Land in Kelantan auctioned due to failure of developer, says PMBK
KOTA BARU, May 15 — Eleven plots of land registered in the name of Perbadanan Menteri Besar Kelantan will be auctioned on May 27 following the failure of the developing company to pay back its loan to the bank.
It said that in line with the Land Acquisition Act 1960, the acquisition of the land previously was made by PMBK resulting in the state government subsidiary company being named as the registered owner of the land. “PMBK and the two companies concerned agreed that the ownership of the land concerned was not transferred to the purchasing company but would instead be transferred directly to the purchasers of the project units later,” it said.
According to the statement further, the company had completed the phase one of the development which was a Giant supermarket, while phase two involved a 40-storey condominium which had been stalled after completing the basic foundation work.
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