Pair sought $1.2m refund for aborted condo deal, court rules developer entitled to forfeit $380k

SINGAPORE - A father and daughter pair from China who paid almost $1.2 million for a condominium unit, but did not go through with the deal after finding out that their property agent had embezzled other funds, will have to lose their $380,000 deposit.

Justice Kwek Mean Luck ordered that the remaining sum of about $326,000 is to be kept by Wingcrown for now, pending a further court decision on the amount of damages it can claim as fees and expenses incurred from the aborted transactions. On Oct 3, 2018, Ms Li travelled to Singapore to make a police report against Liu. Later that month, she told her lawyers that she could not complete the transaction in the light of ongoing police investigations.

Justice Kwek’s written grounds, issued on Tuesday, centred on contract issues and made no mention of the misappropriation. In March 2018, the deal was annulled by Wingcrown after the pair failed to make the requisite progress payments.

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