Polytex proposes two options to return money invested

The company responsible for the development of the project “Pearl Horizon” project – Polytex – has proposed two options for the return of the money invested by the buyers, TDM reported.
The proposals come at the light of the recent call from the society and namely from the lawmakers at the Legislative Assembly for the fulfillment of the responsibilities from the company, since, after the ruling from the Court of Final Appeal (TUI) that decided in favor of the government on the call for return of the land plot due to lack of development during the period of the concession.
The company proposes to return the money invested either in a five-phase plan to run for a period of two years or alternatively in a seven-phase plan running for a three-year period. In the second case, the company proposes not just to return the money invested but to add to an amount equivalent to 15 percent of the amount invested as compensation.

To TDM, Kou Meng Pok, president of Pearl Horizon Condominium Owners United Association, already noted that such proposals are not satisfactory in his particular case, although admitted that some of the other buyers might accept it.

Due to the fact that the land plot has been returned to the government it is impossible for Polytex to fulfill the contracts signs with the buyers, delivering the housing units initially contracted.

After the decision of the TUI, the government proposed to specially allow the buyers to acquire a unit on a building that will be built by the government to lodge temporarily residents affected by the urban renewal projects.

The proposal has not interested the buyers. RM