Kota Kinabalu: Sabah Development Bank Berhad (SDB) said it suffered over RM200 million in losses in the problematic PacifiCity project in Likas Bay, here.
SDB sympathises with the purchasers' predicament, said the bank in a statement in response to the PacifiCity Project Purchasers Welfare Association's statement in a Daily Express report.
SDB said it has been on the lookout over the last few months for potential white knights to undertake the rehabilitation of the PacifiCity project comprising both residential and commercial developments.
"SDB 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," the bank said.
SPONSORED CONTENT Enjoy a taste of Malaysia, everyday with Ayam Brand™ local pastes SHAH ALAM: Fact: Every time Malaysians travel abroad, we almost immediately miss the taste of home. You don’t need to be homesick to celebrate Malaysia’s rich culinary heritage when you can savor the authentic taste of Malaysia in your own home with Ayam Brand™ cooking pastes. Read more As to the allegation of having initially appointed an administrator, but later terminating them, SDB said it has no record of any such appointment.
"SDB would also like to put on record that SDB 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 said.
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, the bank added.
"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."
* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.
* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
