56 PR1MA development projects cancelled

KUALA LUMPUR (Oct 18):  A total of 56 development projects under the PR1MA Corporation Malaysia (PR1MA) valued at RM9.98 billion have been cancelled, the Housing and Local Government Ministry (KPKT) said.

The Ministry, in a written reply published in the Parliament website yesterday, said the amount was part of the 131 projects that had earlier been planned with a total value of RM25.64 billion.  

Following due diligence on PR1MA's policies, finances and business model, it was found that the corporation had to improve its financial situation to continue existing projects being carried out, the Ministry said.

“Evaluation done showed only 75 phases were viable of being continued,” the ministry said in its reply to Akmal Nasrullah Mohd Nasir (PH-Johor Bahru), who wanted to know the current direction PR1MA was taking and solutions to be taken as recommended by the evaluation report.

The Ministry said construction was now at more than 50% for all the ongoing projects, with Advertising Permit and Developer Licenses (APDL).