Way cleared to complete Plaza Pantai,now called BangsarTrade Centre

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) yesterday signed a debt settlement agreement for RM120 million with Twin Pavilion Development Sdn Bhd to revive and complete the Pantai Plaza project in Bangsar here.

MBSB chairman Tan Sri Abdul Halim Ali said the agreement will settle the debts of Atlas Corp Sdn Bhd, the project's previous developer.

Twin Pavilion Development has taken over the project, now called Bangsar Trade Centre (BTC).

Speaking to reporters after the signing ceremony, MBSB president and chief executive officer Datuk Ahmad Zaini Othman said the group will extend a RM120 million end-financing assistance to the project's purchasers.

Twin Pavilion Development chief executive officer Lee Seng Khoon said construction will begin in August and will be completed in three stages beginning August next year until December 2014, with the completion of the BTC wholesale mall, followed by the business suits and corporate office tower.

Twin Pavilion Development chairman Tan Sri Ramli Ngah Talib said BTC will cover 1.4 million sq ft of purpose-built business space, with a RM850 million gross development value and is expected to welcome about 10,000 people daily.

Federal Territories and Urban Well Being Minister Datuk Raja Nong Chik Raja Zainal Abidin, who launched the BTC project, said more sites will be identified for redevelopment as the momentum for urban renewal has accelerated under the government's Economic Transformation Programme to reach its full potential.

"There is no doubt that parts of Kuala Lumpur will need urban renewal in the years to come.

"This is in addition to the areas identified for redevelopment under the Greater Kuala Lumpur project," he said.

Raja Nong Chik said Pantai Plaza's restoration is timely and in line with the upcoming development within the vicinity.

"I am sure KL residents, especially from Pantai Valley, will look forward to BTC's completion as it captures their imagination of what an integrated development in this location should be standing tall as a new entry to the place," he added.

By Bernama