Image courtesy of www.starproperty.my
Plaza Rakyat commercial project in Jalan Pudu, Kuala Lumpur, soon will be face lifted by Ivory Properties Group Bhd (IPGB).. The project of reviving the commercial development of the Plaza Rakyat commercial project in Jalan Pudu, is essential as the project has been abandoned due to the 1997/98 Asian financial crisis, with a revised RM8bil gross development value (GDV).
Chief executive officer of Ivory Properties Group, Datuk Low Eng Hock said the initial plan for Plaza Rakyat would be redesigned in order to accommodate integrated transportation and business hub with serviced apartments to cater to expatriates, as well as affordable housing components for the young people in the city.
The original plan was for a 79-storey office tower, 45-storey serviced apartment, 21-storey hotel and seven-storey shopping mall.
“The entire development, which already has an LRT station as part of its existing infrastructure, is poised to be one of the massive projects in the heart of the city centre.
“It is expected to span eight years from commencement of work. We hope to turn Pudu into yet another happening, sustainable commercial and business hub by then,” Low said.
On Thursday, IPGB via subsidiary Ivory Place Sdn Bhd signed a conditional agreement with Plaza Rakyat Sdn Bhd for the proposed transformation of the project with the lease by Kuala Lumpur City Hall (DBKL) over the project land. the incomplete and abandoned structures and the development rights, interests and benefits on the lease for RM400mil.
Ivory Place would submit the proposed development plans to the relevant authorities for approval after reaching an agreement with DBKL. Wembley Industries Holdings Bhd collaborated with DBKL is the first to introduce Plaza Rakyat in 1995.
The project, was then estimated about RM1.4bil multi-modal transport terminus and commercial and residential project located strategically in the capital.
Low said the group was confident of reviving the project given its proven track record as the white knight for abandoned projects in Penang.
“Over the years, IPGB has creatively and successfully revived several projects including the long abandoned Mount Erskine development, with its first phase development – The Peak Residences – completed and handed over to purchasers by the end of this year,” he added.
Article source from www.starproperty.my