KUALA LUMPUR: The Court of Appeal has ruled that Sunway Real Estate Investment Trust (REIT) is the rightful owner of Putra Place building and dismissed the appeals by Metroplex Holdings Sdn Bhd.
Sunway Group said on Tuesday, Sept 27, the Court of Appeal had dismissed Metroplex's appeal against the High Court of Malaya's orders granted on June 28, 2011.
'With the dismissal of the appeal, it is affirmed that the OSK Trustees Bhd (as trustee for Sunway REIT) is the rightful owner of Putra Place,' it said.
Sunway REIT Management Sdn Bhd , the manager of Sunway REIT and the trustee will take delivery of control and management of Putra Place and to enforce the High Court's order that Metroplex is to pay mesne profits from April 19, until it hands over the building.
Sunway Group said OSK Trustees, on behalf of SunREIT, had successfully bid for Putra Place on March 30 at a public auction held at the High Court for RM513.94 million where the reserve price was fixed by the High Court.
Putra Place was auctioned following an order of sale obtained by Commerce International Merchant Bankers Bhd (CIMB) from the High Court pursuant to a charge granted by Metroplex Holdings Sdn Bhd in favour of CIMB. After the full payment was made to CIMB, the title was registered at the Kuala Lumpur land registry on April 19.
Following the successful acquisition, the manager issued letters to tenants of Putra Place to over the change of ownership of the property where all existing tenancies with Metroplex Holdings Sdn Bhd cease to be valid.'' Majority of the tenants have agreed to enter into new tenancies with SunREIT.
Sunway Group said the manager had sought amicable resolutions to take over Putra Place from the former owner however to no avail.
It said after several attempts and following the confusion arising from the existing tenants, the trustee and the manager instituted legal proceedings against Metroplex on June 2. They had on June 28, obtained declarations from the High Court including that the trustee was the rightful owner of Putra Place.
Sunway Group said on Tuesday, Sept 27, the Court of Appeal had dismissed Metroplex's appeal against the High Court of Malaya's orders granted on June 28, 2011.
'With the dismissal of the appeal, it is affirmed that the OSK Trustees Bhd (as trustee for Sunway REIT) is the rightful owner of Putra Place,' it said.
Sunway REIT Management Sdn Bhd , the manager of Sunway REIT and the trustee will take delivery of control and management of Putra Place and to enforce the High Court's order that Metroplex is to pay mesne profits from April 19, until it hands over the building.
Sunway Group said OSK Trustees, on behalf of SunREIT, had successfully bid for Putra Place on March 30 at a public auction held at the High Court for RM513.94 million where the reserve price was fixed by the High Court.
Putra Place was auctioned following an order of sale obtained by Commerce International Merchant Bankers Bhd (CIMB) from the High Court pursuant to a charge granted by Metroplex Holdings Sdn Bhd in favour of CIMB. After the full payment was made to CIMB, the title was registered at the Kuala Lumpur land registry on April 19.
Following the successful acquisition, the manager issued letters to tenants of Putra Place to over the change of ownership of the property where all existing tenancies with Metroplex Holdings Sdn Bhd cease to be valid.'' Majority of the tenants have agreed to enter into new tenancies with SunREIT.
Sunway Group said the manager had sought amicable resolutions to take over Putra Place from the former owner however to no avail.
It said after several attempts and following the confusion arising from the existing tenants, the trustee and the manager instituted legal proceedings against Metroplex on June 2. They had on June 28, obtained declarations from the High Court including that the trustee was the rightful owner of Putra Place.
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