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Buyers: Stalled mall project yet to resume work

08/01/2002 The Star

PENANG: Shoplot buyers of the stalled Bayan World Megamall are upset that work on the RM75mil project has yet to resume after nearly four years.

A spokesman for the purchasers, Ang Thean Hock, said the five-storey megamall project was only 60% completed although the Penang Develop-ment Corporation (PDC), which holds 30% stake in the company, had set a new deadline for its completion in December this year.

The project was launched in 1996 and originally targeted for completion in 1999 but the project was suspended in March 1998 due to technical and financial problems.

Ang said the buyers, who paid between RM300,000 and RM1.5mil for their units, were still servicing bank loans and many had settled at least 85% of their payment.

The megamall, touted to be the longest shopping mall in Penang, is part of a multi-billion ringgit development project comprising a marina waterfront, a theme park, resort hotels and condominiums.

The developer, Bayan Bay Development Sdn Bhd, declined comment.

Ang said they hoped to unite all the 300-odd purchasers to discuss their next course of action to revive the project.

A meeting will be held at 11am on Jan 30 at Wonderland Restaurant on the 11th floor at Komtar.

For details, call Ang ( 04-2621591 / 2632923) or Peh ( 04-2621491).

 

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