On September 6, according to the United Morning Post, the request of Do Kwon, co-founder of the collapsed blockchain company Terraform Labs, to pay approximately 50% of the bid price for a top floor apartment on Orchard Road was rejected by the Singapore High Court. Five months before the crash of his crypto assets TerraUSD and Luna in 2022, Do Kwon set his sights on the Sculptura Ardmore apartment valued at SGD 38.8 million. Court documents reviewed by the United Morning Post show that he chose a duplex four-bedroom penthouse apartment on the 19th floor of the building, which is one of only three penthouses in the development, covering an area of 7,600 square feet (approximately 706 square meters). Do Kwon paid about SGD 19.4 million (about 50% of the total purchase price) through option premium and subsequent payments. However, the transaction was ultimately not completed, and the property was subsequently resold to others for SGD 34.5 million. It is reported that Sculptura Ardmore was launched by developer SC Global in 2012 and completed in 2014. In 2017, Meta co-founder Eduardo Saverin purchased a penthouse for SGD 60 million, setting a new record for luxury apartment prices. Although the developer has confiscated the amount paid by Kwon, Kwon insists the confiscation is invalid and has filed a lawsuit in the Singapore High Court through his wife. This lawsuit was dismissed on July 26. Note from BlockBeats: In this article, "option premium" refers to a type of deposit paid by Do Kwon when purchasing the luxury property, but this deposit has special legal and financial attributes. In simple terms, the option premium is a non-refundable fee paid to the developer by Do Kwon to "lock in" the right to purchase the property, while agreeing on a final price.
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Do Kwon's appeal to the Singapore court for a refund of the S$19.4 million deposit for a luxury home was rejected.
On September 6, according to the United Morning Post, the request of Do Kwon, co-founder of the collapsed blockchain company Terraform Labs, to pay approximately 50% of the bid price for a top floor apartment on Orchard Road was rejected by the Singapore High Court. Five months before the crash of his crypto assets TerraUSD and Luna in 2022, Do Kwon set his sights on the Sculptura Ardmore apartment valued at SGD 38.8 million. Court documents reviewed by the United Morning Post show that he chose a duplex four-bedroom penthouse apartment on the 19th floor of the building, which is one of only three penthouses in the development, covering an area of 7,600 square feet (approximately 706 square meters). Do Kwon paid about SGD 19.4 million (about 50% of the total purchase price) through option premium and subsequent payments. However, the transaction was ultimately not completed, and the property was subsequently resold to others for SGD 34.5 million. It is reported that Sculptura Ardmore was launched by developer SC Global in 2012 and completed in 2014. In 2017, Meta co-founder Eduardo Saverin purchased a penthouse for SGD 60 million, setting a new record for luxury apartment prices. Although the developer has confiscated the amount paid by Kwon, Kwon insists the confiscation is invalid and has filed a lawsuit in the Singapore High Court through his wife. This lawsuit was dismissed on July 26. Note from BlockBeats: In this article, "option premium" refers to a type of deposit paid by Do Kwon when purchasing the luxury property, but this deposit has special legal and financial attributes. In simple terms, the option premium is a non-refundable fee paid to the developer by Do Kwon to "lock in" the right to purchase the property, while agreeing on a final price.