Mudajaya secures promised properties as payment from disputed KL project

• The properties comprised 25 units of residential apartments, 5 units of commercial shops, 142 units of offices, 284 units of carpark and 99 units of motorcycle parking spaces.

KUALA LUMPUR (Oct 24): Mudajaya Group Bhd (KL:MUDAJYA) has secured properties it was promised as payments for completed construction work on a mixed-use development project in Jalan Sultan Ismail, Kuala Lumpur.

In an announcement to Bursa Malaysia on Thursday, Mudajaya said that it had secured an order of specific performance for developer Crest Worldwide Resources Sdn Bhd to deliver vacant possession of the properties from the High Court under the civil suit on Oct 22.

The properties comprised 25 units of residential apartments, 5 units of commercial shops, 142 units of offices, 284 units of carpark and 99 units of motorcycle parking spaces. According to Mudajaya, the properties are valued at RM152.36 million as of end-2024.

The civil suit was filed in 2019. Details of the case were not provided in the group’s bourse filings.

Back in 2007, Crest Worldwide contracted Mudajaya to build the project, known as The Crest Towers.

Due to the developer’s inability to pay sums due for works, various agreements were inked for delivery of units in the project to Mudajaya as payment, including a compromise and settlement agreement in 2013.

A final settlement agreement was inked in April 2016, where both parties agreed for Mudajaya to complete the balance of work in the project at its own cost.

The project was completed in 2017, said Mudajaya.

The group initiated the civil suit in 2019 after it did not obtain vacant possession of the properties agreed.

Crest Worldwide is currently under liquidation. The company is 70%-owned by SKN Land & Development Sdn Bhd, while the remainder is held by Ideal Towerwin Sdn Bhd.

Ideal Towerwin is wholly owned by Datuk Seri Shamir Kumar Nandy, while SKN Land & Development is owned by SKN Equities & Assets Bhd, which in turn is 82.56% owned by SKN Resources Sdn Bhd, Dragontree Sdn Bhd (14.43%) and others (3%).

SKN Resources is 80% owned by Shamir and 20% by Ameeta Chatterjee, while Dragontree is equally owned by Shamir and Lim Nyuk Yun.

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