The Court of First Instance has ruled that Pearl Horizon project developer Polytec Asset Holdings Ltd (Polytec) reimburse more than MOP2.02 million to an individual who purchased one of its flats.
The individual sued Polytec and requested the court terminate the contract for the purchase of a housing unit.
The court ruled that the termination of the contract is admissible.
Since the termination of the contract has the effect of nullifying or canceling the contract, money paid by the individual must be returned.
In total, Polytec is obliged to refund the buyer the entire amount of MOP2,025,804 plus interest.
The buyer paid for the housing unit in the November of 2012. Polytec pledged that the project would be delivered in 1,200 days, according to the court statement.
The court found that 1,200 days is an “extremely uncertain” timeframe for the project’s completion.
“If we consider the indication of 1,200 days deducted from Sundays, holidays and rainy days, we can assume that this corresponds to about four years. Considering that it should take less than one year for the completion of the first floor, we consider it reasonable that the delivery of the project should be within five years of the establishment of the contract. In other words, the project should be completed by the end of 2017,” the court statement reads.
In January of 2016, the Macau government announced the expiration of the developers’ concessions prior to their fulfillment.
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