KUALA LUMPUR: S P Setia Bhd is the latest among listed property developers to file a suit over land acquisition matters.
In a filing with Bursa Malaysia yesterday, the company said it had filed and served a writ of summons and statement of claim against Ban Guan Hin Realty on Jan 31 for remedies, including specific performance of the sale and purchase agreement (SPA) over 1,015 acres (406ha) in Ulu Langat, Selangor. S P Setia was to purchase the land from Ban Guan Hin for RM330.13 million.
The property developer filed the suit via its wholly-owned subsidiary Bukit Indah (Selangor) Sdn Bhd.
“Bukit Indah has also filed an application for interlocutory injunction to, inter-alia, restrain Ban Guan Hin from disposing of, transferring, selling, letting, charging or dealing with and/or encumbering the said land until the disposal of the action or until further order is made by the court,” S P Setia said in a statement.
S P Setia’s suit came not long after Mah Sing Group Bhd commenced a suit in December 2011 against Asie Sdn Bhd and Usaha Nusantara Sdn Bhd to restrain them from making deals pertaining to a 4.08-acre leasehold parcel along Jalan Tun Razak, Kuala Lumpur. Mah Sing was to acquire the parcel from Asie.
The prolonged legal tussle between Ho Hup Construction Co Bhd and Malton Bhd over the joint development of 60 acres in Bukit Jalil is still ongoing.
This article appeared in The Edge Financial Daily, February 3, 2012.
In a filing with Bursa Malaysia yesterday, the company said it had filed and served a writ of summons and statement of claim against Ban Guan Hin Realty on Jan 31 for remedies, including specific performance of the sale and purchase agreement (SPA) over 1,015 acres (406ha) in Ulu Langat, Selangor. S P Setia was to purchase the land from Ban Guan Hin for RM330.13 million.
The property developer filed the suit via its wholly-owned subsidiary Bukit Indah (Selangor) Sdn Bhd.
“Bukit Indah has also filed an application for interlocutory injunction to, inter-alia, restrain Ban Guan Hin from disposing of, transferring, selling, letting, charging or dealing with and/or encumbering the said land until the disposal of the action or until further order is made by the court,” S P Setia said in a statement.
S P Setia’s suit came not long after Mah Sing Group Bhd commenced a suit in December 2011 against Asie Sdn Bhd and Usaha Nusantara Sdn Bhd to restrain them from making deals pertaining to a 4.08-acre leasehold parcel along Jalan Tun Razak, Kuala Lumpur. Mah Sing was to acquire the parcel from Asie.
The prolonged legal tussle between Ho Hup Construction Co Bhd and Malton Bhd over the joint development of 60 acres in Bukit Jalil is still ongoing.
This article appeared in The Edge Financial Daily, February 3, 2012.
