More than 1,500 sick and abandoned private housing projects nationwide revived by KPKT from 2023 to May this year, says Nga Kor Ming.
KUALA LUMPUR: More than 1,500 sick and abandoned private housing projects nationwide have been successfully revived by the Ministry of Housing and Local Government’s (KPKT) special task force from 2023 to May this year.
Housing and Local Government Minister Nga Kor Ming said the recovery efforts involved 1,576 projects comprising 188,525 housing units, with a total estimated gross development value (GDV) of RM148.21 billion.
He said the achievement reflected KPKT’s continued commitment to strengthening the nation’s housing sector through the Task Force on Sick and Abandoned Private Housing Projects (TFST), which was established in 2023.
According to Nga, the effectiveness of the task force can be seen through the revival of the landmark M101 Skywheel development project, which was previously stalled due to the impact of the COVID-19 pandemic and financial constraints but has since been successfully rescued.
“The revival of this project reflects broader national efforts led by KPKT to address the issue of abandoned housing developments and safeguard the interests of homebuyers,” he said when officiating the groundbreaking ceremony for KL360 here today.
On the M101 Skywheel project, Nga said its earlier suspension had affected 337 purchasers, involving Sale and Purchase Agreements (SPAs) with a combined value exceeding RM306 million.
He said GD Properties subsequently stepped in as the white knight developer to revive the project, which has since been rebranded as KL360 @ Menara GD, after taking into account both the development’s potential and its responsibility towards affected buyers.
According to him, with the support of KPKT and the cooperation of various stakeholders, a comprehensive recovery scheme was successfully formulated, securing the approval of a majority of purchasers before being endorsed by the High Court in 2024.
“I would like to call on more property developers to come forward and play an active role in helping to revive projects facing similar challenges, while working together to strengthen the nation’s housing agenda.
“Our objective is clear – to ensure that every sen paid by homebuyers is used solely for the development of the projects promised, and that every home purchased is completed and delivered to buyers on schedule,” he said.
The 61-storey KL360 @ Menara GD is a mixed development project with a gross development value of RM1.37 billion, located within Kuala Lumpur’s central business district (CBD) and adjacent to the Raja Uda Mass Rapid Transit (MRT) station along Jalan Tun Razak.
The project, which stalled after its launch in 2017, has been given a new lease of life and will comprise 785 serviced apartment units, 221 office suites and 20 retail lots. It will also feature 40 health, fitness and lifestyle amenities, with full completion targeted by 2030.
