Damian S. L. Yeo & L. C. Goh (DSLY)
No. 2007, Lorong Sidang Omar, off Jalan Penghulu Abbas, Bukit Baru, Hang Tuah Jaya, 75100 Melaka

Tel : 06-2347011
& 06-2347012
Fax: 06-2347022


Wednesday, October 8, 2008

Reviving Pulau Melaka?

After donkey years and after many borrowers were made bankrupt or threaten with legal action due to the failure of paying their loans, the state now plans to obtain a court order to seize the Pulau Melaka project.

However my only concern is, is the state able to revive this stalled multi-million ringgit reclamation project with a huge debt of RM1.10 billion. Is this project budgeted for by the state government.

For me, this will get messier but I'm crossing my fingers.

----- The Star

MALACCA: The state plans to obtain a court order to seize the Pulau Melaka project from the com­pany that was appointed to revive the stalled multi-million ringgit reclamation project.

State housing, rural development and project revival committee chairman Datuk Ghafar Atan said legal proceedings had been initiated against the company as it had failed to settle the land premium despite being given ample time to do so.

Speaking to reporters after a key presentation ceremony to homeowners at Taman Saujana Bukit Katil here recently, Ghafar assured buyers of the Pulau Mela­ka project that their interests would be safeguarded.

The RM1.4bil project, launched in 1996, involved mixed development on two man-made islands off the Bandar Hilir coast.

Although recording over RM190mil in sales, only one 45ha island was reclaimed and partially developed before the project stalled.

Earlier this year, the project was revived by court-appointed receivers with Phase I, Phase II and Phase III targeted for completion within 18 months.

Ghafar confirmed that 521 out of 612 four-storey shoplots had been sold under Phase I while 589 of 762 similar units and 85 apartments were sold under Phase II.

Phase I and Phase II were 90% and 85% completed respectively while the apartments under Phase III were completed, he said, adding that the apartments could not be occupied as the developers have yet to complete the plumbing and sewerage works.


Hasbullah Pit said...

local "sub prime"

steven said...

WTH...just turn it into a mini race track like Philip Island in Australia...

Damian 'Baba' Yeo (楊 勝 利) said...

errrr, steven, not a bad idea. We can have a formula 1 race just like the one in Singapore, a night race. At least we can generate income for the state...oops maybe we will be heavily in debt

steven said...

i'm not a malaccan although been working here for the past 2 years or so but for a small 'state' like melaka there seems to be quite a no of big abandon projects i.e. Gajah Berang Tower, Senyum (tho this was built then abandoned), Pulau Melaka to name a few. When the Pulau Melaka project came up at the back of Melaka Raya 1 & 2, i almost knew it was doomed bc of over supply and very bad planning in the sense that all commercial were built 1st b4 residential units...what they need to do now is 'quite' simple...have a 'fresh' start and turn it into mayb specialized projects i.e. themed park, a race/drag track etc ... but at least they are in the midst of looking like they are in the midst of doing something...someone, somehow, sometime must initiate i guess...