Reviving Sentul Raya project

NST 07/04/2001

New developer YTL to continue halted scheme if buyers agree to changes

The multi-billion ringgit Sentul Raya project, which was halted three years ago during the economic slowdown, is expected to be continued in the middle of this year.

However, there are several changes in the project which the new developer, YTL Corporation Berhad, and property owners KTM Berhad, will make with approval from the house buyers.

Deputy Minister of Land and Co-operative Development Dr Tan Kee Kwong said the initial plan to build a 23ha nine-hole golf course with a club house would be replaced with a park planted with trees.

"This park, will be solely for residents. If the majority agrees, then the project will start as scheduled," he said during a Press conference.

He said the new major stakeholder, YTL had agreed to take over the project from Taiping Consolidated Berhad, the original major stakeholder, and restart the entire 80ha project.

The project, which is one of the biggest undertaken in the city, consists of office blocks, a shopping mall and apartments comprising low, medium and high-cost units with recreational facilities.

The project cost RM1.3 billion. "YTL will initially start the project by investing RM100 million," he said.

Dr Tan said YTL and KTM had worked out with the bankers on ways to restart the project.

"The loans for restarting the project has been approved," said Dr Tan.

According to Dr Tan, the house buyers whose agreement have been sought were from Sang Suria apartments, which is 85% complete, and the Villa Perhentian which is 30 per cent complete.

"If they agree then, the units will be completed within six months from the day of construction.

"The developer has agreed to give discounts of 15 per cent from the total cost of the unit and will only start collecting monthly instalments after handing over house keys to the buyers,"  he said.