JUDGMENT

Choong Yeow Choy JC:

Introduction

[1] A Sale and Purchase Agreement (SPA) was executed between the Plaintiff (as the Developer) and the Proprietor of the Land (who is not a party to this Suit), as the vendor, on one side, and the Defendant, as the purchaser, on the other. The Defendant required financing to purchase the property, and Public Bank Berhad issued a Letter of Undertaking (subject to certain conditions) to the Plaintiff. As is customary in SPAs between developers and purchasers, the title was transferred to the purchaser to enable the purchaser to charge the land to a financial institution. However, Public Bank Berhad later withdrew the Letter of Undertaking it had issued, leading the Plaintiff to terminate the SPA with the Defendant. Unlike typical cases in land transactions that involve a fraudster or wrongdoer, it appears that none of the parties here have committed any serious transgressions.

The Poser

[2] The overriding issue in the present matter is whether the Defendant (as the purchaser) has breached the SPA and thereby entitling the Plaintiff (as the vendor) to terminate the SPA.

[3] In the event that the answer to the question canvassed above is in the affir