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New hopes for buyers
The Star 07/08/2002 By Derrick Vinesh
The Pangsapuri Widuri apartment project in Lorong
Chempa, Butterworth, which had stalled for nearly three years, will
soon be revived as the financing bank has approved a rescue package
plan.
The turnkey contractor entrusted by buyers to revive the project
Harta Intan Construction Sdn Bhd director Amir Hussain Abdul Majid
said Mayban Finance Bhd gave its consent to the plan last week.
“The buyers can finally be able to see their dream apartments
completed. We hope to start work on the project by the end of next
month and complete it within a year,” he said in an interview
yesterday.
The project, comprising 740 low medium and 230 low-cost units, was
abandoned three years ago leaving about 500 buyers of low
medium-cost units and 157 squatters who bought the low-cost units in
the lurch.
He said the bank had also agreed to waive 100% of the outstanding
interests owed by the original developer Diamond Crest Sdn Bhd
totalling RM5.5mil.
Amir, however, noted that in return for the bank’s approval, the
buyers had to forgo claims on late delivery charges, while the
squatters had to forgo claims on outstanding rental of RM400 a
month.
“The bank has also asked the state government not to charge the
RM2mil in contributions to the local authorities and relevant
government agencies,” he added.
He added that the rescue package was estimated at RM25mil, of which
RM19mil would be from the buyers’ outstanding payments while RM6mil
would be derived from the sale of the 213 unsold units.
“The bank has also appointed an independent financial adviser,
Ferrier Hodgson, to monitor the Housing Developers Association (HDA)
account and the project’s progress work,” he said.
Amir urged buyers who had yet to sign the supplementary agreement
forms in support of the revival package to do so immediately.
A meeting with the relevant parties, including Bagan Jermal
assemblyman Datuk Dr Sak Cheng Lum will be held at the Chee Wee Khor
Moral Uplifting Society building in Jalan Kampung Paya, Bautterworth,
at 2.30pm on Sunday.
Buyers can contact the project’s appointed law firm, Dana Vallen &
Associates (04-3241032) or the Pangsapuri Widuri Purchasers
Committee chairman Jasper Tan (012-4636003).
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