Ivory Properties Group Bhd has aborted its plan to redevelop a 4.45acre site in Cheras into 800 apartment units, reported The Sun Daily.
This comes as the memorandum of understanding (MoU) signed by the company in July last year with Upper Label Sdn Bhd and Taman Segar Management Corporation had lapsed on 11 July 2018. The parties had also mutually agreed to terminate the MoU.
The property developer noted that the termination of the MoU, which is non-binding, does not have any financial impact on them.
Under the MoU, the parties were to demolish 300 apartment units that were spread across three blocks and build 800 new apartment units on the 4.45acre site.
The 35-year old apartments’ redevelopment would have marked Ivory Properties venture into Kuala Lumpur’s affordable housing segment.
The property developer said last year that the MoU was signed to have an understanding with Taman Segar residents in order that they may proceed with their Kuala Lumpur City Hall (DBKL) application.
It noted that the land’s market value range between RM400 per sq ft (psf) and RM500 psf, while the new apartment units would have a built-up of 800 sq ft. The developer has revealed plans to award 300 units to Taman Segar residents as compensation and the other 800 units would be sold at around RM300,000 each.
Image sourced from Ivory Properties
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