In the mid-90s, few people have heard of Padang Meha, a tranquil and sleepy outpost of Kulim in Kedah. It was a vast sprawling area of rubber plantations populated by mostly a poor Indian community whose source of income depend largely on the plantations.

But that was soon changed by Alamanda Development Sdn Bhd, a subsidiary of a large conglomerate MBF Holdings Berhad listed on the main board of Bursa Malaysia. Beginning early 1996, Padang Meha was transformed into a hive of activity; tractors and bulldozers roaring, cutting and clearing rubber trees.

It soon became the talk of the northern region as it was to become the pride of Kedah. So much so, our present deputy prime minister and an entourage comprising the mentri besar, dignitaries and high corporate brasses from KL came to officiate the opening ceremony.

That was because Padang Meha was soon be the place of luxury homes extraordinaire built at an estimated colossal project cost of RM3 billion! There has never been a more beautiful way to live a horse riding range, flower gardens, a 580-acre education village where your children will receive excellent education offering both Malaysian and international curriculum, from nursery school right through tertiary levels.

At least, the above is what its brochure says.

Enticed by the superlatives and the mass media advertorial blitz, many purchasers bought their dream homes and signed the Sales & Purchase Agreement (SPA) in 1996 and 1997 with promises of completion of project within 36 months.

Construction works were way ahead of schedule. It managed to complete up to 95 percent of the project (architect certified) in an impressive 24 months and only needed a remaining five percent for handing over to the purchasers. The remaining work was easy and it had one year to spare under the SPA; moreover it didn't require any more large expenditure as all infrastructure and engineering works have been completed - as anybody would have imagined.

Malaysiakini readers will be shocked to learn that the easy five percent balance of work has never been completed up to the present day, July 2005, a lapse of eight years. Perhaps, and more likely, it will never be completed.

The mind boggles. Two years to complete up to 95 percent but no completion of the last five percent in eight years? The drama unfolds

While racing to complete the 95 percent construction, the company guzzled up the progress payments from purchasers but was witty enough to stop just at 95 percent. This because it then needn't have to transfer the land title to the purchasers, which meant it needn't have to sub-divide the land, which meant it needn't have to pay back the bankers.

In fact, at the present moment, even at the 95 percent completion stage, all the purchasers' lands are still being held under one master title with the Land Office. And the bank loans the company borrowed from charging of its lands (which it was supposed to settle up front when it first received the progress payments) haven't been settled.

Now, the company has no money to settle the bank loans. Malaysiakini readers might say, 'You purchasers are to be blamed! After three years, if the developer still hasn't handed over vacant possession and land titles, armed with your lawyers and chopping knives, you should've stormed into the developer's office and demand for them!'

Stormed into their offices we did... but they sweetly asked you to upgrade to a larger plot of land at too-good-to-refuse price but, of course, you have to pay more and forego the accumulated liquidated damages.

Next, they tell you there is a new and much more capable management who will put everything right. Next, they tell you that they have spotted a shiny, armoured white knight in the horizon riding towards your direction.

Next, you find a 'For Rent' signboard at their usual business office in Penang which was hurriedly emptied. Next, you find a you're-supposed-not-to-find 'Winding-Up' advertisement in an obscure corner of the newspapers. Next, you couldn't find at all the 'proof of debt' circulars sent by their provisional liquidator.

Next, while your head is still spinning in confusion wondering what would happen to the property which you have paid up for 95 percent, the company has vanished into thin air I think the term they use is 'liquidated'.

Alamanda had sold off 100.6 hectares (about 10,828,494 sq ft) of land to ECK Construction Sdn Bhd at about RM1.18 per sq ft. At the initial launch, most of the purchasers paid between RM8 to RM10 per sq ft depending on the type of land they bought.

The company chose to transfer one portion of land out to ECK Construction while leaving the purchasers' lands behind to be placed under liquidation. We are wondering about the legality of many things, but to list a whole lot of them here would bore malaysiakini readers.

Again, there was another announcement earlier this year regarding the placement of Alamanda under creditors' voluntary winding up. It immediate strikes you why there is a whopping de-consolidation gain of RM32.7 million to the parent company, MBF Holdings Berhad, consequent to the winding up.

It was explained to us that Alamanda's loss is also considered MBF Holdings' loss. But if MBF liquidated Alamanda, they would no longer have to consider the latter's loss. In which case, MBF could reverse (de-consolidate) the RM32.7 million loss previously taken into their accounts as a profit. Marvelous thing, consolidation.

Today, Padang Meha is in a deplorable condition through years of neglect. Instead of fruit trees there are lallang; the roads are severely damaged, the drains are clogged, the standing infrastructure is covered with overgrown twines and weeds.

Basically, the whole project was left to environment erosion and ruin when work stopped in 1992. As at July 2005, the liquidator's list shows that the company has chalked up a colossal debt of RM457 million. Liquidated damages accruing to the purchasers have creeped up to more than RM36 million.

The drama is still unfolding. In May 2005, the developer appointed the provisional liquidator, Messrs MustafaRag Sdn Bhd to wind up the company. The provisional liquidator has arranged for a creditors meeting on Aug 16.

The drama is expected to continue for some time into the future. As you can see, it has been a drama of superlatives - from one extreme end to the other from the beginning.