Desarina Condo buyers agree to rehabilitation scheme

15/11/2007 The Edge

KUALA LUMPUR: The purchasers of the abandoned property development project known as Desarina Condominium in Taman Desa have voted in favour of the proposed scheme of arrangement to rehabilitate the project.

In a statement, the court-appointed liquidator Ler Cheng Chye, on behalf of the developer Mega Sakti Sdn Bhd, which is under liquidation, said the unanimous agreement was reached at a court convened meeting for the purchasers here yesterday.

The scheme of arrangement was proposed by Ler and Lum Tuck Cheong, the two liquidators of Mega Sakti in accordance with the provisions of Section 176 of the Companies Act 1965. The main contractor NCK Perumahan Sdn Bhd was also in liquidation.

Federal Territory Ministry parliamentary secretary Yew Teong Look said the government wanted to see the project successfully rehabilitated and would assist as much as possible to ensure its success.

He viewed the proposed scheme as a joint project rehabilitation effort by the purchasers, the project’s bridging and end-financiers and the authorities.

An agreement has been reached with Syarikat Perumahan Negara Bhd to be the main contractor to support the rehabilitation of the project and to fund a substantial amount of the project construction cost.

The project was abandoned with 80% completion since construction started in 1994.