PUTRAJAYA: The Federal Court here today allowed the appeals by two developers in their bid to stop claims for liquidated ascertained damages (LAD) fro...
: The Federal Court here today allowed the appeals by two developers in their bid to stop claims for liquidated ascertained damages from homebuyers over late delivery of vacant possession.
The two developers - Prema Bonanza Sdn Bhd and Sri Damansara Sdn Bhd -- were sued by homebuyers for delivering vacant possession of the units more than 36 months from the specified time frame of between 42 and 52 months following the extension of time granted by the Controller of Housing to complete the housing project.
Justice Hasnah said parties in the cases before the court today had accepted the terms of the SPA and as such, were bound by the terms of the contract.If the Ang Ming Lee case were to have a retrospective effect, it would result in great injustice and devastating consequences for the housing industry, she said, adding that homebuyers could not use the decision in Ang Ming Lee’s case as a “carte blanche” to make financial gain against developers that had obtained EOT.
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