Plaza Rakyat

The People's Plaza (Malay: Plaza Rakyat) is an under construction mixed-use skyscraper complex in Kuala Lumpur, Malaysia initiated during the 1990s. However the project, which had already commenced construction, stalled due to the 1997 Asian financial crisis until 2020 and is currently revived by DBKL.

People's Plaza
Plaza Rakyat
The construction site of Plaza Rakyat (pictured in February 2007) has seen little activity since the project was stalled in 1997.
General information
StatusNever built
TypeOffice, residential, leisure
LocationPudu Road, central Kuala Lumpur, Malaysia.
Coordinates3°8′41″N 101°42′10″E
Construction started1990s
Estimated completionUnknown
Height
Roof382 m (1,253 ft)
Technical details
Floor count79
Design and construction
ArchitectSkidmore, Owings and Merrill

The project, originally designed by Skidmore, Owings and Merrill, was to comprise a 79-storey office tower, a 46-storey condominium, a 24-storey hotel and a 7-storey shopping centre. The original Puduraya bus depot was also intended to be replaced.

History

The project, which occupies a large triangular tract of land facing Pudu Road and Robertson Road, Kuala Lumpur, was previously a swampland before occupancy in 1929 by the Selangor Chinese Club, a social club consisting of a clubhouse mimicking the Selangor Club at Merdeka Square in layout and architectural style (in Mock Tudor architecture), and a vast field. The club was completely cleared away during the 1990s for the project.

The site remains connected (but closed) to the Ampang Line's Plaza Rakyat station, which was opened in 1996 in preparation for the completion of Plaza Rakyat.

Abandonment and potential revivals

The Plaza Rakyat development was put on hold in 1998 due to financial difficulties faced by the developer and the 1997 Asian financial crisis. Abandonments have similarly plagued several other building projects in Kuala Lumpur as a result of the 1997 financial crisis, such as the Duta Grand Hyatt at the intersection of Jalan Sultan Ismail and Jalan Ampang, and the Vision City, Kuala Lumpur at Jalan Sultan Ismail. As of December 2016, only the base of the Plaza Rakyat complex has been completed.

Efforts to revitalise the project, announced in 2005 and 2006, proved unsuccessful and the project continued to be stalled. On 26 October 2007, it was once again announced that the project would be revived after contract negotiations and amendments with the Government of Malaysia regarding the sale of the premises following the completion of the project. The project was then expected to be completed by 2012.[1] However, little was said subsequently and the project continued to be abandoned.

After a public walkabout of the site by the newly installed Prime Minister Dato' Seri Najib Tun Razak in early 2009, the problem of the stalled construction project was looked at yet again. The government gave an ultimatum to the developer, Global Upline, three months from April 2009 to come up with a development plan or have its contract terminated.[2] In July 2009, it was reported that the new contractor would be announced by the following month.[3] However, in August 2009, Federal Territories Minister, Datuk Raja Nong Chik Raja Zainal Abidin said that the government had yet to accept any proposals from interested developers pending a response from Global Upline.[4]

In December 2009, the government announced that it would terminate the deal with the current developer.[5] The Federal Territories and Urban Wellbeing Ministry terminated the original contract with Plaza Rakyat Sendirian Berhad in 2010, 12 years after the company abandoned the mixed-development project. As of December 2012, according to Kuala Lumpur mayor Ahmad Phesal Talib, Kuala Lumpur City Hall was going through an arbitration process with the original contractor, with RHB Bank acting as the arbitrator.[6]

Following completion of the arbitration process, Ahmad Phesal promised to appoint a new contractor for the site.[6]

In November 2014, the city government of Kuala Lumpur (Kuala Lumpur City Hall) took possession of the site after completing the arbitration process. In doing so, the city government agreed to settle outstanding bank loans after negotiating over several months to reduce this amount.[7]

In April 2016, the Deputy Minister of Federal Territories announced that work on the site would recommence in June 2017, twenty years after the site was abandoned.[8]

In April 2017, Profit Consortium Sdn Bhd announced it planned four skyscrapers on the site, slated for completion in 2022. Profit Consortium bought the abandoned project from Kuala Lumpur City Hall (DBKL) for RM740 million in October 2015. The site remained abandoned until 2020 when the project is revived by another developer.[9][10][11]

Property Cost

Estimated costs for Plaza Rakyat 1996 - Retail Block MR 511.894.541 - Hotel Blook MR 152.441.452 - Service Apartment Block MR 155.984.496 - Office Block MR 332.740.253 (it should be the world highest reinforced concrete skyscraper) Total: MR 1.153.060.742 SOM received for the complete preliminary design, incl. construction documents MR 88.000.000

References
  1. "Abandoned RM1.3bil Plaza Rakyat project to be revived". The Star. 27 October 2007.
  2. Jayagandi Jayaraj (1 May 2009). "Abandoned Plaza Rakyat project stands out like a sore thumb in city". The Star. Archived from the original on 2 May 2009.
  3. "Plaza Rakyat contractor to be known August". Business Times. 6 July 2009.
  4. "Contractor may lose Plaza Rakyat project". New Straits Times. 6 August 2009.
  5. Lim Chia Ying (1 January 2010). "Govt to terminate deal,decision made after negotiations with Plaza Rakyat developer fail". The Star. Archived from the original on 4 June 2011.
  6. "New KL mayor to revive Plaza Rakyat project". Free Malaysia Today. Archived from the original on 4 December 2012. Retrieved 5 December 2012.
  7. "Kuala Lumpur mayor to make site visit today - Community - The Star Online". thestar.com.my.
  8. "Abandoned plaza rakyat to be redeveloped in June 2017, says Loga Bala". The Sun Daily. 28 April 2016.
  9. "Resurrected Plaza Rakyat set to be new iconic landmark". Edge Weekly. 18 April 2017.
  10. "Buyers to get money back". The Star. 31 July 2017.
  11. "Plaza Rakyat lot owners: Why is DBKL 'no longer involved' in 20-year stalled project?". EdgeProp. 3 September 2018.
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