Only two abandoned housing projects recorded by Ministry
Published on: Thursday, December 01, 2022
By: Ricardo Unto
For Platinum Tower @ 1Sulaman, Isnin said, the Certificate of Occupancy has been obtained on October 4.
Kota Kinabalu: There are only two abandoned housing development projects recorded by the Sabah Local Government and Housing Ministry in the State.Local Government and Housing Assistant Minister Datuk Isnin Aliasnih said the projects are Platinum Tower @ 1Sulaman and Gold Tower @ 1Sulaman.
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He said the Ministry has taken steps to ensure the affected buyers can be helped.
For Platinum Tower @ 1Sulaman, he said, the Certificate of Occupancy has been obtained on Oct 4.
“As for the Gold Tower development, it has been taken over by an external liquidator, UHY (KL) Sdn Bhd.
“The Ministry has established a special committee to deal with this problem. This committee will act as a facilitator for this abandoned project,” he said during question-and-answer session at the State Legislative Assembly sitting, Monday.
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Isnin was responding to a question by Usukan Assemblyman Datuk Seri Mohd Salleh Said Keruak.
Normally, he said, the Ministry will hold a joint meeting with the liquidator who has taken over the management of the developer company and the buyers and financial institutions to seek an understanding to save the project.
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Basically the liquidator will provide several rescue schemes to the buyers.
If the agreement reaches 75 per cent of the home buyers, then the liquidator will appoint a White Knight or a rescue contractor and if approved by the court, the project will be continued by the liquidator and the appointed rescue contractor.
“One such example is the Platinum Tower @ 1Sulaman project which has obtained the Certificate of Occupancy on Oct 4.
“The Ministry has discussed with the liquidator and has been informed that the appointment of a rescue contractor will be made in the near future when the settlement scheme agreement for Gold Tower is reached,” he said.
As for abandoned shop building projects, they will be taken over by the liquidator.
“The liquidator will appoint a White Knight to continue the abandoned store development project.
“The recovery process of the shop development project is similar to the recovery process of the abandoned house where the liquidator will provide some rescue schemes to shop buyers.
“If the agreement reaches 75 per cent of the shop buyers, then the liquidator will appoint a White Knight and approved by the court, the project will be continued by the liquidator and the appointed rescue contractor.”
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