Intan Permata Properties

In TTDI · completed 2010

Trades as Intan Permata Properties Sdn Bhd

Also known as Intan Permata Properties (revived abandoned project), revived abandoned project

What we found

Know the history: an abandoned project revived by Intan Permata in 2010, and reportedly Malay Reserve land at Jalan Datuk Sulaiman.

The evidence

Positive

Solid: revived abandoned project completed 2010 by Intan Permata;
Mas Kiara Residences

2 more findings

The project that Intan Permata Properties took over was completed in mid-2010, more than ten years after it was abandoned.
The Mas Kiara project stood incomplete for more than a decade after the 1997/98 Asian financial crisis before Intan Permata Properties Sdn Bhd took it over and completed it as Mas Kiara Residences in mid-2010.

Negative

About 23 purchasers who bought units in 1995 alleged the reviving developer Intan Permata Properties Sdn Bhd had failed to deliver their long-delayed units and that units were instead sold to third parties, with one purchaser alleging the developer disputed original purchasers' documents when new sale and purchase agreements were requested in 2007 and that some 100 purchasers were ultimately not invited to sign new agreements; this also refers to a Ministry of Housing and Local Government position that the developer could only sell the 53 remaining unsold units, names the initial developer as Petplus (M) Sdn Bhd (conflicting with another account, which names Pinggir Kiara Sdn Bhd), carries no response from the developer or the liquidator, and no court, tribunal or regulator decision on these allegations was found.

One more finding

In 2004, Intan Permata Properties was appointed as developer and turnkey contractor for the revived Mas Kiara project; it demanded that original buyers execute a tripartite agreement with stringent conditions, which 23 of the original buyers refused to sign, claiming the conditions imposed by Intan Permata were unreasonable.

Negative

In 2013, a High Court judgment in Kuala Lumpur dismissed a suit by 31 Mas Kiara condominium unit buyers against Intan Permata Properties, finding they had failed to satisfy conditions to claim superior rights; the buyers were ordered to pay RM40,000 in legal costs to Intan Permata and other respondents.

One more finding

In the November 2013 Court of Appeal decision, the original buyers had paid RM170,000 per unit in 1995 and the project was abandoned in 2001. The landowner Petplus revived it in 2004 and appointed Intan Permata Properties as the new developer, and Intan Permata was a respondent that won the appeal.

Positive

The Mas Kiara project in Taman Tun Dr Ismail was abandoned in 1998 by its original developer Pinggir Kiara Sdn Bhd, which folded in February 2003 with a liquidator appointed in August 2004; Intan Permata Properties Sdn Bhd emerged around 2007 as the reviving developer that restarted and reconfigured the two 16-storey blocks as Mas Kiara Residences. Intan Permata is therefore the reviver, not the developer that abandoned the project.

One more finding

Intan Permata Properties is the 'white knight' that came in around 2007 to revive a condo project abandoned in 1998 after the original developer, Pinggir Kiara, folded in 2003. The company was deliberately keeping a low profile so it could focus on finishing the project.