Buyers of abandoned project need help

Buyers of abandoned project need help
28/02/2009 The Star

I WRITE on behalf of 700-odd buyers in a project that once promised attractive returns but who are now burdened with servicing bank loans that must be repaid whatever the cost.

The project located in the prestigious neighbourhood of Ara Damansara and promoted as a four-star service apartment has apparently been abandoned since late 2006.

Buyers have been left without news of any development. A pro tem committee formed to pursue the matter with the help of Bank Negara was told that the project has gone into receivership.

Since then there has been complete silence. The welfare and interest of innocent consumers must be protected and I hope that the relevant authorities can come to their aid and find a solution to this problem.

Innocent investors are having sleepless nights over the harsh reality that the banks expect full repayment of loans, whether the project is completed or not.

Ben Chow
Petaling Jaya