Abandoned project to be relaunched

14/08/2003 The Star By Farris Baharom

THE Subang Mewah Industrial Park development project undertaken by Korakyat Plantations Sdn Bhd and abandoned in 1998 will be relaunched this year as the USJ 1 Industrial Park under a court-sanctioned plan, or Scheme of Arrangement.

This was announced at a recent press conference attended by Subang Jaya assemblyman Datuk Lee Hwa Beng and representatives of Ler Lum & Co., purchasers, banks and members of the media.

The pioneer arrangement was proposed by Ler Lum & Co., the court-appointed liquidators for Korakyat, with overwhelming support from the purchasers of the defunct development and the backing of Lee.

The arrangement is essentially a self-help plan, with the purchasers themselves playing an active role in financing the completion of the project.

Speaking on behalf of purchasers protem working committee chairman Rathi Ishak, Lim Fong Chuen said the purchasers were delighted with the plan.

Many purchasers had been looking at the possibility of a total loss on their factories/investments, and the plan had come at a timely moment, he said.

“The community will undoubtedly benefit from this scheme, and I am glad to say that it was done with ample consideration for the purchasers.

“Ler Lum & Co. has been very upfront and transparent with us about the scheme and their professionalism helped enormously in turning the plan into something real,” he said, adding that the purchasers were grateful to Lee and Ler Lum & Co. for their willingness to take things further, which ultimately resulted in the plan.

The scheme had also been devised with wider social objectives in mind, said Ler Lum & Co. partner Dr Ler Cheng Chye.

The abandoned development had become a focal point for crime and a number of social ills which could not be allowed to continue, he said.

If all goes according to plan, work will begin on the development in late August or early September.

The project consists of 478 single-storey, one-and-a-half-storey and double-storey terrace factories and single-storey semi-detached factory units worth about RM146mil.

Prices range between RM160,000 and RM600,000 per unit.

Lee announced that the government would folk out about RM17.5mil on upgrading roads and infrastructure in the area.

Lee also congratulated Ler Lum & Co. for their “commendable efforts”.

He said the scheme they introduced would serve as a model for other abandoned developments in the area.

“This scheme is favourable to others because here, the buyers’ rights are protected,” he said.