JUDGMENT

Wong Kian Kheong J:

A. Background

[1] The defendant is a statutory body established under the Perumahan Rakyat 1 Malaysia Act 2012 (PR1MA).

[2] On 18 March 2016, the plaintiff company (plaintiff), defendant and Sinergi Dayang Sdn Bhd (Contractor) entered into a tri-partite "Master En-Bloc Agreement" (Contract).

[3] The Contract provided as follows, among others:

(1) the plaintiff agreed to sell the plaintiff's land (Land) to the defendant in consideration of payments to be made by the defendant to the plaintiff in three phases ("Phase 1", "Phase 2" and "Phase 3") as specified in Schedule 3A to the Contract (Schedule 3A) - please see cl 4.1 of the Contract;

(2) clause 4.2 of the Contract (Clause 4.2) states that if the payments set out in Schedule 3A are not paid at the expiration of the time periods stipulated in Schedule 3B to the Contract (Schedule 3B), "interest on such unpaid instalment shall commence immediately thereafter and be payable by [the defendant] to the date of actual payment thereof, and such interest shall be calculated from day to day at the rate of [10%] per annum"; and

(3) the Contractor agreed to build "PR1MA Homes" on the Land for the defendant i