Friday 29 Mar 2024
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KUALA LUMPUR (May 21): The appeal made by Maju Puncakbumi Sdn Bhd against the decision that granted the developer a stay of the damages previously awarded to 137 homeowners was today dismissed by the Court of Appeal, the Malay Mail reported today.

According to a media statement by the homeowners’ lawyer Vincent Lim Chang, the developer’s appeal was dismissed and it was ordered to deliver vacant possession of the condominium units to 137 owners of The Arc @ Cyberjaya, reported the daily.

The developer also has to pay the homeowners RM3.97 million worth of rentals, which include 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 cost of RM15,000.

The liquidated damages is equivalent to the value of monthly rental while the cost of appeal to be paid by the developer is RM7,000, said the Malay Mail.

Owners of units in The Arc @ Cyberjaya condo had earlier launched a class action suit against its developer Maju Puncakbumi for allegedly defaulting on a guaranteed rental return scheme payment.

In November 2017, the Shah Alam High Court awarded the owners RM3.97 million — comprising the outstanding rentals until May 2017, 8% interest on the outstanding rentals, agreed liquidated damages, general damages, aggravated damages of RM10, exemplary damages, 5% interest on the overall damages and costs of RM15,000. It allowed an interim stay for vacant possession of the units.

The Arc @ Cyberjaya is a freehold mixed-use development comprising four blocks of serviced apartments with 2- and 3-bedroom fully-furnished serviced apartments, four institutional towers, and a sports academy.

The units range from 913 sq ft to 1,915 sq ft and are priced from RM350,000.

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