Capital World unit faces more than RM320,000 in claims, buyer seeks refund for unit purchased in 2021
The company is required to enter an appearance within 14 days after being served the letter
[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 purchase 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, which is the purchase price that was paid for the unit, alongside a sum of around RM41,740, which is the interest paid to the claimant’s end-financier.
Capital City Property is required to enter an appearance within 14 days after 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 over the matter, with the case management scheduled to be held on Sep 11 at the Johor Bahru Session Court.
The counter closed flat at S$0.001, before the news.
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