KUALA LUMPUR: More than 1,576 ailing and abandoned private housing projects across the country have been successfully restored by the Ministry of Housing and Local Government’s (KPKT) Special Task Force since 2023 until last May.
Housing and Local Government Minister Nga Kor Ming said efforts to save the project involved 188,525 residential units with an estimated total gross development value (GDV) of RM148.21 billion.
He said the achievement reflected the Ministry of Housing and Urban Development’s continued commitment to strengthening the country’s housing sector through the Task Force on Sick and Abandoned Housing Projects (TFST) which was established since 2023.
Kor Ming said evidence of the effectiveness of TFST’s commitment can be seen through the landmark development project M101 Skywheel which was previously abandoned due to the impact of the COVID-19 pandemic and financial constraints, but has now been successfully saved.
“The revival of this project reflects broader efforts at the national level by the government led by the Ministry of Housing and Urban Development to address the issue of abandoned housing developments and protect the interests of home buyers,” he said when officiating the KL360 Groundbreaking Ceremony here today.
Regarding the M101 Skywheel, Kor Ming said the project, which was previously stalled, affected 337 buyers with a total value of the Sale and Purchase Agreement (SPA) exceeding RM306 million.
He said GD Properties then emerged as the rescue developer to revive the project, which is now rebranded as KL360 @ Menara GD, after taking into account the development potential as well as the responsibility towards affected buyers.
Kor Ming said that with the support of the Ministry of Land, Infrastructure and Transport and the cooperation of various stakeholders, a comprehensive recovery scheme was successfully formulated and received approval from the majority of buyers before being confirmed by the High Court in 2024.
“I would like to call on more developer companies to come forward and play an active role and work together in helping to restore projects that are facing challenges like this to strengthen the country’s housing agenda.”
“Our goal is clear, so that every cent paid by home buyers will only be used for the development of the promised project, and that every house purchased can be completed and handed over to the people according to schedule,” he said.
The 61-storey KL360 @ Menara GD is a mixed development project worth RM1.37 billion, located in the Kuala Lumpur central business district (CBD) and next to the Raja Uda Mass Rapid Transit (MRT) Station.
The project, which was delayed after its launch in 2017, has been given a new lease of life, comprising 785 serviced apartment units, 221 office suites and 20 retail lots, as well as 40 well-arranged health, fitness and social lifestyle facilities, with full completion expected by 2030.
— BERNAMA