Do Kwon's request for a down payment of $15 million for a luxury apartment is rejected by Singapore court

PANews reported on September 8 that the Singapore High Court ruled that Do Kwon, founder of Terraform Labs, who failed to complete a property transaction due to criminal charges, could not recover the $15.1 million down payment he paid for a luxury apartment, according to Decrypt. The report said that before its crypto project crashed, Do Kwon and his wife signed a 16-month lease for the top-floor duplex unit of Singapore's luxury apartment Sculptura Ardmore (four bedrooms). The duo paid $15.1 million (S$19.4 million), which accounts for about half of the purchase price of the property, including $31,150 (S$40,000) per month for rent. On May 17, 2023, Do Kwon instructed his wife to exercise the option of buying a house, which required only US$778 (S$1,000). However, the payment was not paid in the end. The purchase option and lease expired in June 2023, but Do Kwon's wife still lives on the property for an additional month. The developer of the luxury penthouse confiscated a $15.1 million (S$19.4 million) deposit and accused Do Kwon's wife of breach of contract while recovering one-month rent and $70,000 (S$90,000) in repairs. The High Court judge dismissed the repair costs claim but ruled that an additional month of rent would be paid. Do Kwon objected to the developer's confiscation of his funds and claimed that the money should be returned to him. The High Court rejected Do Kwon's claim, and the property was later resold for $26.87 million (S$34.5 million).