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“The Selangor Land and Mines Office (PTGS) is refusing to release the titles unless we pay a 12% penalty.

Anwar said that the implementation of development projects that are problematic and facing delays has resulted in an increase in costs and negatively impacted economic growth.

As part of the regularisation plan, the company had on March 31 this year entered into a master development agreement with PKNPk.

Phase 1 will comprise Tower A, which is a 38-storey tower comprising 310 units, with built-ups ranging from 700 sq ft with two bedrooms and one car park bay, to 1,130 sq ft with three plus one bedrooms and two car park bays.

With a gross development value of RM186 million, the 21-storey Casa Embun comprises 482 apartment units, with built-ups ranging from 550 to 1,541 sq ft and selling prices starting from RM250,000.

The property developer said its wholly-owned subsidiary, PGB Iconic Sdn Bhd has entered into a sale and purchase agreement with Besview Holdings Sdn Bhd for the proposed acquisition.

The development consists of two towers, both 41 storeys high, totalling 870 units.

“The real danger is when borrowers are already struggling to service the monthly loan instalment before the OPR increase, they will definitely find it very difficult to pay for even the slightest increase in loan instalments.

In its recent OPR announcement, BNM highlighted that Malaysia’s GDP measure for 2023 indicates an improvement in the nation’s economic activity.

The REIT said the purchase consideration represents a marginal discount of RM500,000 or 1.