The 1,555 purchasers of the stalled Taman Terubong Indah (Majestic Heights) Phase 1 project have to fork out RM7,500 each to complete the project.

Revival work on the project will finally kick off this Thursday with completion expected in five months time.

Deloitte KassimChan corporate restructuring and recovery services executive director Chu Siew Koon said yesterday that a Kuala Lumpur-based developer Wira Properties Management Sdn Bhd had been appointed to revive the project.

The tender committee comprising of representatives from the liquidator, ad-hoc purchasers committee and technical consultants picked the developer out of 19 firms.

”We have evaluated all the companies based on their company structure, financial stability, experience record, personnel data and plant and equipment they possessed,” he said at a purchasers’ forum at the Caring Society Complex in Penang.

Chu revealed that the developer had offered a tender price of RM12.3mil to complete the project in five months “after some pasar malam negotiations” with them.

“Wira Properties Management will not claim the money until 50% of the work is completed and will undertake to obtain Occupation Certificate (OC),” he said, adding that the company was also providing a defect liability period of six months for building and nine months for infrastructure.

Purchasers committee executive adviser S. L. Chang said the developer had also agreed to cover up all the drains and put up perimeter fencing and a guardhouse, all of which were not included in the original sales and purchase agreement.

Paya Terubong assemblyman Datuk Dr Loh Hock Hun said the state government had assigned the building of the retaining wall and the access road to the Public Works Department (JKR).

A monitoring committee, he added, would be set up to supervise the construction work and the payment of the purchasers’ money to the developer.

Committee chairman B. H. Lim said a ceremony would be held to mark the commencement of the revival work.

“We need all the purchasers to co-operate with us in the final step of our mission,” he said while urging those who have yet to registered with the committee to do so fast.

Wira Properties Management managing director Low Kwok Leong said the company had successfully revived an abandoned apartment project in Salak South and was undertaking about RM200mil worth of housing projects in Cheras and Kajang now.