PRG Holdings Bhd plans to partially recover outstanding debt owed by Premier De Muara Sdn Bhd through the transfer of 12 condominium units at the Picasso Residence luxury project in Kuala Lumpur.
The group said its wholly owned subsidiary, Premier Construction (International) Sdn Bhd (PCI), had on April 23 entered into a settlement agreement with PDM for the partial settlement of total outstanding indebtedness amounting to RM37.17 million.
Under the agreement, PDM will transfer 12 residential units with an aggregate agreed settlement value of RM13.73 million to PCI or its nominated party as part payment of the debt.
The remaining balance of RM23.44 million will continue to be pursued by PCI through further negotiations and/or other legal means.
PCI had been appointed as the main contractor for the Picasso Residence development under a letter of award dated May 30, 2022.
The project is a luxury residential development located along Jalan Jelatek, Kuala Lumpur, comprising 472 condominium units in a single phase.
The 12 contra properties involved in the settlement consist of 10 Type A units and two Type B units.
Type A units have a built-up area of about 1,013 square feet with two bedrooms, two bathrooms and one car park bay, while Type B units measure about 1,375 square feet and come with three bedrooms, one utility room, three bathrooms and two car park bays.
The units are newly completed, with certificates of completion and compliance obtained in September 2024 for Tower A and November 2025 for Tower B, while strata titles were issued in January 2026.
PRG said the debt will be deemed partially settled once the transfer and registration of the units are completed in favour of PCI or its nominees.
