Condo Buyers Appeal for LAD Payments
A group of condominium buyers appealed to SHAREDA and its member developers that built the Light Residences and Lido Four Seasons Residence to settle Liquidated Ascertained Damages (LAD) claimed under contractual entitlement of the Sales and Purchase Agreement due to handover delays without the need to resort to further legal action.
They met to reach a consensus to instruct counsel Datuk Kong Hong Min to issue the Letter of Demand to the respective developers in event that an amiable full settlement of their LAD amount is ignored or not entertained by the developers following their success in the Court of Appeal recently.
Lido Four Seasons resident Luther Chen said:
"It's pointless to engage in legal suits after trials in the High Court and the Court of Appeal had ruled for us against the Minister granting an extension of time to the developers to avoid paying LAD."
Light Residences resident Jack Soo said:
"We are asking nicely for an amicable full settlement of our LAD. Contractually we are in the right, and legally the Court sided with us."
They appealed to the Housing and Local Government Ministry to protect the interests of home buyers as a higher priority being a matter of duty on the part of a government and a regulator of the housing industry.
The buyers said further frustration of settlement of their LAD would compel them to call for a full media press conference to tell their unhappy experiences in dealing with the parties involved.
As a last resort, they would continue court appearances to press on for fair justice and solution.