Business

Sabah takes initiative to solve abandoned and sick property projects

KOTA KINABALU: Sabah government has taken the initiative to address issues related to abandoned projects in the state. 

State Local Government and Housing minister Datuk Seri Masidi Manjun said by creating a special committee, the ministry managed to solve issues related to Platinum Tower @1Sulaman dan Gold Tower @ 1Sulaman projects. 

“My ministry has solved the issue related to Platinum Tower @ 1 Sulaman whereby the occupation certificate has been obtained. 

“As for the Gold Tower @ 1Sulaman, the ministry had discussed with liquidator and was informed that the appointment of White Knight would be done soon when the scheme agreement for the tower is achieved,” he said during the ministry’s winding up speech at the state assembly sitting here. 

As for sick property PRIMA projects in Beaufort, Masidi said the delay was due to contractors failing to manage their finances, lack of skilled and semi-skilled workers and construction materials, and unpredictable weather. 

For Penampang,  1Jesselton which is developed by Binapuri Sdn 

Bhd, he said the project’s consultant has clarified that they are left with 12.5 per cent to be completed. 

“The Ministry was also informed that the developer has appointed a new contractor to continue the remaining work on the housing project until the Certificate of Occupancy is obtained. 

“The appointed contractor is Syarikat LM Partners Sdn Bhd which has already started construction works on 3 October 2022 and this housing project is expected to be completed in July 2023.”

Masidi said the delay of Triconic project development was due to appointing new developers because of conflicts among former developers, banks and buyers. 

The bank has taken over the management of the original company which is Unicorn Tower Sdn Bhd and appointed a consulting firm which is UHY Advisory (KL) Sdn Bhd as official receiver on behalf of the bank to take over the management of Unicorn Tower Sdn Bhd to find a solution to the implementation of this project.

“So far, the action which has been taken by the official receiver is inviting some contractors to submit a proposed implementation solution and completion of this project.” 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.