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Crest Builder aborts plan to develop land

PETALING JAYA: CREST BUILDER HOLDINGS BHD has aborted a plan to develop a plot of prime land in Jalan Ampang because it is no longer “commercially viable” to proceed with the project.

The company, in a filing with Bursa Malaysia yesterday, said the Malaysian Rubber Board (LGM) has agreed to terminate the project.

“LGM will be refunding all deposits to Crest Builder, which amounts to an estimated RM15mil. Should LGM recall tender for the land at a lower price, we will consider resubmitting our bid, ” group managing director Eric Yong told StarBiz when contacted yesterday.

Crest Builder said a unit, in April 2016, has entered into a joint development agreement with LGM for the development of a parcel of 4.75 acres of prime land at Jalan Ampang.

It had secured the bid for RM299mil.

However, over the course of years, there were compulsory land acquisitions by KL City Hall along Jalan Jelatek and Jalan Ampang.

According to Crest Builder, the land size has since been reduced to 3.7 acres and its plot ratio from eight to six.

Source: TheStar