KUALA LUMPUR (Feb 2): S P Setia Bhd has taken legal action over a RM330.13 million land deal to stop the vendor, Ban Guan Hin Realty Sdn Bhd from disposing of a piece of land in Ulu Langat, Selangor to other parties.
S P Setia said on Thursday, its unit Bukit Indah (Selangor) Sdn Bhd had filed and served a writ of summons and statement of claim against Ban Guan Hin Realty on Jan 31 over the land, measuring 1,010.5 acres.
The legal action was for, among other remedies, specific performance of the sales and purchase agreement.
“Bukit Indah has also filed an application for interlocutory injunction to, inter-alia, restrain Ban Guan Hin Realty from disposing, transferring, selling, letting, charging or howsoever dealing with and/or encumbering the said Land until the disposal of the action or until further order is made by the court,” it said.
To recap, on Aug 12, 2011, Bukit Indah entered into an SPA with Ban Guan Hin Realty for the proposed purchase of the land.
S P Setia had then said it intended to develop a mixed residential township development project on the site with an estimated gross development value of RM3.5 billion.
It had also said then the proposed acquisition offered S P Setia a good opportunity to tap into strong demand for attractively priced homes by first time owners and other home buyers in the Semenyih-Kajang corridor.
However, on Dec 13, S P Setia announced the vendor had not agreed to an extension of the period for the fulfillment of the conditions precedent which included the requirement for the approval of the Estate Land Board to be obtained for the sale and transfer of the said Land to the purchaser.
S P Setia said on Thursday, its unit Bukit Indah (Selangor) Sdn Bhd had filed and served a writ of summons and statement of claim against Ban Guan Hin Realty on Jan 31 over the land, measuring 1,010.5 acres.
The legal action was for, among other remedies, specific performance of the sales and purchase agreement.
“Bukit Indah has also filed an application for interlocutory injunction to, inter-alia, restrain Ban Guan Hin Realty from disposing, transferring, selling, letting, charging or howsoever dealing with and/or encumbering the said Land until the disposal of the action or until further order is made by the court,” it said.
To recap, on Aug 12, 2011, Bukit Indah entered into an SPA with Ban Guan Hin Realty for the proposed purchase of the land.
S P Setia had then said it intended to develop a mixed residential township development project on the site with an estimated gross development value of RM3.5 billion.
It had also said then the proposed acquisition offered S P Setia a good opportunity to tap into strong demand for attractively priced homes by first time owners and other home buyers in the Semenyih-Kajang corridor.
However, on Dec 13, S P Setia announced the vendor had not agreed to an extension of the period for the fulfillment of the conditions precedent which included the requirement for the approval of the Estate Land Board to be obtained for the sale and transfer of the said Land to the purchaser.
