(delivering the judgment of Mohamed Azmi SCJ and himself): Hadayat Harta Holding Sdn Bhd ('Hadayat') entered into an agreement dated 29 August 1981 ('the main agreement') with Ho Shee Jan ('Ho') whereby Hadayat agreed to sell to Ho three lots of land ('the said land') in the Mukim of Jeram Batu which were at that time registered in Hadayat's name under Grants No 5, 6 and 7 for Lots No 3786, 3787 and 3788 respectively, for the price of $330,000, which Hadayat acknowledged to have received, free from all encumbrances and with vacant possession. At that time an application for the subdivision of the lots and for the issue of separate titles for the subdivided lots had been made to the proper authorities, and it was agreed in the main agreement that Hadayat should be the developer and contractor for the construction of all the housing units on the said land as approved by the authorities and that Hadayat should complete the development and construction work at Hadayat's own expense within a period of 30 months from the date of the main agreement or such extended period as Ho may agree. It was further agreed in the main agreement that Hadayat should repurchase the said la