LAD RM249k Claim Late Vacant Possession Damage

Tanxun — Wed, 18 Oct 2017 10:48:30 +0800

Hi All Property Guru(s),

7 years+ late hand over key to me, so much interest paid to the banker. Economic recession or economic down pour since 2012 hence, business not doing well at these period of time. I have been suffering tremendously due to this poor property developer.

Here are the project highlights.

Developer:
Sycal Properties Sdn Bhd (known as Cygal Properties Sdn. Bhd. and changed its name in July 2007)
Operates as a subsidiary of Sycal Ventures Berhad.

Commercial Property RM 527000.00 (S&P Signed)
Number days Late: 1593 days (3 Year after)
LAD Claim Approximately RM 249000.00 (10% according to S&P)
Developer offered RM100000.00 settlement

I gave myself a rough calculation of how much exactly I lost.
Cost of interest paid
1593 / 30 days = 53 Months
Interest Per Month RM 1600 = RM 84'800.00
Do consider 52 month of rental or business expansion lost due to delay of commercial property.

This is the first time happened to me, and I don't know what is the best route to take.
So I have 2 questions.

1) How much do you all think I supposed to claim back what I lost?

2) After my research on Tribunal for house buyer, the maximum claim is only RM 50k.
May I know which court to file in for the claim more than RM150k?

This is first time happened to me, my calculation maybe wrong or I may miss-out certain things to take into consideration.

I hope those who went through, that claimed amount more than RM200k successful, share their opinion in this forum so that everyone are aware and learn from it.

Lowyat.NET: Latest topics by Tanxun

LAD RM249k Claim Late Vacant Possession Damage