Purchasers of the stalled Majestic Heights project can welcome Year 2002 with renewed hope for their dream homes.

Newly appointed liquidator Deloitte KassimChan will come up with an action plan by early next year.

The firm’s corporate restructuring and recovery services executive director Chu Siew Koon said details of revival of the project and size of funding would be known within 10 weeks.

“The feasibility study should be completed within the next three weeks provided we get all the information from the company (Majestic Heights Sdn Bhd) and the purchasers,” he told a press conference yesterday.

Chu said if the project is found to be viable, they would appoint a consultant and contractor to revive the project.

“We will also need a quantity surveyor to assist us to determine the revival cost,” he said, adding that a safety study would also be conduct-ed to check the safety of the building because the project had been abandoned for several years.

If the project is not viable, Chu said they would liquidate the assets and pay all creditors, with low priority to purchasers as unsecured creditors under the Company Act.

Chu appealed to all purchasers to give their full co-operation and work closely with their respective committees he said,

Earlier, a High Court ordered for Majestic Heights Sdn Bhd, developer of the stalled project in Paya Terubong to be wound up.

Justice Md Raus Sharif made the order after counsel V.Rajadevan, who represented 545 buyers of the Majestic Heights Phase I apartments who filed the petition to wind-up, informed the court there were no objections from the company with regards to the petition.

The buyers, in their petition, had sought Liquidated Ascertained Damages (LAD) from the developer company as a result of late delivery of vacant possession.

They also wanted a professional liquidator to be appointed to manage, co-ordinate and supervise all rectification works at the site.

The court also allowed the appointment of private liquidator Deloitte KassimChan to dissolve the company.

Counsel who represented supporting creditors such as MBSB, Eon Bank, United Hock Soon (UHS) and Maybank, did not object to the appointment of the liquidator.

Adviser of ad-hoc committee (Phase 1) for Taman Terubong Indah (Majestic Heights) Purchasers S.L. Chang said there would be a purchasers’ forum on Nov 11 at the Geodesic Dome, Komtar from 2pm to 7pm. Registration of purchasers will be carried out from noon to 2pm.

“Purchasers will be able to have a dialogue session with the liquidator and lawyer V. Rajadevan with regards to the present situation,” he said.

The ad-hoc committee also appealed to the purchasers to register with their respective committees every Thursday from 9.30pm to 11pm at Bayan Baru MP Wong Kam Hoong’s service centre at Wisma Indah, 123-G-7, Jalan Paya Terubong.

They must bring along their identity card, loan agreement and the sales and purchase agreement.

Launched in 1995, the project offers 2,955 housing units, 55 shoplots and 22 light industrial units.

However, the project hit a snag when the developer encountered financial and management problems in 1998.