Ivory Properties still keen on Plaza Rakyat project despite mayor saying no


PETALING JAYA: Ivory Properties Group Bhd said discussions on its agreement to revive the Plaza Rakyat project in Jalan Pudu were “in progress”, despite the Kuala Lumpur mayor announcing that a new contractor would be appointed.

In a Bursa Malaysia announcement, Ivory said discussions between Ivory Place Sdn Bhd and the receiver and manager appointed, Plaza Rakyat Sdn Bhd (PRSB), to extend the conditions precedent period of the acquisition and rehabilitation agreement were in progress.

“Further, Ivory is unaware of the intention and statements made by the mayor regarding other parties being considered for the Plaza Rakyat project and the ongoing arbitration involving PRSB,” the developer said.

According to StarMetro, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said the abandoned Plaza Rakyat project will be revived, but by another contractor who has been identified to carry out the rejuvenation work.

The report added that the arbitrator involved in the negotiations with PRSB and KL City Hall (DBKL) had confirmed that DBKL was lawfully entitled to terminate the agreement because of non-performance and breach by PRSB.

Last Friday, StarBiz had reported that DBKL was looking to appoint a new company to undertake the job.

Mayor Datuk Seri Ahmad Phesal Talib had said that DBKL did not recognise the appointment of Ivory to revive the project.

Ivory, which had won the rights to revive the project through a tender conducted by PRSB in September last year, is still keen on undertaking the job.

Under the agreement, PRSB would transfer the existing sub-lease and all development rights under the joint-venture agreement with DBKL to a subsidiary of Ivory.


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