Ivory Properties still in talks with Plaza Rakyat developer on pact extension

PETALING JAYA: Ivory Properties Group Bhd, which reportedly is to be replaced as the developer of the abandoned Plaza Rakyat project on Jalan Pudu, Kuala Lumpur, said that it is still in discussions with the receiver and manager of Plaza Rakyat Sdn Bhd (PRSB) to extend the conditions and precedent period of the acquisition and rehabilitation agreement signed in September 2013.
The group, which is developing the project through subsidiary Ivory Place Sdn Bhd, told Bursa Malaysia yesterday it is unaware of the intention and statements made by Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib regarding other parties being considered for the Plaza Rakyat project and the ongoing arbitration involving PRSB.
Last Friday, a news report quoted Phesal as saying that he is awaiting the completion of arbitration between Kuala Lumpur City hall and PRSB to appoint a new company to revive Plaza Rakyat.
Ivory Properties in September 2013 announced that it won the bid to redevelop the Plaza Rakyat commercial project, which was abandoned in the aftermath of the 1997/98 Asian financial crisis, with a revised gross development value of RM8 billion.