JUDGMENT

RK Nathan J:

Facts

By a sale and purchase agreement dated 10 August 2000, the plaintiff purchased a parcel known as A-19-B Taman Impian, Leader Garden, Pulau Pinang, situated on Lot No. 4200, Daerah Timur Laut, Tanjong Bungah, Pulau Pinang (together known as the said parcel) from Leader Garden Sdn. Bhd., the developer, at a purchase price of RM410,000. To effect the said sale the plaintiff obtained a loan of RM348,500 by way of a facility agreement dated 5 September 2000 from the defendant. Pursuant to a deed of assignment dated 5 September 2000, the plaintiff surrendered all his rights over the said property and the said land to the defendant. As the plaintiff needed a further loan of RM78,000 the defendant referred the plaintiff to a registered valuer who gave a written market value of the freehold interest in the said parcel at RM650,000.

Somehow in August 2002 pursuant to the power granted under the deed of assignment, the defendant proceeded, by way of a public auction to sell the said parcel at a reserve price of RM480,000 on 21 August 2002. On 27 August 2002 the strata title to the said parcel was issued and registered in the name of Taman Leader Management Corporat