S Nantha Balan JCA:

[1] There are 2 appeals before us, namely,

(a) B-02(NCvC)(W)-352-03/2024 (Appeal 352) (TECT HUAT DEVELOPMENT SDN BHD v. GOH CHENG HUAT & 4 OTHERS); and

(b) B-02(NCvC)(W)-353-03/2024 (Appeal 353) (GOH CHENG HUAT & 4 OTHERS v. TECT HUAT DEVELOPMENT SDN BHD)

[2] In the High Court, TECT HUAT DEVELOPMENT SDN BHD was the Plaintiff whereas GOH CHENG HUAT & 4 OTHERS were the Defendants. We shall refer to the parties as Plaintiff and Defendants respectively. Thus, the Appellant in Appeal 352 is the Plaintiff whilst the Appellant in Appeal 353 are the Defendants.

The Facts

[3] The Defendants are the landowners of a parcel of agricultural land. The Plaintiff (a developer) and the Defendants executed a joint venture agreement dated 24 March 2014 ("JVA") pursuant to which the land was to be converted into residential and commercial category and subdivided into individual lots, and thereafter developed into terrace houses and shop-lots. The construction/development was to have been completed by 24 March 2019 ("completion date").

[4] As at the completion date, the land had been duly converted and subdivided into 25 lots - 20 residential and 5 commercial lots. However, the pro