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Malaysian Reserve

Vizione ends Gombak project contract after financing and planning setbacks

VIZIONE Holdings Bhd has clarified that its RM750 million construction contract with Fields of Forest Sdn Bhd (FOFSB) was terminated amicably due to prolonged uncertainties in project planning and financing. In a filing today, the company said FOFSB was unable to finalise the project development mix within a reasonable timeframe, citing prevailing market uncertainties. This it said caused delays in securing amended building plan and advertising permit approvals. Additionally, FOFSB encountered financing hurdles that impeded the timely release of loan funds. Following a thorough reassessment of the project's commercial viability, and the inability of both parties to reach a mutually acceptable solution, the contract — originally accepted on May 29, 2024 — was terminated by mutual agreement. Vizione said that no work had commenced and no material costs were incurred in relation to the project. — TMR