Kuala lumpur: More than 1,500 sick and abandoned private housing projects nationwide have been successfully revived by the Ministry of Housing and Local Government's (KPKT) special task force from 2023 to May this year. Housing and Local Government Minister Nga Kor Ming stated that these recovery efforts involved 1,576 projects comprising 188,525 housing units, with a total estimated gross development value of RM148.21 billion.
According to BERNAMA News Agency, the achievement reflected KPKT's continued commitment to strengthening the nation's housing sector through the Task Force on Sick and Abandoned Private Housing Projects (TFST), which was established in 2023. Nga highlighted the effectiveness of the task force through the revival of the landmark M101 Skywheel development project. This project was previously stalled due to the impact of the COVID-19 pandemic and financial constraints but has since been successfully rescued.
Nga mentioned that the revival of this project represents broader national efforts led by KPKT to address the issue of abandoned housing developments and safeguard the interests of homebuyers. He spoke about this during the groundbreaking ceremony for KL360. The earlier suspension of the M101 Skywheel project had affected 337 purchasers, involving Sale and Purchase Agreements (SPAs) with a combined value exceeding RM306 million.
GD Properties later stepped in as the white knight developer to revive the project, now rebranded as KL360 Menara GD. This decision was made after considering both the development's potential and its responsibility towards affected buyers. With the support of KPKT and cooperation from various stakeholders, a comprehensive recovery scheme was successfully formulated and secured the approval of a majority of purchasers before being endorsed by the High Court in 2024.
Nga encouraged more property developers to actively participate in reviving projects facing similar challenges while working together to strengthen the nation's housing agenda. He emphasized the importance of ensuring that every sen paid by homebuyers is used solely for the development of the promised projects, and that every home purchased is completed and delivered to buyers on schedule.
The 61-storey KL360 Menara GD is a mixed development project with a gross development value of RM1.37 billion. It is located within Kuala Lumpur's central business district and adjacent to the Raja Uda Mass Rapid Transit station along Jalan Tun Razak. The project, which stalled after its launch in 2017, has been rejuvenated and will comprise 785 serviced apartment units, 221 office suites, and 20 retail lots. It will also feature 40 health, fitness, and lifestyle amenities, with full completion targeted by 2030.