Paya Terubong assemblyman Dr Loh Hock Hun has cautioned 1,557 buyers of Taman Terubong Indah (Majestic Heights) Phase 1 over their petition to wind up the developer.

He said they did not realise that their petition was obstructing the efforts of another party to complete the stalled project, adding that the buyers could end up at the losing end if they proceeded with the legal action at the High Court on Feb 5.

"If the developer gets wound up, the land will be auctioned off and the money will go to the creditors. However, proceeds from the auction would not be enough to cover the losses of each individual buyer.

"And there is no guarantee that the successful bidder will complete the stalled projects or help the buyers. This would place the buyers in another dilemma,'' he said at a press conference yesterday.

Dr Loh, who is state Trade, Commerce and Consumer Affairs Committee chairman, urged the buyers to attend a meeting with the developer and himself at the Han Chiang High School hall from 2pm to 6pm on Sunday for a briefing on the latest developments.

He said many of the buyers were still unaware of the current status of the project stemming from efforts by the parties involved in reviving the project.

He said the third party, Prime Domain Sdn Bhd, had been negotiating with Majestic Heights for the past year to build low-medium cost units on a nearby piece of land owned by the developer.

"To obtain approval from the authorities, Prime Domain undertook as a social obligation to complete the stalled Phase 1 and 2 projects on behalf of Majestic Heights. But this deal could not go through because of the legal action,'' he said, adding that Prime Domain had in mind to appoint contractor Perfectbuild Construction Sdn Bhd to complete Phase 1.