RUMOURS

We keep an ear out for upcoming developments from our verified sources.

These rumours are only indications of intent from developers and therefore subject to change.

PLAZA RAKYAT

91  plaza rakyat

The long-abandoned Plaza Rakyat development in Pudu, Kuala Lumpur, is set to be revived soon. The original scheme comprised of a 79-storey office tower, a 46-storey service apartments, a 24-storey ...

The long-abandoned Plaza Rakyat development in Pudu, Kuala Lumpur, is set to be revived soon. The original scheme comprised of a 79-storey office tower, a 46-storey service apartments, a 24-storey hotel and a 7-storey retail mall and a bus terminal.The RM1.4bil project was 30% completed when developer Plaza Rakyat Sdn Bhd ran into financial difficulties during the 1997/1998 Asian financial crisis, forcing it to abandon the project.For the past 20 years, the partially completed building has been an eyesore, with its 7-storey basement filled with water (and fish), making it the largest "swimming pool" in the city.Kuala Lumpur City Hall (DBKL) took vacant possession of the abandoned project site in 2014, after repaying a RM150mil loan taken by the developer from a consortium of banks. In 2015, it sold the project for RM740 million to Profit Consortium Sdn Bhd.The new owner will revive the project together with investment partner, Debao Property Development Ltd from China. Profit Consortium is a privately held company owned by Maxcorp Development Sdn Bhd, SW Land Sdn Bhd and Tan Sri Abdul Samad Alias. Maxcorp is the private vehicle of Major (Rtd) Anuar Adam while SW Land is the developer of Sungai Wang Plaza.The 211 buyers of Plaza Rakyat stand to get a total of RM40 million in compensation for their purchase. This works out to an average of RM181,000 per lot. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

REDEVELOPMENT OF NAS PAVILION

84  redev nas pavilion

In 2014, MPHB Capital Bhd, controlled by Tan Sri Surin Upatkoon, aka K K Lau, was said to be resuscitating a long-abandoned project on the same road as Berjaya Times Square, at the junction of Jala...

In 2014, MPHB Capital Bhd, controlled by Tan Sri Surin Upatkoon, aka K K Lau, was said to be resuscitating a long-abandoned project on the same road as Berjaya Times Square, at the junction of Jalan Imbi and Jalan Sultan Ismail in Kuala Lumpur.There had been several failed attempts to revive the unfinished building on 1.4 acres of freehold land. Initially, in the 1990s, It was supposed to be CN Gallery by Metro Jelita Sdn Bhd including two office towers and a hotel block on retail podium. However, the project was abandoned during the 1997/98 Asian financial crisis. In 2004, Urban Shift Sdn Bhd took over the project and renamed it Nas Pavilion comprising three blocks of serviced apartments atop a retail podium. However, that too stalled, and the developer went into liquidation. In 2009, yet another developer had applied to revive the project with two blocks of serviced apartments, a 23-storey office block, two 22-storey blocks of condotel and a five-storey shopping podium with four basement floors. This did not get off the ground either.The new plans are said to involve another 2.8 acres in the immediate vicinity owned by MPHB, with an overhead link stretching across the nine-lane road to Club De Vegas. However, there is a pending court case with the acquisition of the land the club is on, so the project has been further delayed. MPHB Cap was on the lookout for a joint-venture partner for the redevelopment, which is expected to have retail and office components.