Dec 26 2024, 12:57 AM, updated 12 months ago
02:11
What is Private Lease Scheme (PLS)?
The previous government was looking to introduce a new Chapter into the National Land Code and Strata Titles Act, which would allow land owners (individuals and public / private corporations) to lease out their freehold land for development for a term of 30 – 99 years under a Certificate of Private Lease (Sijil Pajakan Persendirian).
This PLS will give a developer the rights to develop and construct condominiums on the land and sell them to the public. This gives rise to a pertinent question – what is being sold to the public, a freehold or leasehold property?
Buyers are actually “Renting” for the duration of the lease period
Buyers of PLS properties must be made aware that they are not buying said property but are instead merely renting or leasing the property from the sellers for a specific number of years.
At the end of the lease period, the future descendants of the buyer (lessee) must **** surrender***** the property back to the seller (lessor).
https://sg.news.yahoo.com/buyers-iskandar-i...-085042276.html
The case is as follows: IIB granted a lease over the land in Johor state’s Iskandar Malaysia region for a term of 99 years starting on June 26, 2013, to its wholly-owned subsidiary, Medini Land. It also has a 30-year extension ending June 25, 2142
Medini Land then sold this lease with a right to develop the land to Distinctive Resources, the developer. IIB also owned 20% of the shares in developer Distinctive Resources up until Dec 18, 2013, through Medini Land.
Through a joint venture between IIB and Distinctive Resources, the property in question, Iskandar Residences, was developed.
Between 2013 and 2014, the 63 plaintiffs entered into respective SPAs with IIB and developer Distinctive Resources. The property in the SPA at that time was referred to as a “lease”
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A similar court case in 2020
This is not the first time that this has happened. In 2018, 107 buyers of another property development in MIM Johor successfully sued their property developer for misrepresentation and for breaching the housing development legislation.
The property development, The Meridin@Medini, is situated on freehold land owned by Iskandar Investment Berhad. Similarly, IIB leased this land to Medini Land for 99 years from Apr 15, 2013, who then sold the lease to Tropika Istimewa, the property developer.
The court held that Tropika Istimewa had committed misrepresentation by selling a lease under the SPA. Furthermore, the court granted a declaration that the SPA was invalid as it was in breach of HDA 1966 and HDR 1989, National Land Code 1965 and Strata Titles Act 1985.
Accordingly, the court awarded damages for misrepresentation and breach of terms and conditions under the SPA and ordered the developer to pay for damages for late delivery of vacant possession.
On 25 April 2012, the Company acquired the entire issued and paid-up share capital of
Tropika Istimewa Development Sdn Bhd,
a private limited company incorporated in Malaysia, with an authorised share capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each,
of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up, for a cash consideration of RM2.00.
Singaporean kena tipu?This is not the first time that this has happened. In 2018, 107 buyers of another property development in MIM Johor successfully sued their property developer for misrepresentation and for breaching the housing development legislation.
The property development, The Meridin@Medini, is situated on freehold land owned by Iskandar Investment Berhad. Similarly, IIB leased this land to Medini Land for 99 years from Apr 15, 2013, who then sold the lease to Tropika Istimewa, the property developer.
The court held that Tropika Istimewa had committed misrepresentation by selling a lease under the SPA. Furthermore, the court granted a declaration that the SPA was invalid as it was in breach of HDA 1966 and HDR 1989, National Land Code 1965 and Strata Titles Act 1985.
Accordingly, the court awarded damages for misrepresentation and breach of terms and conditions under the SPA and ordered the developer to pay for damages for late delivery of vacant possession.
On 25 April 2012, the Company acquired the entire issued and paid-up share capital of
Tropika Istimewa Development Sdn Bhd,
a private limited company incorporated in Malaysia, with an authorised share capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each,
of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up, for a cash consideration of RM2.00.
Anyone know any jb condo project is APLS?
This post has been edited by plouffle0789: Dec 26 2024, 01:10 AM
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