08 June 2015

Iskandar Waterfront to revive abandoned housing project

  08 June 2015
JOHOR BARU - Iskandar Waterfront City Bhd is undertaking a RM65 million abandoned housing project revival in Johor.

In a statement today, Iskandar Waterfront said the project is located in Permas Jaya on the eastern corridor of Johor Baru.

“When launched in 1999, it was touted as Johor’s first waterfront development offering scenic views of the Sungai Tebrau and Sungai Plentong in the area also known as the Plentong Basin.
“With selling prices at between RM100,000 and RM120,000 for a three-bedroom unit with a built-up space of about 1,000 sq ft, the apartments were a major hit with nearly 88% of the 460 units sold at the time.”

Iskandar Waterfront said the four blocks of five-and-10-storey apartments have been left abandoned since 2005 as the developer ran into financial trouble and construction ground to a halt, leaving the buyers in limbo for over 10 years now.

With the project revival, it said all 404 long suffering purchasers of the ill-fated Taman Bayu Tebrau medium-cost apartments, receive keys to their homes by end 2017.

Johor Menteri Besar Datuk Seri Khalid Nordin, who is also the state assemblyman for Permas where the sick project is located, had pledged to rescue and revive the housing estate during the last general election.

Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=527421:adding-to-glut?-iskandar-waterfront-to-revive-abandoned-housing-project&Itemid=3#ixzz3cU494Q5Y

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