Posted: 29 Sep 2011 11:47 PM PDT
MALACCA: The RM1.46bil troubled Pulau Melaka reclaimed island project is set to become a new tourist and property investment attraction as work to revive it nears completion.
Chief Minister Datuk Seri Mohd Ali Rustam said apart from the existing and new housing and commercial lots, the project would also house several high-end tourism developments.
"Some of the upcoming tourism products include Wild Life Theatre, Malaysia Eye and Theme Park, Cable Car, the Arab City and five-star hotels," he said here yesterday.
Mohd Ali said the restoration involved 1,176 existing commercial units with eight blocks (comprising 228 units) under construction.
"The work progress is encouraging and the restoration is expected to be completed by November," he said.
The state, via Chief Minister Incorporated (CMI) had started work on the abandoned project, off the coast of Banda Hilir in December last year after it took possession of the island project from developers who had failed to revive the project.
Covering some 40ha, the project was launched in mid-1996 by Pulau Berkembar Sdn Bhd Talam Bhd, a subsidiary of Talam Corporation Sdn Bhd, but was abandoned in the late 1990s following the global economic downturn.
A legal tussle ensued when the state government tried to take over.
But there was closure after the Court of Appeal ruled in favour of the state.
One of the issues that needs to be resolved is the problem faced by some 1,000 buyers who were left in the lurch when the project was abandoned several times since its launch in the mid-1996.
As of Sept 20, Mohd Ali noted that 532 original buyers had come forward and had been offered their respective units through new sale and purchase agreements with CMI.
"We urge those who have not come forward to do so before the agreement signing between buyers and CMI on Oct 14.
"After the date, original buyers who do not come forward to sign the new agreement will have their units sold to other interested parties," he said.
Article taken from The Star Online, Monday September 26, 2011.
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