Abandoned plaza rakyat to be redeveloped in June 2017, says Loga Bala

28 Apr 2016 / 19:39 H.

    KUALA LUMPUR: Deputy Minister of Federal Territories Datuk Dr Loga Bala Mohan said work on Plaza Rakyat is expected to start in June 2017, some 20 years after the project was abandoned.
    "Before this can happen, we have to settle the claims made by all depositors of the project.
    "We have advertised about this on April 15 and the despositors have until May 7 to respond. After this, only then we can take action," he told reporters at parliament lobby, here, today.
    Plaza Rakyat project abandoned was abandoned in 1997 folllowing the country's economic crisis and financial problems faced by developer Plaza Rakyat Sdn Bhd (PRSB).
    Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said Profit Consortium Sdn Bhd was appointed to redevelop Plaza Rakyat and signed a sale and purchase agreement with Kuala Lumpur City Hall on Oct 30, 2015.
    Loga said beneficiaries of the depositors who have died can make claims by showing the sale and purchase agreement of the business lots.
    The depositors were free to choose whether to make the claims or own lots to be redeveloped by the new developer.
    It was reported that 211 depositors of the project can get back their money back after settling the matter with the appointed lawyers. — Bernama


    thesundaily_my Sentifi Top 10 talked about stocks