Rhythm Avenue service apartment

ALL buyers of the stalled Rhythm Avenue service apartment in USJ19 are urged to make arrangements to settle the amount due to ensure the success of the rehabilitation progress of their houses.

The project, which was stalled from 2000, has been revived through a rehabilitation programme by its financier AmBank.

In addition to bearing the cost to revive the project, the bank will also bear the additional construction cost to complete the project.

“The buyers have to pay an additional 15% of the cost of their units. Only 967 of the 1,163 have agreed to do so.

“However, up till now 376 have not made their payment and this is not fair to the others,” said Subang Jaya state assemblyman Datuk Lee Hwa Beng.

He added that the buyers who had agreed to take part in the rehabilitation scheme still owed the bank RM2.5mil in arrears.

Lee, who visited the project site recently, urged all the buyers to settle their dues by Sept 30.

“Those who want to take part in the scheme now have to write a letter of appeal and pay an additional 20% instead of 15% for those who joined earlier.

“But if they still refuse to take part then the bank has the right to recover the amount owed,” said Lee.

Earlier he attended a briefing session on the progress of work and status of the development by Pricewaterhouse Coopers Advisory Services Sdn Bhd executive director Subra E. Gounder. Price Waterhouse Coopers is the receiver for Rhythm Avenue.

Also present during the briefing were AmBank Group’s general manager (loan rehabilitation) Yip Kong Leong, SMLAND Ground director Eric Ong and some of the buyers.

The Rhythm Avenue project was to have been completed in 2001. It consists of 277 retail units.

Currently, work on the apartments are nearing completion and the project is moving into its next phase, which involves physical completion, inspection by authorities, application for certificate of fitness/delivery of vacant possession, payment of progress billings and revival expenses before key delivery.