KUALA LUMPUR (May 31): The Malaysia Building Society Bhd (MBSB) on Thursday signed a debt settlement agreement for RM120 million with Twin Pavilion Development Sdn Bhd to revive and complete the partially-completed Pantai Plaza project in Bangsar.

MBSB chairman Tan Sri Abdul Halim Ali said the agreement would settle the debts of Atlas Corp Sdn Bhd, the project's previous developer, which has been renamed as Bangsar Trade Centre (BTC).

Speaking to reporters after the signing ceremony, MBSB president and chief executive officer Datuk Ahmad Zaini Othman said the group would also extend a RM120 million end-financing assistance to the project's purchasers.

Twin Pavilion Development chief executive officer Lee Seng Khoon said the construction would commence in August, and would be completed in three stages beginning August next year until December 2014, with the completion of the BTC wholesale mall, followed by the business suits and corporate office tower.

Twin Pavilion Development chairman Tan Sri Ramli Ngah Talib said the BTC would cover a total of 1.4 million sq ft of purpose-built business facility space, with a RM850 million gross development value (GDV), and is expected to welcome an estimated 10,000 people daily.

Federal Territories and Urban Well-Being Minister Datuk Raja Nong Chik Raja Zainal Abidin, who launched the BTC project, said more sites would be identified for redevelopment as the momentum for urban renewal has accelerated under the government's Economic Transformation Programme to reach its full potential.

"There is no doubt that parts of Kuala Lumpur will need urban renewal in the years to come. This is in addition to the areas identified for redevelopment under the Greater Kuala Lumpur project," he said.

He said Pantai Plaza's restoration was timely, and was in line with the upcoming development within the vicinity.

"I am sure KL residents, especially from Pantai Valley, will look forward to BTC's completion as it captures their imagination of what an integrated development in this location should be standing tall as a new entry to the place," he added. — Bernama

SHARE
SPONSORED CONTENT
TRX Residences’ Smart Community App elevates city living to a whole new level

TRX Residences has staked a prominent claim in the nation’s capital city’s skyline with its unmistakable curtain wall façade and skybridge. The newly completed serviced residence sits within Tun Razak Exchange (TRX), Kuala Lumpur’s new central business district and prime landmark.

read more