To make it short and sweet - signed S&P with developer, just got loan and also done 10% downpayment. Now developer suddenly say dun want continue project, and sold land to another company, whom wants to do something else.

In S&P, don't have cancellation clause - so what applies for this? Failure to deliver vacant possession (10% penalty of purchase price)?

go to Nga and seek help

Flex?

You should know by now.

I just read about it today online.

The developer sold the land to clear some debts or stabilize their finances.

https://www.nst.com.my/property/2024/05/104...-opts-sell-land

https://theedgemalaysia.com/node/710505

https://www.edgeprop.my/content/1909191/ho-...uys-land-rm110m



This post has been edited by acbc: May 8 2024, 11:25 AM

Yes penalty.

Ok, meaning if lets say the purchase price is 1 million, I will get 100k (10%) penalty - plus minus any other charges?

Just play it cool and see what they offer. But yes that is the minimum you should get. After discount of course.

Usually there is a clause where purchasers will be penalized if terminate the SPA. As long developer reciprocate the clause it is deemed "fair". However in market, usually developers compensate adequately to entice purchasers to accept the offer.

not that easy, u must demonstrate u paid them all

they the one non deliver

Buyers are lucky to receive full refund. as buyers likely signed with a subsidiary company, nasty developer could defunct the company.

All the best

This post has been edited by ahkit123: May 9 2024, 01:33 PM

Happened to my family member before. She bought apartment, signed SPA and paid deposit. Developer never commenced construction. Developer changed mind, said cancel project, offered my family full refund plus interest. My advise was take it lah and move on. A law suit is costly and may not be worth it as in that case the apartment was not expensive.