Ivory Properties walks away from plan to redevelop Plaza Rakyat

The RM1.4bil project was 30% completed about 15 years ago when the developer, PRSB, ran into financial difficulties.

PETALING JAYA: Ivory Properties Group Bhd is walking away from a deal to redevelop the long-abandoned Plaza Rakyat in Kuala Lumpur after it failed to agree on the terms with the project’s receiver and manager.

It said in a filing with Bursa Malaysia that its unit, Ivory Place Sdn Bhd, and Plaza Rakyat Sdn Bhd (PRSB) could not come to an agreement following their discussion to extend the conditions precedent period of the acquisition and rehabilitation agreement (ARA).