An RM1 billion mixed-used project in Penang Island has finally started earlier this year even though the owner’s bank accounts containing a total of RM209 million has been frozen by the authorities, reported The Star.
Known as Mpire Residences, the development is owned by Penang-based MBI Group, which is among the 302 firms suspected of violating financial rules and were listed under the central bank’s financial consumer alert list.
In fact, the police raided the controversial company’s office and its 98 accounts in eight banks were frozen. Its 50-year-old founder was also arrested earlier this year for flouting the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
According to a source with knowledge of the matter, the integrated project at Bukit Ayun in Bayan Lepas was supposed to start by end-2016.
“I can confirm that it’s still an MBI project, but with all the adverse publicity, they are not very keen to be seen to be involved. The project only started early this year.”
Sited on 3.6 hectares of freehold land, the development will feature 620 condo units, a 20-storey hotel with a total of 300 rooms, a retail office and a shopping centre.
The project consisting of three 43-storey towers is targeted for completion by 2021.
Based on online search, Mpire Residences’ developer is Paramount Solaris, a dormant firm established three years ago whose owners are not known.
Meanwhile, a well-known developer in Penang who is rumoured to be the project’s turnkey contractor insisted that it is not involved in Mpire Residences.
“We can’t stop people from speculating or writing about the project, or its owners. But definitely, we are not in a joint-venture with MBI in the development of Mpire Residences,” said a representative from the developer.
Image sourced from The Star
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