Meeting 1: PHUKB and BOND HOLDERS/TRUSTEE
28 April 2009
Time 400pm -530pm
PHUKB- Dr Rafick/ Aminder. Ali Overseas. Cant make it
Bond Holders – Miss Ooi/Mr Tay/Benny
Discuss about the impending expiration on ES 176 and the Bondholders ensuing action. A followup strategic meeting will be held soon after both parties discuss the legal aspect of the next course of actions. Regrets that we cannot provide a more detailed explanation here in view of the our strategic moves involving Intelbest.
1900 Hrs 28 April
Telephone conference with RSS consultant
Meeting planned tonight but was cancelled by RSS due to unforseen reasons. However, we manage to do a quick telephone discussion.
a. Overall Matters
Discussion between the state appointed consultant and the various other investors and Intelbest is moving smoothly. Significant activity is noted. Water works has been awarded. Intergrated permanent water supply construction has commenced.
RSS consultant noted that they have been informed by Intelbest that Miss Lai the CEO of Intelbest has received a 14 days notice for PHUKB committee to meet up with Tan Sri Chan Ah Chye. Intelbest has been informed that if Tan Sri does not wants to meet the committee, we will block the extension of the S176 which is expiring at in June 2009.
The committee is planning to get LAD paid in the form of land or building by Intelbest and only Tan Sri Chan can authorize such action. Rest assured, it is the intention of the committee to get every single cent due to property owners either in the form of cash or property.
The specific progress report for the respective block is as follows:
i. Low cost 146
The delivery of the 146 VP is at End June 2009. RSS consultant is arranging for MB to give keys to purchaser.
Low cost 256
Estimated completion date is Dec 2009
Potential investor is still evaluating the possibility of buying back the units from the purchaser. Some indication will be obtained within the next 2 weeks. If nothing is forthcoming, the consultant will go for Plan B where they will built the units. Expected completion if built would be somewhere late 2010
Details of discussion completed. Site possession is completed. Prelim work started. Delivery planned by June/July 2009
Block B,C,D & E
Details has been finalized. Contract works to be awarded next week. Completion Oct/November 2009
The Block F still being negotiated with the another subcontractor Delivery is targeted for Dec 2009.
Dr Mohamed Rafick
For PHUKB committee