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’.)
Mah Sing had described the structure on the land as a “dilapidated unoccupied small bungalow”.
The structure was demolished over the weekend, pre-empting the MPPP. The Council had wanted to assess the site, in view of neighbouring residents’ objections. The project had not yet been given planning approval.
Mah Sing had intended work on the luxury condo project to begin in the second half of 2010.