Nov 4, 2011

Decision On Plaza Rakyat's Fate Next Month...

KUALA LUMPUR: The fate of the Plaza Rakyat project in Jalan Pudu, stalled for the past 14 years, is expected to be concluded next month.
"We are awaiting the court's decision whether we need to compensate the buyers," said KL Mayor Tan Sri Ahmad Fuad Ismail (pic).
"We are willing to compensate the buyers on the damages sought and we hope the matter will be concluded by November."
Construction of this ambitious project began in the early 1990s but stalled since the 1997 Asian financial crisis.
The original plans comprised a 79-storey office tower, 46-storey condominium, 24-storey hotel and 7-storey shopping centre. Several attempts to revive the project since 2005 have failed.
In early 2009, the government gave an ultimatum to the developer, Global Upline Sdn Bhd, to propose a revival plan or have its contract terminated and the project handed to another developer.
Last year, Global Upline obtained a court injunction against the government which also sought RM1 billion in compensation.
In August, 20 buyers lodged a report at the Tun H.S. Lee police station demanding refunds of their downpayments and also compensation.
Mayor of KL














since the site of this project always make me sick because it is just behind my school, so i really2 concern about this. :)
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