KUALA LUMPUR (March 21) : MALAYSIA BUILDING SOCIETY BHD [] (MBSB) has signed an agreement for term and bridging financing facilities of up to RM215 million with NCT United Development Sdn Bhd to revive the largest abandoned housing project in the country.
The abandoned housing project Taman Kenanga, is situated in Bandar Baru Salak Tinggi in Sepang, Selangor. The project which was initiated in 1998, was halted in 1999, and was classified as an abandoned project by the Ministry of Housing and Local Government in 2002.
Speaking during the signing ceremony on Wednesday, MBSB president and chief executive Datuk Ahmad Zaini Othman said the effort to find a permanent solution to resuscitate the project is part of MBSB's new recovery strategies .
Ahmad Zaini said the significance of the signing ceremony marks MBSB's determination to address and resolve its corporate legacy accounts. He said through programs underlined by the new management's strategy, MBSB's net non performing loans have been reduced to 8.5% in 2011 from 18.7% in 2009.
The abandoned housing project Taman Kenanga, is situated in Bandar Baru Salak Tinggi in Sepang, Selangor. The project which was initiated in 1998, was halted in 1999, and was classified as an abandoned project by the Ministry of Housing and Local Government in 2002.
Speaking during the signing ceremony on Wednesday, MBSB president and chief executive Datuk Ahmad Zaini Othman said the effort to find a permanent solution to resuscitate the project is part of MBSB's new recovery strategies .
Ahmad Zaini said the significance of the signing ceremony marks MBSB's determination to address and resolve its corporate legacy accounts. He said through programs underlined by the new management's strategy, MBSB's net non performing loans have been reduced to 8.5% in 2011 from 18.7% in 2009.
