KUALA LUMPUR: Public-listed HCK Capital Group Bhd is stepping in as the white knight to rescue the long-stalled Remix 1 project, signalling a major breakthrough for more than 2,500 affected buyers who have endured over a decade of uncertainty.
The decision follows extensive negotiations involving landowners, creditors, contractors, liquidators and financiers.
HCK said “numerous parties have approached us over the past two years to urge us to step in”, after witnessing the successful completion of Edumetro (formerly Remix 2), which the company previously revived from abandonment.
“We understand the hardships these purchasers have faced. Our priority is to bring a final and permanent solution to this long-standing issue,” HCK said in a press statement today.
The liquidator of True Renaissance Development Sdn Bhd (TRDSB), Chin Mee Shang, has expressed full confidence in the developer’s ability to deliver the project.
“HCK has demonstrated its capability through Edumetro, and we believe they can bring closure and justice to the long-suffering purchasers of Remix 1,” she said.
For more than 13 years, the long-suffering buyers have been paying bank instalments without receiving their properties. TRDSB had drawn down as much as 90 percent of their end financing before the project stalled.
Many have struggled for years as an estimated RM500 million had already been paid to the previous developer.
“These buyers have waited far too long. Bringing relief to them is our foremost concern. The re-commencement of the project now should enable buyers to recoup their investments and make good capital gains.” HCK said.
Despite only 10-15 per cent financing drawdown remaining and major escalation in construction costs, HCK which is headed by Executive Chairman, Tan Sri Clement Hii, has pledged not to impose additional charges on the purchasers.
“We are committed to completing the project without any additional costs to the buyers, even though there is only a balance of 10 percent to 15 percent payment to be drawn down from the buyers’ end financiers, and the cost of construction has risen drastically over the years,” the company said.
Market valuations for the units, originally purchased at RM450-RM550 psf, have since appreciated significantly, which means buyers may finally realise long-awaited capital gains once the project is delivered.
It is understood that HCK will need to absorb more than RM450 million to complete the over 3,000 units already sold.
Financing confidence: UOB steps in
Industry observers say HCK’s proven track record with Edumetro, completed within the stipulated timeline with Kerjaya Prospek Group Bhd as main contractor, has strengthened confidence in its capability to helm another complex rescue.
This time, HCK is also expected to appoint a top-tier, publicly listed construction partner, with the agreement reportedly close to signing.
Remix 1 will be revived in four phases, beginning with the blocks purchased earlier.
To kick-start construction, UOB Malaysia has been identified as the bridging financier, providing approximately RM250 million for Phase 1. The total construction cost for all phases is estimated at RM1 billion.
UOB’s participation is seen as both a vote of confidence and an expression of corporate social responsibility, aimed at alleviating the suffering of abandoned property buyers.
HCK’s financing model mirrors its Edumetro experience, where RHB Bank supported the revival through bridging finance.
The project is also expected to be renamed ‘Subang Sentral’, aligning it with HCK’s wider development portfolio, comprising a combined GDV of RM15 billion, mostly in the Klang Valley.
Transformation for Subang and USJ
HCK said its involvement is motivated not by margin but by responsibility to the community.
“Our efforts are driven by a genuine desire to help clear the area of an eyesore, health hazard, and alleviate the hardships of those whose hard-earned money has been deprived of,” the company said.
It is understood several top-tier and big-name developers have earlier been approached to revive the project, but all have declined due to the high risks involved in undertaking a massive project that has been deserted for more than a decade.
Located beside the KESAS Highway, the abandoned towers have been visible for years, marking one of the most prominent incomplete sites in the Klang Valley.
Edumetro, revived and completed by HCK in 2024, now thrives with high occupancy rates. An entire tower is occupied by SEGi College, while residential units are transacting at up to RM920 psf, nearly double their original purchase price.
Safety top priority
Acknowledging public concerns over structural integrity after more than a decade of inactivity, HCK stressed that no compromise will be made on safety.
“Safety is our highest priority. Every beam, column and slab will be rigorously tested, and any element that fails to meet today’s standards will be strengthened or replaced,” the company said.
HCK has appointed independent accredited structural engineers and consultants, the original structural consultants as advisors, and third-party specialists to endorse safety findings.
“No unit will be handed over until both the authorities and our professional teams are fully satisfied that the structures meet current codes and international safety benchmarks,” it said.
RM148 million upgrade for USJ traffic network
The revival also reactivates the previously stalled KESAS-USJ interchange and flyover plan, long awaited by Subang and USJ residents.
Earlier, the Subang Jaya council halted the flyover project due to unmapped underground utilities and a RM19 million cost escalation.
With HCK now assuming responsibility for both Edumetro and Remix 1, the entire interchange plan will be fully activated; the upgrade carries an estimated value of RM148 million; and the investment split is 26 percent from Edumetro, 74 percent from Remix 1.
“The RM148 million will be a financial commitment made by us to greatly reduce traffic congestion in the locality. These efforts will mark an important step forward in delivering long-term infrastructure solutions for the community within USJ,” HCK said.
Upgrading works on part of the KESAS-USJ link are already underway.
With financier confidence secured, engineering assessments in motion and strong support from TRDSB’s liquidator, industry observers believe that Remix 1 finally has a credible path to completion.
“This is not just about reviving an abandoned project. It is about rebuilding trust, delivering quality, and restoring hope to thousands of families,” HCK said.
If all proceeds smoothly, Subang Sentral will not only reshape the Subang skyline but also stand as a symbol of HCK Capital Group’s capability and commitment in rescuing long-stalled developments in Malaysia.
