Sep 28, 2011

The Court of Appeal has allowed Sunway Real Estate Investment Trust (SunREIT) to take possession of Putra Place, after declaring it the rightful owner of the property.

The auction of the property, which houses The Mall, the Legend Hotel and an office complex, has been disputed since OSK Trustee Bhd was declared the winner with the top bid of RM513.95 billion on 30 March.

Commerce International Merchant Bankers Bhd had auctioned the property to recover losses for the loans provided to Metroplex Holdings Sdn Bhd, the property owner. However, Metroplex wanted to nullify the auction, claiming that Sunreit is not the registered owner of the property.

The Court of Appeal has dismissed the appeal of Metroplex yesterday, contrary to the order of the High Court on 28 June.

This makes OSK Trustee, as the Reit’s trustee, the rightful owner, while allowing SunREIT to take control of Putra Place as well as enforce the order to pay profits from 19 April until the property is turned over.

It is known that once SunREIT takes over, it will rename the Legend Hotel as Sunway Putra Hotel, The Mall as Sunway Putra Mall and the office will be known as the Sunway Putra Tower.

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