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56 PR1MA development projects cancelled

October 18th, 2019 Leave a comment

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A total 56 development projects under the PR1MA Corporation Malaysia (PR1MA), valued at RM9.98 billion have been cancelled, the Housing and Local Government Ministry (KPKT) said.

The ministry, in a written reply published in the Parliament website yesterday, said the amount was part of the 131 projects that had earlier been planned with a total value of RM25.64 billion.

Following due-diligence on PR1MA’s policies, finances and business model, it was found that the corporation had to improve its financial situation to continue existing projects being carried out, the ministry said.

“Evaluation done showed only 75 phases were viable of being continued,” the ministry said in its reply to Akmal Nasrullah Mohd Nasir (PH-Johor Bahru), who wanted to know the current direction PR1MA was taking and solutions to be taken as recommended by the evaluation report.

The ministry said construction was now at more than 50% for all the ongoing projects and have Advertising Permit and Developer Licenses (APDL).

A quick check at PR1MA website shows that Residensi Batu Ferringhi and Residensi Permatang Pauh in Penang are not affected. However, PR1MA @ Bukit Gelugor has already been removed from the website.

Source: Bernama

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  1. Gabriel
    October 21st, 2019 at 11:26 | #1

    I agree with this move. What the country need is rich people from China and Hong Kong to buy properties here in Malaysia. That way, our property business will prosper. We do not need low cost housing projects because the property developer will suffer.
    This is the way to go. I support this.

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