So What Really Happened to Jana Towers
Over the last few months a lot of people have been asking about the situation with Jana Towers. What happened was that they launched it more than a year ago, to reasonable response. We actually went to the sales office and saw the show unit, they were touting two distinct features that were not commonly offered by any other condo - zero maintenance fees (management uses money from car park rental to maintain building) and unit-within-a-unit design, suited for renting out or making it into a study.
They even told us that they were opening up the second phase after CNY (which was in February 2006) due to the good sales.
But after that, nothing happened. Nil. Natta. Zilch. While their competitors in the same area like Tiaraville and Subang Residency are in full swing construction, Jana Towers (which is situated slightly away) is still like it was a year ago. Nobody could tell us what was going on, or at least officially.
Well, today there was an article in StarBiz (here) on the project. A JV company has taken over the project and is set to revive it. According to the report:
AmanahRaya Development Sdn Bhd and PJI Holdings Bhd have agreed to jointly develop and manage the 622-unit twin 17-storey tower project with a 4.2-acre “park on the deck” that was launched in 2005 but failed to take off.
Hopefully all this will change now that a reputable name like AmanahRaya has taken up a 70% majority stake while PJI Holdings, listed on the Main Board of Bursa Malaysia has a 30% stake in the new deal. The latter has an impressive track record being involved in construction, electrical and mechanical engineering services and others.
More than 100 people comprising mostly purchasers were invited to witness a signing ceremony between the two companies at the site sales office on Jan 27. Under the agreement PJ Indah Sdn Bhd (a wholly owned subsidiary of PJI Holdings) will remain as the main contractor for the project with a gross development value of RM313 mil.
The presence of Antah Holdings Bhd executive chairman Tunku Naquiyuddin Ibni Tuanku Ja’far who witnessed the signing ceremony was also appropriate as the 6.9-acre freehold land was acquired from Antah Holdings for RM38 mil. PJI Holdings has acquired Everest Point Sdn Bhd, the former developer.
The article asks the million dollar questions on everyone’s mind:
What stalled the project? Was it because the sales were slow or the pricing too high as rumoured?
Unfortunately, they didn’t provide the answers either. Perhaps those who were present at the ceremony could shed some light on the matter.
Anyway, for the rest of us, it kinda makes us wary the next time we see another first time developer promising big things in an ambitious project.
if the sales were so encouraging why the sudden halt to everything? sometime u have to be sceptical about developer claims of units being sold out and all the colourful stickers on the board indicating sold out units
Plus the price of the units are way too expensive in my view contrary to what the developers may say. This should reinforce the view that buyers should not pay for a commercial title property as if anything the buyers would have no recourse…
Comment by eksk — February 6, 2007 @ 4:00 pm
I was told by a friend in the housing ministry that currently there is no legislation on “zero maintenance”. This will post a problem for ” body corporate” later. Like what if the owner of the car parks decide to act funny or even go bankrupt? Maintenance will sure to suffer. This concept though good may be ahead of us.Anyway my friend was able to get back his deposit.
Comment by nike — February 8, 2007 @ 10:25 am
the whole concept of serviced apartments is unprotected by the govt, no need to talk about zero maintenance fee. that’s why a lot of ppl prefer residential condos.
Comment by Administrator — February 8, 2007 @ 6:50 pm
be careful, of those first time developer, they thought that so easy in developement… let’s look back YCS - 2 huge horo condos at USJ still abonden.
regards
loh
Comment by loh siew kuan — February 17, 2007 @ 2:37 pm