The PacifiCity project.
KOTA KINABALU (Oct 11): Sabah Development Bank Berhad (SDB) has been looking for potential white knights to rehabilitate the PacifiCity project comprising both residential and commercial developments.
In a statement on Friday, SDB said it is currently in the midst of winding-up the borrower (Pacific Sanctuary Sdn Bhd), and once the winding-up order is obtained, a private liquidator will be appointed to work with potential white knight(s) to rehabilitate the project.
In response to PacifiCity Project Purchasers Welfare Association (P3WA), SDB sympathises with then purchasers’ predicament.
SDB said the bank has also recorded losses in this project in excess of RM200 million.
On the allegation of having initially appointed an administrator, but later terminating them, SDB said it has no record of making such an appointment.
SDB would also like to put on record that it has a charge over the security land and is not the landowner.
“SDB has not taken over the PacifiCity project nor has SDB assumed any obligation in respect of the land or the project.
“SDB is not privy to the sale and purchase agreements entered into by the purchasers with the landowner and the developer of the PacifiCity project. Hence, any damage to their units would best be referred to the developer, Apex Juta Sdn Bhd, which is now in liquidation under the Insolvency Department,” the bank clarified.
PacifiCity, a mixed development comprising residential units, shopping arcades and office lots in Likas, was, initially scheduled for completion in 2018 but has faced significant delays over the years.
Only the Pacific Heights Condominium has been completed and the buyers have appealed to the authorities to issue the occupancy certificates.
