Purchasers of Puncak 7 Residences receive RM2.26 mil retention monies from developer

• The purchasers, which include co-owners, received RM15,922 for each unit from the proceeds, which was 2.5% retention monies held by the developer pending the expiry of the defects liability period.

SHAH ALAM (Feb 24): Some 177 purchasers of Puncak 7 Residences, located in Shah Alam, Selangor, representing 142 units, received their payment of RM2.26 million for major defects to their property at a handover of cheque ceremony at Plaza Masalam Shah Alam over the weekend.

The purchasers, which include co-owners, received RM15,922 for each unit from the proceeds, which was 2.5% retention monies held by the developer, NBL Land Development Sdn Bhd, pending the expiry of the defects liability period.

The retention amount was given by a court order recorded on July 29, 2019, at the Shah Alam High Court, between the 177 purchasers and the developer, NBL Land Development.

Lawyers Ranjan N Chandran and Dhanaraj Sivasampu from Hakem Arabi & Associates told The Edge that they were extremely delighted that the purchasers had finally received some monies after a legal tussle of nearly six years, during which both the developer NBL Land Development and the proprietor Gabungan Sanjung (now known as Suri Kemboja Sdn Bhd) were wound up and had gone into liquidation.

“Preserving the defects liability period monies from the onset is an important safeguard for purchasers, as you never know what will happen to the developer down the road,” Ranjan said.

The 177 purchasers had filed a civil suit on April 26, 2019, against NBL Land Development, Gabungan Sanjung, and others, claiming liquidated ascertained damages of RM2.81 million and rebates of RM2.80 million for major defects to their units.

The civil suit has been withdrawn due to the winding up of both the developer and the proprietor.

Puncak 7 Residences was built in 2018 and consists of 211 units. It was developed by Prinsiptek Property & Development as a high-rise condominium.

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