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Plaza Rakyat, Hyatt Hotel projects to be redeveloped

PUTRAJAYA (Nov 12): Two abandoned projects in Kuala Lumpur's city centre, namely Plaza Rakyat and the Hyatt Hotel, will be redeveloped, says Federal Territories Minister Khalid Abdul Samad.

He said the Plaza Rakyat project, located along Jalan Pudu, had been left idle since 1992, and it would be built by a new developer with the development order to be released later this year after the developer settles certain charges set by the Kuala Lumpur City Hall.

"The Hyatt Hotel project on Jalan Sultan Ismail was initiated in 1993, and abandoned before a series of amendments were made in 1998, 2003 and 2013, but still remains idle. We expect the project to be started by the original developer," he said in a press conference here yesterday.

Khalid said the ministry had set some requirements to ensure the projects were not abandoned again, besides examining the background and financial capabilities of the contractors involved.

"So we have no reason to be skeptical of their capabilities. If they still fail, the developers will lose hundreds of millions of ringgit. We will help them by providing some flexibility and incentives, including a 50% discount on the development charges," he said.

He said the revival of the abandoned projects also showed that development in Kuala Lumpur was still going strong despite the slowdown in the real estate market.

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