Sulaman Platinum & Gold Tower

1Sulaman Platinum & Gold Tower

1Sulaman Platinum & Gold Tower was a RM160 million worth development project consisting of condominium, water theme park, recreational park and service apartment by Sagajuta Sabah Sdn Bhd. The project was due on 2012. The construction works started on 2009 but remained unfinished as of 2017.

The project was advertised to be one of the most expensive properties due to its strategic location. The land developed belongs to the Developer itself.

AFFECTED PARTIES

The abandonment of this project had caused many parties to suffer especially the buyers and the end financier.

        1. Developer: Sagajuta (Sabah) Sdn Bhd was declared bankrupt by the High Court Judge, Justice Datuk Douglas Sikayun upon the application of Inland Revenue Board for failure to settle tax arrears amounting to RM8.5 million.

        2. Buyer: Legal actions had been taken by the buyers for the failure to finish the development on time and some others are claiming for Liquidated Assessed Damages.  

        3. Financier: The banks are seeking relief against the buyer for the amount that         had been financed even though the development had been stopped. After the project had been declared abandoned, the buyers are able to request the banks to stop payment of interest and instalment repayment until the OC is obtained.

PROPOSED SOLUTION

According to The Star On line’s post dated 23-06-2016, State Local Government and Housing Minister, Datuk Haji Noor expressed that the project would be declared abandoned and a new developer will be appointed to continue the long overdue construction.  

The Government had indeed declared this project to be abandoned on 24-11-2016 under Section 11(1)(ca) of the Housing Development (Control and Licensing) Act 1966. It was then decided that the government will take over the construction of the buildings after the developer was wound up by the order of the High Court.

On 14-12-2016, EdgeProp published an article saying that KKTP Sdn Bhd, a private company owned by the Ministry of Local government and Housing Sabah had been appointed as administrator of the project and engage with independent professional such as quantity surveyors and accountants to conduct a cost assessment of the development.

After the assessment completed after six months (approximately) the project will be opened for tender.

CURRENT SITUATION

Situated in a 9.6-acre tract of land, the leasehold development comprises 2,058 condominium units and 63 units of shop lexes in two residential towers as well as a water theme park and recreational landscape park.