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Monday November 26, 2012

Onus on landowner to ensure subdivision premium paid

With reference to the stories “Apply for land titles or face action” and “Ownership At Last” published in StarMetro on Oct 23 and Nov 6 respectively, we would like to clarify that Fast Crescent Sdn Bhd is a company which is unrelated to Trinity Corporation Bhd (formerly known as Talam Corporation Bhd) nor does Trinity Corporation Bhd have any equitable or legal interest in Fast Crescent Sdn Bhd.

The joint venture between the landowner, SAP Holdings Bhd (a Selangor state-linked company) and Fast Crescent Sdn Bhd, the developer, was inked on Sept 12, 1999 (JVA) wherein, Fast Crescent had developed the land and completed the development which is known as Lestari Perdana.

As per the terms of the JVA, SAP Holdings was responsible to pay the subdivision premium for the said land and to deliver the subdivided titles to the purchasers.

The obligation of Fast Crescent was merely to build and to deliver the houses to the purchasers and to pay SAP Holdings its joint venture entitlements pursuant to the JVA which Fast Crescent did in fact fully comply with the aforesaid obligation since 2004.

As per the JVA, the onus is upon SAP Holdings as the landowner to ensure that the subdivision premium for the land is paid and titles are issued for the best interest of the purchasers. However, SAP Holdings has failed to do so. Hence, Fast Crescent is not responsible for any non-delivery of titles to the purchasers.

Fast Crescent is prepared to work with the state government/SAP Holdings to deliver the titles to the purchasers so long as the legal and economic rights of Fast Crescent are not affected.

The Management of Fast Crescent Sdn Bhd

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