This blog is solely created for the purpose of gathering buyers of the Nas Pavilion project in Kuala Lumpur. Before proceeding further, please read the Disclaimer on the right hand column of this article.
Was this project was launched, implemented and spearheaded by mixture of prominent politician(s) and lawyer(s)? I don't know. You be the judge.
Do take time to read all articles and links from within this blog. Credit goes to the authors of articles (the 'excerpts') as none of them were written by me. I'm merely gathering whatever i can find out there for all the buyers.
If you wish to list down your S&P lawyers at this site, please do so by emailing naspavilion@gmail.com . Your S&P lawyers may also be of assistance to you as a buyer.
I have done my own research on the background and history of this project, the countless number of times it has changed hands, Bursa Malaysia filings of the contractors (with regards to the parent development company) and the background of the directors of this development. I hope you do your own research as well and keep the committee or YB Fong updated.
The committee involved may contact this site's author at naspavilion@gmail.com to post all updates to buyers. This may include banner protests, meetings with the committee members, meetings with lawyers and meetings with YB Fong Kui Lun of Bukit Bintang.
The buyers involved may also contact this site's author at naspavilion@gmail.com to contact the committee members. I shall pass your information / contact to the person in charge.
You can update us with what you know about this project at the 'Comments' section of this article or email us for other additional inquiry.
NB I'm a very busy person (i apologize) so do give me ample time to respond to any inquiries or to post any updates with regards to the Nas Pavilion project.
Saturday, December 13, 2008
29/11/2008 - 質疑銀行允第二發展商接手‧遭擱置公寓業主報反貪局
Excerpt from YB Fong's Blog
（吉隆坡）燕美路某擱置公寓行動委員會成員在行動黨武吉免登國會議員方貴倫的陪同下，前往聯邦直轄區反貪污局投報，要求反貪局徹查為何銀行批准財政背景不強的第二個發展商，向購屋者收取10%的首期。
Read More Here
（吉隆坡）燕美路某擱置公寓行動委員會成員在行動黨武吉免登國會議員方貴倫的陪同下，前往聯邦直轄區反貪污局投報，要求反貪局徹查為何銀行批准財政背景不強的第二個發展商，向購屋者收取10%的首期。
方 貴倫表示，行動委員會成員於今日（週四，11月27日）進行投報，主要是質疑為何銀行會允許財政背景不強的第二個發展商接手工程，并向逾200名新的購屋 者收取10%首期。第二個發展商在2002年至2004年之間接手工程，但之後卻失蹤了。據瞭解，該公寓共有20%至30%的外國購屋者。
他說，反貪污局接受了行動委員會成員的投報，並建議行動委員會成員前往警局商業罪案調查組報案。基於此，委員會成員將在較後直接前往警局報案。“除了向警方報案，我也將於下個星期陪同行動委員會成員前往財政部，向財政部反映此事，以及瞭解銀行方面的做法。”
他表示，銀行應該退回100%的首期，并加上過去幾年來的利息給購屋者，而不是退回首期的10%而已。他將繼續為購屋者爭取權益，並在國會上向財政部施壓，要求正視此問題。Read More Here
14/12/2008 - Buyers Form Committee To Get Back Money
Excerpt from NST Online
KUALA LUMPUR: Buyers of the abandoned CN Gallery and Nas Pavillion projects in Jalan Imbi have decided to form an action committee to get back their deposit money.
Fong said about 30 per cent of the buyers were from countries such as Japan, Singapore, Australia, Indonesia and the Middle East.
"The abandoned project has tarnished the image of the country and it is only proper that the government helps those affected to get back their money," he added.
Read More Here
KUALA LUMPUR: Buyers of the abandoned CN Gallery and Nas Pavillion projects in Jalan Imbi have decided to form an action committee to get back their deposit money.
The decision was made at a meeting attended by some of the buyers and Bukit Bintang MP Fong Kui Lun and Segambut MP Lim Lip Eng in Pudu on Saturday.
It was also proposed that the buyers lodge a report with the anti corruption agency on the abandoned projects.
Fong said: "The action committee will seek the help of the finance ministry."
Fong said about 30 per cent of the buyers were from countries such as Japan, Singapore, Australia, Indonesia and the Middle East.
"The abandoned project has tarnished the image of the country and it is only proper that the government helps those affected to get back their money," he added.
Read More Here
22/11/2008 - 新闻背景:工程多次搁置
Excerpt from Nanyang
Nas Pavilion商业住宅区位于燕美路，与成功时代广场、金河广场及御苑酒店四角鼎立。有关计划早在１９８８年动工，原称CN Gallery。
由于地处黄金地带，购屋者缴付了３０% 至４０% 订金预订单位，惟有关工程却在９０年代因首任发展商面对财务问题而搁置。之后，由另一家发展商接手，并在报章登广告售屋。
Read More Here
Use http://translate.google.com for Chinese to English translation. Read instructions given on how to use the web browser based translator.
Nas Pavilion商业住宅区位于燕美路，与成功时代广场、金河广场及御苑酒店四角鼎立。有关计划早在１９８８年动工，原称CN Gallery。
Nas Pavillion 共有４栋建筑物，计有３０层、２８层和２０层公寓及办公室，１栋５层楼的商业中心，总面积１．３５英亩。
由于地处黄金地带，购屋者缴付了３０% 至４０% 订金预订单位，惟有关工程却在９０年代因首任发展商面对财务问题而搁置。之后，由另一家发展商接手，并在报章登广告售屋。
Read More Here
Use http://translate.google.com for Chinese to English translation. Read instructions given on how to use the web browser based translator.
5/5/2008 - Konsep Bina Dan Jual Dapat Atasi Projek Rumah Terbengkalai, Kata Nor Mohamed
Excerpt from Bernama
KUALA LUMPUR, 5 Mei (Bernama) -- Projek perumahan yang terbengkalai boleh diatasi dengan menggunakan konsep di mana pemaju membina rumah dahulu dan kemudian dijual kepada pembeli, kata Menteri Kewangan Kedua Tan Sri Nor Mohamed Yakcop.
"Kerajaan telah pun memikirkan satu alternatif untuk membeli rumah selepas rumah sudah siap dan dengan menggunakan kaedah ini, isu tentang rumah terbengkalai, projek terbengkalai tidak akan wujud," katanya semasa sesi soal jawab di Parlimen hari ini.
Beliau juga berkata bahawa kaedah "siap dan jual" masih baru di negara ini jika dibandingkan dengan negara-negara lain.
Beliau berkata demikian ketika menjawab soalan tambahan Fong Kui Lun (DAP-Bukit Bintang) yang bertanyakan mengenai rancangan kerajaan untuk menyelamatkan projek seperti Plaza Rakyat dan Nas Pavilion yang masih terbengkalai sejak 12 tahun yang lalu sehingga ramai pembeli berhadapan masalah kewangan dan terpaksa membayar balik wang kepada bank dan institusi kewangan.
Nor Mohamed juga menjelaskan bahawa dua buah projek ini akan diselesaikan oleh Dewan Bandaraya Kuala Lumpur.
Sementara itu, beliau berkata kerajaan telah pun mengambil beberapa langkah untuk memastikan projek terbengkalai tidak akan berulang.
Read More HereSorry, there are no Malay to English web translators out there. Perhaps someone out there can summarise this in English in the 'Comments' section of this article.
15/9/2008 - Mohon Campur Tangan Kerajaan
Excerpt from Utusan Malaysia
Sorry, there are no Malay to English web translators out there. Perhaps someone out there can summarise this in English in the 'Comments' section of this article.
Ahli Parlimen Bukit Bintang, Fong Kui Lun berkata, projek itu yang telah dua kali bertukar pemilik tetapi sehingga kini ia masih tidak dapat disiapkan.
"Para pembeli akan berdepan kerugian yang besar kerana terikat dengan perjanjian 'Scheme Of Compromise' di mana mereka akan dibayar antara 10 hingga 20 peratus daripada keseluruhan wang pendahuluan yang dibayar.
"Sebagai contoh, seorang pembeli akan hanya dapat sebanyak RM1,000 ke RM2,000 jika sudah membayar sebanyak RM10,000 wang pendahuluan,'' katanya ketika ditemui di sini.
Read More HereSorry, there are no Malay to English web translators out there. Perhaps someone out there can summarise this in English in the 'Comments' section of this article.
4/12/2004 - SERVICED APARTMENTS ARE ON THE RISE AGAIN
Excerpt from Property Times, New Straits Times
Serviced apartments were popular in Kuala Lumpur during the early 1990s, a time when there was an influx of expatriates and the country’s economy was thriving. That market however dried up when the Thai baht collapsed bringing with it, the rest of the region’s economies.
Serviced apartments were popular in Kuala Lumpur during the early 1990s, a time when there was an influx of expatriates and the country’s economy was thriving. That market however dried up when the Thai baht collapsed bringing with it, the rest of the region’s economies.
There has been a resurgence lately as developers rush to meet the upswing in demand which stemmed primarily from real estate investors’ search for investment opportunities. The new developments however are those which offer condominium units or “serviced residences” for sale, and buyers are given an opportunity to place their units into a rental program to defray the cost of owning them. In most of the cases, participation in the rental program is strictly at the election of the unit owner.
For this type of development, the Ministry of Housing has tracked a total stock of 2,710 units in Kuala Lumpur currently, with another 2,704 units which are in various stages of planning and development. Serviced apartments which are owned and run by hoteliers or other corporations as an alternative to hotel accommodation, make up another 2,197 units from 16 existing developments and are reported along with hotel properties under the Leisure Property Stock Report published by NAPIC (Q4, 2003).
Read More Here
Look under the 'Hot Property' header of the article above (link provided).
8/2/2004 - Serviced Apartment Boom In Klang Valley
Excerpt from The Star
Nas Pavilion is quoted on the 7th paragraph of the article. Click below to view.
Read More Here
Nas Pavilion is quoted on the 7th paragraph of the article. Click below to view.
Read More Here
4/7/2008 - MENDESAK KERAJAAN MENYELAMATKAN SEGERA PROJEK TERBENGKALAI – PLAZA RAKYAT DAN NAS PAVILION DI KUALA LUMPUR
Excerpt from YB MP Fong Kui Lun's Blog
Tuan Yang Di pertua,
Ada dua projek mega yang terletak dalam kawasan Parlimen Bukit Bintang yang lama terbengkalai. Satu ialah projek pembinaan Plaza Rakyat di Jalan Pudu, Kuala Lumpur dan yang kedua ialah Projek Nas Pavilion (dulu dikenali sebagai C N Gallery) terletak di Jalan Imbi, Kuala Lumpur. Projek Plaza Rakyat yang dibina dalam tahun 1997 telah terbengkalai selepas asas atau tapak bangunan disiapkan. Nama Plaza Rakyat menjadi sebutan rakyat dan pelancong-pelancong asing sehinggakan stesen Star LRT yang terletak di sebelahnya turut dinamakan Stesen Plaza Rakyat dan menenggelamkan nama Stesen Puduraya yang termasyhur dengan keadaan kesesakan lalulintas terutama bas. Malangnya selepas 11 tahun berlalu keadaan tapak pembinaan sungguh mengaibkan Bandaraya Kuala Lumpur di mata dan pemandangan para pelancong asing.
Projek ini ialah projek usahasama swasta dan Dewan Bandaraya Kuala Lumpur. Ramai pembeli lot bangunan telah melaburkan wang mereka dalam projek ini. Bukan sahaja mereka rugi kerana tidak mendapat balik modal dan kehilangan perniagaan disitu tetapi mereka dikejar oleh bank-bank bagi mengutip balik pinjaman yang dibuat dan dikenakan caj faedah keatas pinjaman yang tinggi.
Read More Here
Sorry, there are no Malay to English web translators out there. Perhaps someone out there can summarise this in English in the 'Comments' section of this article.
Tuan Yang Di pertua,
Ada dua projek mega yang terletak dalam kawasan Parlimen Bukit Bintang yang lama terbengkalai. Satu ialah projek pembinaan Plaza Rakyat di Jalan Pudu, Kuala Lumpur dan yang kedua ialah Projek Nas Pavilion (dulu dikenali sebagai C N Gallery) terletak di Jalan Imbi, Kuala Lumpur. Projek Plaza Rakyat yang dibina dalam tahun 1997 telah terbengkalai selepas asas atau tapak bangunan disiapkan. Nama Plaza Rakyat menjadi sebutan rakyat dan pelancong-pelancong asing sehinggakan stesen Star LRT yang terletak di sebelahnya turut dinamakan Stesen Plaza Rakyat dan menenggelamkan nama Stesen Puduraya yang termasyhur dengan keadaan kesesakan lalulintas terutama bas. Malangnya selepas 11 tahun berlalu keadaan tapak pembinaan sungguh mengaibkan Bandaraya Kuala Lumpur di mata dan pemandangan para pelancong asing.
Projek ini ialah projek usahasama swasta dan Dewan Bandaraya Kuala Lumpur. Ramai pembeli lot bangunan telah melaburkan wang mereka dalam projek ini. Bukan sahaja mereka rugi kerana tidak mendapat balik modal dan kehilangan perniagaan disitu tetapi mereka dikejar oleh bank-bank bagi mengutip balik pinjaman yang dibuat dan dikenakan caj faedah keatas pinjaman yang tinggi.
Read More Here
Sorry, there are no Malay to English web translators out there. Perhaps someone out there can summarise this in English in the 'Comments' section of this article.
17/12/2007 - Kuala Lumpur Project 2008 Outlook
Excerpt from the Malaysia City blog
To be launched
Nas Pavilion is listed towards the end of that blog entry.
To be launched
—
KL CBD
1. Millennium Residence [1 tower / 42+15-height / City Developments Singapore]
2. Idaman Bintang [3 towers / TA Properties]
3. TA3 and TA4 [2 towers / 60,35 / TA Properties]
4. Cecil Chao Phase 2 [4 towers / Cheuk Nang of Hong Kong]
5. St Mary KL [Parcel I, II and hotel III / 3 towers in Parcel I / 28,28,28 / E&O Properties]
6. Setia Sky Residences [SP Setia]
7. Menara YNH [1 tower / 45 / YNH Properties]
8. The Pearl @ KLCC [1 tower / Malton Group]
9. Swiss-Residences [2 towers / 37,33 / PJD]
10. 6 Stonor [1 tower / Tan&Tan]
11. Regalia @ Sultan Ismail [1 tower / Mayland Group]
12. Taragon Puteri KL [1 tower + 1 tower for Rendezvous Hotel / 27,27 / revived by Bluestone Group from abandoned Menara Li-Foong]
Nas Pavilion is listed towards the end of that blog entry.
1/2/2004 - Striking Gold In The Golden Triangle
Excerpt from Malaysian Business
THE NAS Pavilion, the latest addition to Kuala Lumpur's Golden Triangle, officially opened its first phase of service apartments for sale on Jan 9, 2004.
THE NAS Pavilion, the latest addition to Kuala Lumpur's Golden Triangle, officially opened its first phase of service apartments for sale on Jan 9, 2004.
`The completed phase one, which is the furnished service residences, will feature a total of 438 units, ranging from as low as RM198,800 up to between RM568,680 and RM1,601,460 for the nine penthouse units,' says Mohd Nasrizal Abdul Aziz, executive chairman of Urban Shift Sdn Bhd, at the project's launch.
On hand to officiate the launch was Datuk Dr. Jamaludin Datuk Mohd Jarjis, the Domestic Trade and Consumer Affairs Minister, Datuk Abdul Aziz Shamsuddin, the Deputy Minister of Education, and other VIPS.
Read More Here6/12/2008 - Nas Pavilion工程擱置
Excerpt from China Press不滿僅取回10%訂金 50購屋者拉橫幅抗議
（吉隆坡18日訊）約50名Nas Pavilion商業住宅區購屋者，今日在已被擱置的工地外，拉起橫幅宣洩不滿，並要求政府接管給予合理的賠償及交代！
今日聚集在工地外的購屋者，部分是來自外國，包括新加坡及日本等。武吉免登國會議員方貴倫也有出席。
方貴倫指出，幾乎所有購屋者，不能接受高庭宣判每人只能取回所付的10%訂金。
“Nas Pavilion早于1988年開始動工，原稱為CN Gallery，位于黃金地帶，與成功時代廣場、金河廣場及御苑酒店，四角鼎立在吉隆坡金三角。”
他說，有關地段面積占約1.35英畝，當年每平方尺值約200令吉，如今已飆升至每平方呎2000令吉，總值高達1億1800萬令吉。
“這項計劃包含4座建築物，分別為30層及28層樓高的公寓，20層樓高的商業及公寓綜合單位，以及一座5層樓的商業區，售價介于20萬至50萬令吉之間。”
Read More Here
14/12/2008 - Flying To KL For A Protest
Excerpt from the New Straits Times
KUALA LUMPUR: Japanese Saito Kenji flew all the way to Kuala Lumpur just to join a protest against a developer here over a failed condominium project.
"I paid RM30,000 down-payment for a condominium apartment and I want to know what is happening to it," he said.
Saito had bought his apartment in the Nas Pavilion project which is in the city's Golden Triangle area. The project, previously financed by Multi-Purpose Credit Sdn Bhd, has been abandoned and the land is now under RHB Bank.
Saito joined other buyers who have called on the government to intervene.
The project was to consist of one 30-storey and one 28-storey block of condominium apartments, 20-storey offices and a five-storey shopping complex.
Read More Here
Emporis - Status Of Nas Pavilion Tower Construction
Emporis is the leading company for building data on a worldwide basis. The Emporis site may not be updated as it is contributed by the community.
Read More Here
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13/1/2004 - Skyscraper Forum
Excerpt from the Skyscrapercity Forum
from thestar.com.my
Urban Shift sees RM350m sales from KL project
By HONG BOON HOW
URBAN Shift Sdn Bhd is forecasting revenue of RM350mil from its NAS Pavilion residence and integrated commercial project in Kuala Lumpur's Golden Triangle district.
Executive chairman Mohd Nasrizal Abdul Aziz said the project would form Kuala Lumpur's newest landmark along Jalan Imbi and consist of a 4-in-1 facility which included furnished serviced apartments, a shopping arcade, an office tower and a clubhouse.
''We have received encouraging sales and have sold more than 40% of the 438 units of furnished serviced apartments under phase one during the soft pre-launch two weeks ago,'' he said at the official launch of NAS Pavilion in Kuala Lumpur on Friday.
Nasrizal said the company expected 20% more of its serviced apartment units, priced between RM198,800 and RM568,680, and the nine penthouses, priced up to RM1.6mil, to be taken up by the end of this week.
The NAS Pavilion project was launched by Domestic Trade and Consumer Affairs Minister Datuk Dr Jamaludin Jarjis and attended by Deputy Education Minister Datuk Abdul Aziz Shamsuddin.
Nasrizal said the property, occupying a 1.35-acre freehold site, had superb location due to its close reach to the KL Monorail, and major bus and taxi routes.
''Not that you would need to go far, being right in the middle of the shopping belt and the Bukit Bintang area, all the major attractions for shoppers and visitors are also provided within NAS Pavilion such restaurants, and entertainment and shopping outlets,'' he said.
Nasrizal said the serviced apartments were scheduled for completion by January 2007.
The remaining phases to be launched will be the NAS Pavilion Shopping Arcade, a 6-storey shopping mall with 300 shoplots ranging from 170 sq ft to 1,020 sq ft, the NAS Pavilion Office Tower which is ideal for stock broking, sophisticated legal, accounting, advertising and consultant services, and the NAS Pavilion Clubhouse, a 18,000 sq ft recreational area for all NAS Pavilion residents.
Nasrizal said the company had allocated RM1.2mil to promote the NAS Pavilion project this year and that buyers of the serviced apartments stood a chance to win the latest BMW 5 series saloon valued around RM300,000 as the grand prize.
Urban Shift has appointed PJD Construction as the main contractor and Kim Realty as the sole marketing agent for the NAS Pavilion project.
Read More Here . Read all pages at the forum.
from thestar.com.my
Urban Shift sees RM350m sales from KL project
By HONG BOON HOW
URBAN Shift Sdn Bhd is forecasting revenue of RM350mil from its NAS Pavilion residence and integrated commercial project in Kuala Lumpur's Golden Triangle district.
Executive chairman Mohd Nasrizal Abdul Aziz said the project would form Kuala Lumpur's newest landmark along Jalan Imbi and consist of a 4-in-1 facility which included furnished serviced apartments, a shopping arcade, an office tower and a clubhouse.
''We have received encouraging sales and have sold more than 40% of the 438 units of furnished serviced apartments under phase one during the soft pre-launch two weeks ago,'' he said at the official launch of NAS Pavilion in Kuala Lumpur on Friday.
Nasrizal said the company expected 20% more of its serviced apartment units, priced between RM198,800 and RM568,680, and the nine penthouses, priced up to RM1.6mil, to be taken up by the end of this week.
The NAS Pavilion project was launched by Domestic Trade and Consumer Affairs Minister Datuk Dr Jamaludin Jarjis and attended by Deputy Education Minister Datuk Abdul Aziz Shamsuddin.
Nasrizal said the property, occupying a 1.35-acre freehold site, had superb location due to its close reach to the KL Monorail, and major bus and taxi routes.
''Not that you would need to go far, being right in the middle of the shopping belt and the Bukit Bintang area, all the major attractions for shoppers and visitors are also provided within NAS Pavilion such restaurants, and entertainment and shopping outlets,'' he said.
Nasrizal said the serviced apartments were scheduled for completion by January 2007.
The remaining phases to be launched will be the NAS Pavilion Shopping Arcade, a 6-storey shopping mall with 300 shoplots ranging from 170 sq ft to 1,020 sq ft, the NAS Pavilion Office Tower which is ideal for stock broking, sophisticated legal, accounting, advertising and consultant services, and the NAS Pavilion Clubhouse, a 18,000 sq ft recreational area for all NAS Pavilion residents.
Nasrizal said the company had allocated RM1.2mil to promote the NAS Pavilion project this year and that buyers of the serviced apartments stood a chance to win the latest BMW 5 series saloon valued around RM300,000 as the grand prize.
Urban Shift has appointed PJD Construction as the main contractor and Kim Realty as the sole marketing agent for the NAS Pavilion project.
Read More Here . Read all pages at the forum.
29/6/2004 - Two Serviced Apartment Projects In KL Resuscitated
Excerpt from the National House Buyers Association
29/06/2004 theedgedaily.com
Two abandoned serviced apartment projects in Kuala Lumpur (KL) that were initiated in the mid-1990s are being revived, offering a ray of hope to their investors, while expanding the supply of such buildings in the city centre.
Both developers tell City & Country they are confident of strong demand for the respective serviced residences, citing the city address as the main lure. They also see young professionals and corporate figures being drawn by the convenient location as well as potential good returns on investment.
Read More Here
29/06/2004 theedgedaily.com
Two abandoned serviced apartment projects in Kuala Lumpur (KL) that were initiated in the mid-1990s are being revived, offering a ray of hope to their investors, while expanding the supply of such buildings in the city centre.
One of them, formerly undertaken by Instangreen Corp Bhd, sits on a 1.5-acre freehold site on Jalan Tun Razak. Known as Tristar previously, the project, which is only about 30% built, is now is in the hands of LBS Bina Group Bhd (which has taken over the listing status of Instangreen) and has been renamed Golden Avenue.
The second project, formerly known as CN Gallery, is on Jalan Imbi. It was developed by Metro Jelita Sdn Bhd, which had gone into receivership following the 1997/98 financial crisis. Urban Shift Sdn Bhd is reviving the project, which has been renamed Nas Pavilion.
Both developers tell City & Country they are confident of strong demand for the respective serviced residences, citing the city address as the main lure. They also see young professionals and corporate figures being drawn by the convenient location as well as potential good returns on investment.
Read More Here
24/5/2004 - Nas Pavilion Project Gets Good Response
Excerpt from the National House Buyers Association
BT 24/05/2004 By OOI TEE CHING
THE revived RM377 million Nas Pavilion project, undertaken by Urban Shift Sdn Bhd, has received encouraging response since the launch of its first phase four months ago.
To date, 85 per cent of the service apartments and 50 per cent of the retail units have been sold. Out of the service apartments sold, 15 per cent was taken up by foreigners, mainly Indonesians.
“We salvaged the abandoned project from Metro Jelita Sdn Bhd at a bargain price after it went into receivership a while ago. Our buyers can be assured that we are committed to delivering within three years as stipulated in the sale and purchase agreement,” Urban Shift director Datuk Muhammad Shafee Abdullah said.
He was speaking at the launch of the second phase by Second Deputy Finance Minister Datuk Dr Ng Yen Yen in Kuala Lumpur on Saturday. Nas Pavilion is located along Jalan Imbi, near Berjaya Times Square.
Nas Pavilion boasts of exclusive furnished and serviced residences, a six-storey shopping mall, an intelligent office tower and comprehensive clubhouse facilities.
Speaking to reporters later, Dr Ng said the Government’s recent suggestion that developers may be asked to “build then sell” is meant to protect house buyers without over-regulating the building industry.
The concept suggests that buyers pay 10 per cent as downpayment and the remaining 90 per cent on completion of their property.
In implementing the “build then sell” policy, Dr Ng reassured builders that the Government will ensure there are no sudden upheavals in the industry.
Read More Here
BT 24/05/2004 By OOI TEE CHING
THE revived RM377 million Nas Pavilion project, undertaken by Urban Shift Sdn Bhd, has received encouraging response since the launch of its first phase four months ago.
To date, 85 per cent of the service apartments and 50 per cent of the retail units have been sold. Out of the service apartments sold, 15 per cent was taken up by foreigners, mainly Indonesians.
“We salvaged the abandoned project from Metro Jelita Sdn Bhd at a bargain price after it went into receivership a while ago. Our buyers can be assured that we are committed to delivering within three years as stipulated in the sale and purchase agreement,” Urban Shift director Datuk Muhammad Shafee Abdullah said.
He was speaking at the launch of the second phase by Second Deputy Finance Minister Datuk Dr Ng Yen Yen in Kuala Lumpur on Saturday. Nas Pavilion is located along Jalan Imbi, near Berjaya Times Square.
Nas Pavilion boasts of exclusive furnished and serviced residences, a six-storey shopping mall, an intelligent office tower and comprehensive clubhouse facilities.
Speaking to reporters later, Dr Ng said the Government’s recent suggestion that developers may be asked to “build then sell” is meant to protect house buyers without over-regulating the building industry.
The concept suggests that buyers pay 10 per cent as downpayment and the remaining 90 per cent on completion of their property.
In implementing the “build then sell” policy, Dr Ng reassured builders that the Government will ensure there are no sudden upheavals in the industry.
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