The 137 homeowners at The Arc @Cyberjaya emerged victorious against its fight with property developer Maju Puncakbumi Sdn Bhd, which was ordered by the Court of Appeal to deliver vacant possession of the condominium units.
This comes as the appeal made by the developer against a previous decision which granted it a stay of the damages awarded to the house owners was dismissed by the court, reported Malay Mail.
Lawyer Vincent Lim Chang, who represented the owners, revealed that the court had also ordered the developer to pay the owners RM3.97 million in outstanding rents, including the total agreed liquidated damages starting from the date of the termination of the guaranteed rental returns (GRR) scheme until its expiry date, interests as well as the cost of RM15,000.
The liquidated damages is similar to the value of monthly rental, while the cost of appeal to be paid by Maju Puncakbumi is RM7,000.
In November 2017, the owners had been awarded by the Shah Alam High Court RM3.97 million for their class action suit against Maju Puncakbumi.
The owners claimed that the developer defaulted on payments under the GRR scheme agreed by both parties upon the acquisition of the units.
The scheme saw the developer sign an Option Agreement, which provided that it would rent the housing units from the owners at a stipulated monthly rent.
According to the owners, the payments stopped since 2016.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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