26 June 2020
The purchase of a residential property in a housing development is governed by the Housing Development (Control and Licensing) Act 1966 read together with the Housing Development (Control and Licensing) Regulations 1989. Depending on the type of development, a housing developer is required to deliver the property within 24 or 36 months. If the developer fails to deliver vacant possession within the prescribed period, the developer is required to compensate the purchaser for the delay (i.e. liquidated ascertained damages or LAD).
The question is then, when does the calculation for delivery of vacant possession start – from the date of the initial payment (booking fee) or the date of the sale and purchase agreement? This article will look at the recent decisions of the Court of Appeal in ascertaining the delivery date of vacant possession of the property.
The full article can be found from Zicolaw's site here.
For more information, please contact:
Lay Kim Tey, Partner, Zaid Ibrahim & Co (a member of ZICO Law)
