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Reprieve for buyers of Rhythm
Avenue
11/03/2008 The Star By Lim Chia Ying
THE Rhythm Avenue service apartments in USJ 19 Subang Jaya received its
certificate of fitness (CF) approval issued by the Subang Jaya Municipal
Council (MPSJ) recently.
A ceremony to celebrate the handing over of block CF was held at the sixth
floor of the building .
At long last: Lee (centre) holding on to the CF issued by the MPSJ,
represented by Rosli Mohammad Yunus from the engineering department (front
row, left). Witnessing the ceremony are PriceWaterHouse Coopers executive
director Subra E. Gounder (second from right) and Dr Kow (right).
The event was attended by purchasers, former Subang Jaya assemblyman Datuk
Lee Hwa Beng, former Kinrara assemblyman Dr Kow Cheong Wei, as well as
representatives of receiver that took over the project development.
Work on the apartments started in 1997 and it was scheduled to be ready in
late 2001. However, the project was abandoned in September 2001 by the
previous developer before it was restarted and revived four years later by
an appointed receiver.
Lee said he met with buyers and even the former developer, and after much
discussion and talks, the project could finally be revived with an extra 15%
top up from each buyer.
“At last, people who have been waiting for their units for so long, would be
able to move in very soon, as now the building is certified fit for
occupancy. It's a feeling that cannot be described and you won't feel it if
you are not a buyer,” he told the crowd.
He said he wished to express his outmost gratitude to bridging financier
Ambank who did not give up the project to another party and continued to
even pump in additional funds to revive it.
This even despite the fact that the previous developer had owed Ambank some
RM25mil about six to seven years ago Lee added.
“However, there is also a not so good news, which is that the former
developer has filed a court injunction to stop buyers from moving into their
units.
“The court hearing will take place on today in Malacca. I don't know what
the reason behind this is but we are all hoping that the court decision will
turn out positive for buyers.”
Lee added that if the court decides otherwise, he would call for a protest
because there was no way the previous developer would want back the project.
Ambank had appointed PriceWaterHouse Coopers to be the project receiver.
Rhythm Avenue buyers committee chairman Pritpal Singh said Lee had been
instrumental in helping the revival, adding that everything was done with
just basically the buyers and him with no government's help.
“Everything was revived through court order under Section 176 of the
Company's Act. It's a court sanctioned revived project and the Housing
Developers Act does not apply here because this is a service apartment,”
said Pritpal.
He added that there were more than 1,000 buyers involved in the project and
they are now further strained due to the court injunction filed.
The 30-storey building consists of a total 1,315 units.
While most of the buyers topped up 15% each, those who were late in
responding had to top up 20%.
Lee said that while the block CF had been handed over, the individual CFs
would be given to buyers later on.
“This is the third project that I've helped revive. I would like to thank
Pritpal who volunteered for everyone here.
“We'll wait for the court hearing and see what happens then,” he said.
He also urged buyers who wish to have their additional interest imposed by
certain banks waived to contact the Bank Negara consumer department.
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