KUALA LUMPUR (July 3): Radium Development Bhd said its unit has been granted an extension of time to submit its statement of defence in regard to the lawsuit filed by purchasers of its property development project in Bukit OUG, Kuala Lumpur.

The suit’s first case management was conducted on Monday (July 3) and the High Court allowed the application by Radium’s 80%-owned subsidiary, Vistarena Development Sdn Bhd, for an extension of time until Aug 3 to file the statement of defence, said Radium.

“The company will make the necessary announcements as and when there is [a] material development,” the newly-listed property developer said in a bourse filing.

Residensi Platinum OUG comprises a combined development of condominiums, affordable housing and civil servants housing under the same development order.

The suit, filed last month by 241 individual purchasers, pertains to an alleged lack of separate entrances between the development’s two blocks, as well as purported severe defects in the common facilities provided by Vistarena.

The purchasers are seeking a court declaration that Vistarena conducted misrepresentation and breach of contract, an injunction against the company to establish the two separate entrances, as well as a judgement for it to rectify all identified safety-related defects.

The purchasers are also seeking general damages, as well as RM25,000 in exemplary damages to each individual purchaser ― equivalent to about RM6.03 million.

In late May, Radium made a weak debut on the Main Market of Bursa Malaysia with a 23% drop to 38.5 sen, from its initial public offering price of 50 sen. 

On Monday, shares in Radium ended unchanged at 37 sen, giving the group a market capitalisation of RM1.28 billion.

Read also:
Radium’s 80%-owned unit sued for alleged breach of contract in relation to Residensi Platinum OUG development