Developer ordered to rebuild bungalow

 Development issues, Malaysian finance/business, Sustainable development  51 Responses »
Feb 252011
 

The Penang Island Municipal Council (MPPP) has ordered Klassik Tropika, a subsidiary of the Mah Sing Group, to rebuild an illegally demolished colonial-era bungalow to its original condition.

This is a step in the right direction. The even bigger question is, what’s going to happen to the RM280 million high-rise plan for the Pykett Avenue site? Will MPPP reject the plan as a lesson to all? Or will the plan eventually be approved when the uproar has died down? The developer had bought the site from a private company in December 2009 for RM38.7 million (RM262 per sq ft), according to a filing with Bursa Malaysia.

See this report from theSun:

Restore building to original condition, developer told
Himanshu Bhatt

GEORGE TOWN (Feb 23, 2011): A developer that has been ordered to rebuild a colonial-era bungalow here after illegally demolishing it last year is required to restore it to its original condition, the Penang government has clarified. Continue reading »

More on the 20 Pykett Avenue land deal

 Accountability, Development issues, Malaysian finance/business  18 Responses »
Jul 292010
 

Some details about the deal involving the 20 Pykett Avenue building, whose demolition over the weekend caught the MPPP by surprise.

In December 2009, the Mah Sing board announced to Bursa Malaysia that its subsidiary Klassik Tropika had entered into a sale and purchase agreement to acquire the 3.4-acre freehold property from Khaw Bian Cheng Sdn Bhd for RM38 million. There were two private caveats on the land.

Khaw Bian Cheng Sdn Bhd was supposed to transfer the land free from all encumbrances and with vacant possession. (I guess you could say it is now ‘vacant possession’.) Continue reading »