In July 2009, it was reported that the new contractor would be announced by the following month. However, in August 2009, Federal Territories Minister, Datuk Raja Nong Chik Raja Zainal Abidin said that the government had yet to accept any proposals from interested developers pending a response from Global Upline. In December 2009, the government announced that it would terminate the deal with the current developer. The Federal Territories and Urban Wellbeing Ministry terminated the original contract with Plaza Rakyat Sendirian Berhad in 2010, 12 years after the company abandoned the mixed-development project. As of December 2012, according to Kuala Lumpur mayor Ahmad Phesal Talib, Kuala Lumpur City Hall was going through an arbitration process with the original contractor, with RHB Bank acting as the arbitrator. Following completion of the arbitration process, Ahmad Phesal promised to appoint a new contractor for the site. In November 2014, the city government of Kuala Lumpur (Kuala Lumpur City Hall) took possession of the site after completing the arbitration process. In doing so, the city government agreed to settle outstanding bank loans after negotiating over several months to reduce this amount. In April 2016, the Deputy Minister of Federal Territories announced that work on the site would recommence in June 2017, twenty years after the site was abandoned. In April 2017, Profit Consortium Sdn Bhd announced it planned four skyscrapers on the site, slated for completion in 2022. Profit Consortium bought the abandoned project from Kuala Lumpur City Hall (DBKL) for RM740 million in October 2015. However, as of 2018 the site remains abandoned. Estimated costs for Plaza Rakyat 1996 - Retail Block MR 511.894.541 - Hotel Blook MR 152.441.452 - Service Apartment Block MR 155.984.496 - Office Block MR 332.740.253 (it should be the world highest reinforced concrete skyscraper) Total: MR 1.153.060.742 SOM received for the complete preliminary design, incl. construction documents MR 88.000.000