*
glad to know...
because of malaysian weather is kinda hot.... but as u says it's okay with aircond, then should be thumbsup.gif thumbup.gif


Jagalat
post Sep 2 2020, 02:55 PM

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QUOTE(nexona88 @ Sep 2 2020, 03:50 PM)
glad to know...
because of malaysian weather is kinda hot.... but as u says it's okay with aircond,  then should be  :thumbsup:  thumbup.gif
*
Forgot one sentence, without aircon it is not OK for me to walk this far. smile.gif
nexona88
post Sep 2 2020, 03:02 PM

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QUOTE(Jagalat @ Sep 2 2020, 02:55 PM)
Forgot one sentence, without aircon it is not OK for me to walk this far. smile.gif
*
well not u alone...

No aircon & walk for 1km... sure cannot lorh...
under direct sun / no cover then even more GG rclxub.gif shakehead.gif

and like I said.. must have some travelator too... certain part... because I know if fully.. its sure cost high...
ryan@chua
post Sep 2 2020, 03:16 PM

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To me 500m without aircon is not walkable.
Maybe once in a while walk still acceptable. But you won't take it frequently.
ryan@chua
post Sep 2 2020, 03:22 PM

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QUOTE(nexona88 @ Sep 2 2020, 03:29 PM)
hmm..
less 1km then should be walk-able  cool2.gif
hope got some travelator too... better  devil.gif
*
Believe it will be similar to those mrt to IKEA cheras, mrt mrt interchange kind of u/g tunnel.
nexona88
post Sep 2 2020, 05:46 PM

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QUOTE(ryan@chua @ Sep 2 2020, 03:22 PM)
Believe it will be similar to those mrt to IKEA cheras, mrt mrt interchange kind of u/g tunnel.
*
Oh really..
Sorry I don't use that tunnel... So I don't really know..

Got pictures on how it's look like 🤔
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post Sep 2 2020, 05:58 PM

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QUOTE(nexona88 @ Sep 2 2020, 06:46 PM)
Oh really..
Sorry I don't use that tunnel... So I don't really know..

Got pictures on how it's look like 🤔
*
Attached Image
nexona88
post Sep 2 2020, 06:42 PM

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QUOTE(ryan@chua @ Sep 2 2020, 05:58 PM)
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ahh thanks notworthy.gif

looks okay.. can improve esp the wall... seems too "plain"...
got like paintings or murals even better tongue.gif
TSbb68
post Nov 11 2020, 04:25 PM

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Beautiful tak?


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icemanfx
post Nov 11 2020, 04:29 PM

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QUOTE(bb68 @ Nov 11 2020, 04:25 PM)
Beautiful tak?
*
More supply, the more the merrier.

This post has been edited by icemanfx: Nov 11 2020, 04:29 PM
TSbb68
post Dec 29 2020, 06:51 PM

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December 2020

user posted image

user posted image
W.ROOK
post Dec 29 2020, 08:44 PM

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QUOTE(bb68 @ Dec 29 2020, 06:51 PM)
December 2020

user posted image

user posted image
*
Taken from Robertson?

Finally after 30 years! CCP to the rescue. whistling.gif thumbsup.gif
rotloi
post Mar 1 2021, 10:21 AM

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Plaza rakyat 2021
TSbb68
post Apr 26 2021, 10:33 AM

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post Apr 26 2021, 11:29 AM

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QUOTE(ryan@chua @ Sep 2 2020, 03:16 PM)
To me 500m without aircon is not walkable.
Maybe once in a while walk still acceptable. But you won't take it frequently.
*
500m walk within a tunnel is very short distance only, it could be unwalkable to some Malaysians under hot sun for being too lazy to walk.
Foreigners have no issue.

Pro and con with or without air-con but most important is safety (this is Malaysia) and maintenance (again, this is Malaysia).
pinkdm
post Mar 16 2022, 01:34 PM

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QUOTE(DavidKool @ Apr 26 2021, 11:29 AM)
500m walk within a tunnel is very short distance only, it could be unwalkable to some Malaysians under hot sun for being too lazy to walk.
Foreigners have no issue.

Pro and con with or without air-con but most important is safety (this is Malaysia) and maintenance (again, this is Malaysia).
*
Pass by today when on MRT to Lowyat Plaza.
No activities at all on site & no works to be seen ?

Project berhenti again ? hmm.gif

 

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