Intan Permata Properties
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
6 claims across 4 areasDelivery
PositiveSolid but lightly reviewed: revived abandoned project completed 2010 by Intan Permata;
Mas Kiara Residences
One more finding
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.
Handover
NegativeAbout 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.
Regulatory and legal
NegativeIn 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.
Corporate continuity
PositiveThe 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.
