The Star Penang 24/10/2002 By
Purchasers of Penang’s RM270mil Bayan World
Mega-mall project are satisfied with the measures taken by the
developer to revive the project.
The purchasers action committee chairman Ang Thean Hock said the
developer, Bayan Bay Development Sdn Bhd, had started clearing the
site following the last meeting in July.
“However, we are still waiting for the developer to confirm the
appointment of a new company to revive the project that stalled in
1998,” he told a press conference yesterday.
STANDING UNITED...purchasers' action committee members in a show of
He said the committee would hold a meeting with the purchasers at
Wonderland Restaurant in Komtar at 11.30am on Monday to finalise
matters before meeting Chief Minister Tan Sri Dr Koh Tsu Koon for
the second time on Nov 4.
The meeting with Dr Koh will be held at Auditorium A Komtar at 8pm.
Ang said the committee was confident that Dr Koh would help find a
solution for the completion of the project.
“Purchasers must stand united as the developer will not entertain
individual complaints or requests,” he added.
The committee’s legal adviser Lio Chee Yeong said Dr Koh had written
to Bank Negara to support the purchasers’ application for a
moratorium and waiver of interest.
“Bank Negara is looking into the matter and we are making
arrangements to work out an amicable solution,” he said.
The Bayan Bay mixed development project is a joint venture between
the KLSE main board property group Anson Perdana Berhad (70%) and
the Penang Development Corporation (30%).
The five-storey project, which was about 60% completed, was launched
in 1996 and targeted for completion by 1999.
The development was, however, suspended due to technical and
financial problems faced by the developer.
The megamall was to have been part of a multi-billion ringgit
project comprising a marina waterfront, theme park, resort hotels