hello all,
there is this high-rise building, seemed abandoned, in JB,
picture at,
http://www.flickr.com/photos/47787076@N07/6381976907/in/photostream
Does anyone know of the history,..etc,..what happened ?
how much will it cost - to take over such a project ? T
thanks
That is the abandoned RM300mil Pacific Mall near Bukit Cagar. Owners who purchased individual lots at the shopping centre are crying foul over the loss as they are still servicing bank loans for the failed project. Restoration cost has increased from RM10mil to RM50mil. The mall's construction was stopped in 2000 due to management issues.
In 2008, those who purchased the lots are fighting a legal battle with the bank to prevent their lots from being auctioned. But apparently, the banks seems to be holding on to the property as prices has gone up quite a lot.