Sunway REIT wins court fight for Putra Place

The High Court today decided that OSK Trustees Bhd (as trustee of Sunway Real Estate Investment Trust Management Sdn Bhd) is the rightful owner of Putra Place after dismissing two legal suits brought against the latter in relation to its acquisition of Putra Place via a public auction on March 30.

Sunway REIT won the bid and made the full payment of RM513.945 million to the chargee bank (CIMB) followed by the registration of the title with the Kuala Lumpur Land Registry on April 19, 2011.

One of the suits was brought by Robert Ti and Kornelis Kurniadi, demanding a declaration that the public auction was null and void because they were wrongly excluded from bidding and that OSK Trustees had contravened a condition of sale in the Proclamation of Sale.

"In a separate suit, Metroplex Bhd sought to set aside the sale of Putra Place, claiming that the auction was not a valid public auction and that OSK Trustees Bhd was not entitled to bid.

"However, the High Court has allowed the applications by OSK Trustees (as trustee of Sunway Real Estate Investment Trust) and Sunway REIT Management Sdn Bhd to strike out the case with costs of RM40,000 to be paid by the provisional liquidator of Metroplex," Sunway REIT said in a statement, today. --Bernama