May 13 2016, 11:43 AM
QUOTE(Asahikawa @ May 3 2016, 08:36 AM)
Hi all,
I have received a letter from BHL stating the approval of "extension of time granted by the Ministry of Urban Wellbeing" for another 12 months.
What does it mean?
Does it mean LAD will only be paid only if the construction is beyond 48 months? Can the contract be altered by the Ministry like that?
Thank you.
My interpretation is, Ministry granted the extension on the restriction on original 36-month by Sch H, which allow developer to modify the SPA (36m to 48m) for future purchaser. SPA of 36-month which signed before the ministry's approval, shall be still governed by the term & condition signed in SPA, ministry's approval shall NOT supersede the SPA signed. Or else, Agong or Prime Minster can any time issue any type of approval to void / supersede contract signed for our Toll.I have received a letter from BHL stating the approval of "extension of time granted by the Ministry of Urban Wellbeing" for another 12 months.
What does it mean?
Does it mean LAD will only be paid only if the construction is beyond 48 months? Can the contract be altered by the Ministry like that?
Thank you.
HOWEVER, Developer interpreting otherwise. Developer insists ministry's approval supersede SPA term & condition signed, as the ministry approval stated "Developer is obligated to notify purchaser with the extension", which is not clearly stated, whether further purchase, or applicable to SPA signed.
Think there is a lot of purchasers facing similar problem with Vendor/ Developer.
Or maybe there is a clause in SPA signed, there is sub-clause stating VP subjected to extension granted by ministry, then will be different story.
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