Two Abandoned Projects to Be Redeveloped
Left idle since 1992, Plaza Rakyat along Jalan Pudu will be built by a new developer, he said. Its development order will be released later in the year after certain charges set by the Kuala Lumpur City Hall has been settled by the developer, reported Bernama.
“The Hyatt Hotel project on Jalan Sultan Ismail was initiated in 1993, and abandoned before a series of amendments were made in 1998, 2003 and 2013, but still remains idle. We expect the project to be started by the original developer,” added Khalid.
Aside from examining the contractors’ background and financial capabilities, he explained that the ministry had set up some requirements to ensure that the projects will not be abandoned again.
“So we have no reason to be sceptical of their capabilities. If they still fail, the developers will lose hundreds of millions of ringgit. We will help them by providing some flexibility and incentives, including a 50% discount on the development charges.”
According to Khalid, the revival of the two projects showed that development in Kuala Lumpur remains strong despite the slowdown in the property market.