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.
