Capital World unit faces more than RM320,000 in claims; buyer seeks refund for unit purchased in 2021
The buyer says in a legal letter that Capital City Property failed to vacate the unit within 52 months of the sale-and-purchase agreement date
[SINGAPORE] Property company Capital World on Wednesday (Aug 20) announced that its subsidiary is facing payment demands of more than RM320,000 (S$97,337) from a buyer it sold a unit to in 2021.
In March 2021, the claimant, Chong Kim Chuan, entered a sale-and-purchase agreement with the company’s wholly owned subsidiary, Capital City Property, to buy a serviced suite unit.
According to a legal letter dated Aug 14, the claimant is seeking claims over Capital City Property’s failure to “deliver the vacant possession of the unit” within 52 months of the sale-and-purchase agreement date.
Capital World said its unit received the letter on Aug 20.
The sum comprises a refund of about RM286,212, the purchase price paid for the unit, and a sum of around RM41,740, which was the interest paid to the claimant’s end-financier.
Capital City Property is required to appear in court within 14 days of being served the letter. If it fails to do so, the claimant may proceed with action and enter judgment against it without further notice.
Capital World said that it is seeking legal advice on the matter, with the case management scheduled for Sep 11 in the Johor Bahru Sessions Court.
The counter closed flat at S$0.001 on Thursday.
Copyright SPH Media. All rights reserved.
