LOT owners are optimistic about the abandoned Plaza Rakyat after the Federal Territories Ministry announced it will be reviving the mixed-development project.

However, they want to meet with Federal Territories Minister Khalid Samad to resolve the status of their original purchase deal.

Plaza Rakyat pro tem committee spokesman Ng Pang Wah told The Malaysian Insight that they have not received any information despite contacting the ministry several times.

“We are happy to know Khalid will be reviving the project.

“We are optimistic and we look forward to meeting Khalid. We want an amicable solution to this issue.”

Ng said despite waiting for years, they are glad something is finally being done.

Last month, Khalid said two abandoned projects in Kuala Lumpur, namely Plaza Rakyat and Hyatt Hotel, will be redeveloped.

He said Plaza Rakyat, in Jalan Pudu, would be built by a new developer, with the development order to be released later this year after charges set by Kuala Lumpur City Hall (DBKL) are settled.

The Malaysian Insight reported that 19 lot owners demanded that they be charged the same price for their units, as stated in the sales and purchase (S&P) agreement signed more than two decades ago, when the development project restarts.

Lawyer Manpal Singh Sacdev, representing the buyers, said it is the responsibility of the ministry to commit and fulfil agreements involving Plaza Rakyat.

He said DBKL, as the landowner, is responsible for abiding by the agreement.

It was reported in May that Guangzhou Xu Zhuo Enterprise Management Co Ltd proposed to buy a 43% stake in project developer Profit Consortium Sdn Bhd, and that the China-based firm was expected to pay off the outstanding debt due to DBKL and recommence work on Plaza Rakyat.

The project is a mixed development comprising a 79-storey office tower, 46-storey condominium block, 24-storey hotel and seven-storey shopping centre.

It was abandoned in 1998, following the 1997 Asian financial crisis. – December 5, 2019.