Country Garden: Preparation and execution of Danga Bay S&P follows laws

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PETALING JAYA (June 26): Country Garden Danga Bay Sdn Bhd has reiterated that the preparation and execution of the sale and purchase agreements (S&P) between the company and its Danga Bay project’s customers follows the requirements of relevant Malaysian laws and regulations.

In a press statement today, Country Garden Malaysia president Jason Fu said all the law firms handling the S&P agreements of the company’s purchasers are licensed law firms, and the entire contract is prepared and signed in accordance with the requirements of relevant Malaysian laws and regulations.

Moreover, the S&P agreement is strictly based on the Schedule H under the Housing Development Act and Country Garden Danga Bay has never modified the contract template, said Fu.

“For each executed S&P agreement, there will be four copies. In the case where the purchaser obtains a loan to part-finance the purchase of their parcel unit, the original stamped S&P agreement will be furnished by the respective S&P agreement law firm to the end-financier while the developer will be furnished a duplicate stamped copy, the relevant S&P agreement law firm will retain a duplicate stamped copy and the purchaser is furnished with a duplicate stamped copy.

“[Hence] we wish to state that it is unlikely there will be any discrepancies between three stamped S&P agreements being identical and one being different,” the statement read.

As to whether the contract needs to be initialed on each page, Fu said according to Malaysian law, the final agreement remains effective when it is signed on the signature page.

“Within the ambit of the law, any allegations [of] violation of the law is unfounded. Therefore, Country Garden Danga Bay seeks to reserve its legal rights in this matter if necessary,” the statement read.

About the “inconsistency between the delivery standard of the parcel unit appendix”, Fu stated that the copy of the S&P agreement held by Country Garden Danga Bay is exactly the same as the ones held by the panel law firms and banks.

“Country Garden Danga Bay has always put the interests of the owners first. The company will to the best of its abilities within the legal framework satisfy the demands of the purchasers provided there is indeed ‘inconsistency’ which affects the interests of owners,” he said.

The developer said it will cooperate with the relevant departments over the issue.

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