Ireka
All 4 names
Ireka Corporation Berhad, United Time Development Sdn Bhd (Ireka Group Bhd), Ireka Corporation (Ireka Development Management, also Aseana Properties Limited), Ireka DevelopmentHow their buildings read
3 below average
Outcomes still vary building by building. Check the building, not the brochure.
What we found
AmBank (M) Bhd filed a petition to wind up Ireka Corp Bhd after it defaulted on RM4.34 million in debt payments on 12 December 2023, with Ireka receiving the winding-up petition on 8 January 2024.
The evidence
14 claims across 5 areasDelivery
NegativeIreka Corporation Bhd received a notice of mutual termination of its RM1.07 billion subcontract with Gammerlite Sdn Bhd for the Pan Borneo Highway project following upstream funding constraints and exit of the main contractor.
2 more findings
Ireka Engineering & Construction Sdn Bhd terminated a RM45.77 million construction contract awarded by Wanland Metro Sdn Bhd in Terengganu after both parties were unable to agree on various commercial terms including final construction contract value due to changes and cost fluctuations.
Ireka's wholly-owned subsidiary Shoraka Construction Sdn Bhd received a letter of award for the RM1.07 billion Pan Borneo project in October 2024, but failed to execute an Articles of Agreement within stipulated deadlines, and the project operation agreement was terminated on June 30, 2025 due to failure to secure approvals and funding.
Handover
United Time Development Sdn Bhd (Ireka subsidiary) was subject to a court order on May 7, 2025, regarding a scheme of arrangement and a 90-day restraining order, addressing delays in handover of units for the KaMi Mont' Kiara project which resulted in liquidated ascertained damages (LAD) and insufficient funds for rectification works.
One more finding
Handover of units at KaMi Mont' Kiara, developed by Ireka Corporation Bhd's subsidiary United Time Development Sdn Bhd, ran late, and the delays gave rise to liquidated ascertained damages.
Post-handover response
Ireka's subsidiary United Time Development Sdn Bhd faced a RM1.03 million lawsuit from supplier Kejuruteraan Berpadu Maju Sdn Bhd over a more than decade-old settlement arrangement, indicating unresolved contractual obligations from the KaMi Mont' Kiara project dating back to 2012.
One more finding
United Time Development Sdn Bhd, Ireka's KaMi Mont' Kiara developer, disclosed that it lacked the funds for rectification works at the project.
Regulatory and legal
NegativeAmBank (M) Bhd filed a winding-up petition against Ireka on January 8, 2024 after the company defaulted on RM4.34 million in debt payment on December 12, 2023.
2 more findings
In 2025 the Shah Alam High Court granted United Time Development Sdn Bhd, an Ireka Corporation Bhd subsidiary, a 90-day restraining order and leave for a scheme of arrangement with its creditors, who include KaMi Mont' Kiara's contractors and purchasers.
Ireka Engineering & Construction Sdn Bhd was fined RM15,000 by the Sessions Court in Kuala Lumpur for failing to provide a safe working system at its construction site, which resulted in a labourer falling to death from the 33rd floor of an apartment building under construction.
Corporate continuity
NegativeAmBank (M) Bhd filed a winding-up petition against Ireka Corp Bhd on January 8, 2024, for default on debt payment of RM4.34 million as of December 12, 2023, following a High Court judgment.
3 more findings
Hong Leong Bank Bhd and AmBank (M) Bhd both served winding-up petitions against Ireka Corp Bhd; the auditor (Baker Tilly) flagged material uncertainty about the group's ability to continue as a going concern for at least the third consecutive year.
Ireka Engineering & Construction Sdn Bhd, Ireka's construction arm, went into liquidation in May 2023, and a supplier later sued United Time Development Sdn Bhd for RM1.03 million in progressive billings the liquidated company could no longer pay under a 2021 contra arrangement for a KaMi Mont Kiara unit.
Ireka Engineering & Construction Sdn Bhd, a wholly-owned subsidiary of Ireka Corp Bhd, has been placed into creditors' voluntary winding up.
