KUALA LUMPUR, May 21 — The Court of Appeal today dismissed the appeal made by Maju Puncakbumi Sdn Bhd against a previous decision that granted the developer a stay of the damages previously awarded to 137 house owners.
In a statement issued by the lawyer Vincent Lim Chang representing the owners, the court dismissed the appeal and ordered the developer to deliver vacant possession of the condominium units to the 137 owners of The Arc @Cyberjaya condominium.
The developer was also ordered to pay the owners a sum of RM3.97 million of outstanding rentals, including the total of agreed liquidated damages from the date of the termination of the Guaranteed Rental Returns (GRR) scheme until its expiry date, interests, and the cost of RM15,000.
The liquidated damages is equivalent to the value of monthly rental.
The cost of appeal to be paid by the developer is RM7,000.
In November, the same High Court had awarded the plaintiffs RM3.97 million for their class action suit against the developer for breach of contract.
The 137 plaintiffs sued the developer for defaulting on payments under the GRR scheme that both parties agreed upon purchasing the units.
Under the scheme, the developers signed an Option Agreement stating that the firm would rent the units from the owners for a stipulated monthly rate.
The owners claimed that the payments stopped since 2016.
Source : www.malaymail.com
Published 20 hours ago on 21 May 2018
By Ida Nadirah Ibrahim