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Do Kwon placed an offer for Sculptura Ardmore before eventually not proceeding with the purchase of the unit
In a case reported by the Straits Times yesterday on 31 Oct 2025, Do Kwon, the co-founder of fallen blockchain company Terraform Labs, filed an appeal against a High Court decision to dismiss his claim for a partial refund of the amounts he paid for a $38.8 million penthouse.
Kwon had made payments totalling $19.4 million to the vendor before he ultimately decided not to go ahead with the purchase of the unit at the Sculptura Ardmore condominium in Ardmore Park. He sought a High Court declaration that the forfeiture of the sum was invalid and unlawful.
Sculptura Ardmore is a luxury condo in the prestigious Ardmore Park in Orange Grove sub-town of District 10 - Core Central Region (CCR). It is a freehold private residential condo development with an exclusive 34 units developed by Covenson Pte. Ltd. on a land size of approximately 42,690 sqft that attained its TOP in 2014.
Who Is Do Kwon?
Kwon later narrowed down his claim to the return of two sums totalling $18.4 million, which were paid to the vendor before the option to purchase was exercised. Justice Philip Jeyaretnam had dismissed Kwon’s claim on Aug 26.
On Oct 30, the judge issued written reasons, noting that Kwon had filed a notice of appeal on Sept 22 against his decision. The written decision did not link Kwon to the Singapore-based Terraform Labs or his other legal troubles from Do Kwon's cryptocurrency crash in May 2022.
The crash involving Do Kwon and the collapse of his crypto projects (especially TerraUSD (UST) and LUNA) in May 2022 had significant global repercussions across the cryptocurrency ecosystem..
Do Kwon’s company, Terraform Labs, issued the algorithm-based stablecoin UST and its linked token LUNA. The model attempted to maintain UST’s USD peg via automated mint/burn mechanics with LUNA. In May 2022, UST lost its peg; LUNA’s value collapsed almost overnight, wiping out approximately USD$60 billion in value from the Terra ecosystem's market capitalization within a week. The incident also caused a ripple effect across the broader cryptocurrency market, contributing to an estimated over USD$400 billion in losses for the wider crypto space.
Kwon fled to Montenegro while a warrant for his arrest was issued in September 2022. He was arrested in the Balkan nation in March 2023 and extradited to the United States in December 2024 after a lengthy legal battle.
This may be the 2nd most highly anticipated condo project launch in 2027 in Singapore
What Happened in Sculptura Ardmore's case?
In the current case of the penthouse unit at Sculptura Ardmore (the property), Kwon had offered $38.8 million for the property through his estate agent on Dec 11, 2021. The next day, the vendor, a company named Covenson - who is also the developer, indicated its agreement.
On Dec 15, the Government announced an increase in the additional buyers’ stamp duty (ABSD) for foreigners from 20 per cent to 30 per cent of a property’s purchase price. In the light of this new measure, Kwon asked for either a longer option exercise period of 18 months as he was in the process of applying for permanent residency, or a lower offer price to account for the increase in ABSD.
The option period for private property is usually 14 days, but the duration is negotiable.
The developer of Sculptura Ardmore - Covenson Pte. Ltd. (the vendor) agreed to a longer option period of 18 months in exchange for further payments being made during that period. The option to purchase was granted on Dec 23, 2021, after Kwon paid the option fee of $388,000. Kwon then made two further payments: a sum of $1.6 million on Jan 6, 2022, and a sum of $16.8 million on Feb 28 that year.
Justice Jeyaretnam found that the two sums which Kwon wanted returned to him were part of the payment made for the option to purchase of the penthouse unit at Sculptura Ardmore (the property) granted by the vendor, Covenson Pte. Ltd - who is also the developer. The judge determined that the vendor was entitled to retain the money and that the payments were “fully earned” by the vendor’s keeping the property off the market during the option period, he said. The judge also allowed the vendor’s counterclaim against Kwon for additional rent amounting to $40,000.
A tenancy agreement was also signed between Covenson and Kwon. While it was not common for such penthouse units to be rented out, Covenson stated that exceptions could be made for buyers like Mr Kwon “who expressed significant commitment to purchasing the unit” and sought to rent the unit in the short term pending their purchase of the property.
On top of the monthly rent of $40,000, a lump sum rental of $640,000 was paid. On Feb 28, 2022, the property was handed over to Kwon. Renovations were carried out and he lived there with his family from June to August 2022.
On May 17, 2023, Kwon’s wife exercised the option on his behalf. Two weeks later, on May 31, Kwon’s lawyer at the time told the vendor’s lawyer that he had “come to a settled decision not to proceed with the purchase”.
On June 22, 2023, the sale and purchase contract was terminated and the tenancy came to an end.
The property was handed back to Covenson on July 25, 2023. It has since been sold to a new buyer for $34.5 million. The option period for the deal was one month.
Kwon, who was represented by Mr Colin Seow, contended that the two sums were advance part payments for the purchase, and thus the forfeiture was invalid.
Think Big, Live Bigger. Do you know why buyers / tenants prefer integrated condo developments?
On the other hand, Convenson, which was represented by Mr Aaron Lee, contended that the sums were paid as part of the consideration for the grant of the option. The vendor counterclaimed against Kwon for reinstatement costs, additional rent for holding the property for a month after the tenancy expired, and damages for failing to complete the deal.
Justice Jeyaretnam noted that Kwon had asked for a longer option period in the hope of changing his immigration status during that time to avoid incurring the increased ABSD. This required Covenson to keep the property off the market for a longer period, taking on the risk that property prices might decline.
"The option fee, also known as the booking fee, is a deposit paid to secure the right to purchase a property during a specific timeframe. For private properties, it is typically about 1% of the purchase price for the property. This fee demonstrates the buyer's seriousness and if the buyer proceed, it is typically credited toward the purchase price; however if the buyer backs out, the buyer forfeit the fee" said Kiwi Lim, Associate Group Director of PropNex Realty.
“It is natural that the longer the option period (and hence the longer the period during which the grantor takes this risk of falling prices), the higher the option fee that is needed to compensate for the period of risk,” said the judge.
Citing a previous case, Justice Jeyaretnam added that sums paid before the exercise of an option would typically be part of the option fee, and not part payment towards the purchase.
From The Straits Times
The Sen is targeted for preview on Oct 31, with the official launch on Nov 15. The private condominium comprises 347 units with Beauty World MRT Station (Downtown Line) just a six-minute bus ride away
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A five-room HDB flat at 8 Boon Keng Road was recently sold for $1.55 million ($1,231 psf). The 1,259-sq ft flat, located on the 31st to 33rd storeys, is part of City View @ Boon Keng, a Design, Build and Sell Scheme (DBSS) project. The price paid for the subject flat is a record high for five-room flats in Kallang/Whampoa. The long remaining lease of approximately 85 years could have contributed to the high prices paid for these flats along Boon Keng Road.
Just last month, a five-room flat nearby at 7 Boon Keng Road was sold for $1.54 million ($1,202 psf). The 1,281 sqft City View @ Boon Keng HDB flat located on the 25th to 27th storeys. Few months ago in May, yet another five-room flat in the same DBSS City View @ Boon Keng at Block 9 and on the 22nd to 24th storeys fetched $1.49 million ($1,163 psf).
These HDB flats enjoy transport convenience and are surrounded by amenities, within walking distance of both Boon Keng and Bendemeer MRT Stations (North-East and Downtown Lines) near Bendemeer Market & Food Centre. Bendemeer Primary School, Hong Wen School, Bendemeer Secondary School and Northlight School are also within 1km radius.
The prices for the above City View @ Boon Keng may seem high, but they are still significantly below the $1.659 million ($1,263 psf) paid in June this year for a five room HDB flat at 92 Dawson Road a record price for five room HDB flats across Singapore. The 1,313-sqft flat along Dawson Road enjoys a long remaining lease of approximately 90 years, as well as proximity to Queenstown MRT Station and the plenty of surrounding convenient amenities.
"Over the past few years, Singapore has seen a steady rise in million-dollar HDB transactions. We may see around 2,000 HDB flats transacted over a million dollars this year representing close to 7% of the total number of HDB flats transacted for 2025" said Kiwi Lim, Associate Group Director of PropNex Realty. "Last year saw 1,035 million dollar HDB flats sold and only 470 million-dollar flats were transacted in 2023."
To curb the rise of million dollar HDB flats, the HDB announced that from October 2024 onwards, new BTO projects launched will be classified as Standard, Plus or Prime flats, to better reflect their locational attributes:
- Standard flats will come with significant market discounts that are applied to all BTO flats. They will continue to form the largest category of BTO flats to be launched every year.
- Plus flats will be in choicer locations across Singapore (e.g. good connectivity, proximity to amenities, and the city centre. Some may come with unique features, such as waterfront living).
- Prime flats are in the choicest locations (e.g. centrally located, well-served by comprehensive amenities and have excellent transport connectivity).
Due to their attractive locations and attributes, Plus and Prime flats would naturally command higher market values. They will be priced with additional subsidies to keep them affordable and enable Singaporeans over a wider range of income levels to buy them. They will also come with tighter resale and rental conditions, to ensure that buyers purchase such flats primarily for owner occupation.
Once considered rare but now increasingly normal, what’s driving this million dollar HDB flat phenomenon?
Prime Locations, Limited Supply
Many of these record-breaking flats are in mature estates like Bishan, Toa Payoh, Queenstown, Bukit Merah and Kallang/Whampoa — areas with excellent amenities, transport links and proximity to the city. These locations are highly sought after, but new supply is limited, pushing up resale prices.
Spacious, Unique Layouts
Some million-dollar HDBs are executive apartments, maisonettes, or rare corner units with large floor areas — something modern flats no longer offer. Homebuyers are willing to pay a premium for space, privacy and comfort, especially with more people working from home in a hybrid work environment.
Upgrading Aspirations
Many Singaporeans see property as both a home and a long-term investment. Buyers who have benefited from rising private property or BTO values are more willing to reinvest in prime HDBs for convenience and location, even at higher prices.
New freehold condo expected to TOP in 2027 currently selling at attractive leasehold pricing. Find out more here
Longer Remaining Lease Still Matters
Flats with long leases (80 years or more) command much higher prices, as buyers value security and financing eligibility. Older flats - even those in prime areas, usually fetch less unless well-renovated or in highly desirable blocks.
Confidence in Singapore
Despite global uncertainty, Singapore’s property market remains resilient — supported by stable governance, economic strength and demand for quality homes. Buyers see value in well-located HDB flats as a safe and stable asset.
"Singapore is also attracting foreigners who are key to Singapore's workforce and Singapore has been seen as a preferred choice safe haven worldwide for foreigners to relocate to." said Kiwi Lim who has been advising investors and home buyers on their property asset planning for more than a decade, "around 50,000 new citizens and SPRs are registered in Singapore every year and a portion of them would be looking at HDB flats as their property of choice, while others prefer an upgraded lifestyle in private residential properties."
From Edgeprop, Asiaone and Business Times
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The Upper Thomson (Parcel A) GLS site is adjacent to Springleaf Residence. The site is expected to yield around 595 residential units and 2,000 sq m of commercial space, with direct connectivity to Springleaf MRT station on the Thomson-East Coast Line (Source: BT Image)
Tender for the Upper Thomson Road (Parcel A) Government Land Sales (GLS) site closed on October 23, 2025 with Wee Hur Holdings and its largest shareholder, the Goh family-controlled GSC Holdings, submitting the top bid for this 262,875 sqft plot of land.
Wee Hur's bid of $613.94 million works out to a land rate of $1,062 psf per plot ratio (ppr) — the highest among the five contenders. The second-highest bid, which came from a joint venture between Frasers Property and Soilbuild Holdings, was around 2% lower at $601.5 million ($1,040 psf ppr).
Meanwhile, the third highest bidder, a joint venture between GuocoLand, Hong Leong Holdings, and TID (a partnership between Hong Leong Group and Mitsui Fudosan), submitted a bid of $546.5 million, or $945 psf ppr.
The Upper Thomson Road (Parcel A) Government Land Sales (GLS) site was released for on June 24 2025 for the 2nd time, under the first half 2025 GLS programme. This 99-year leasehold plot of land has a gross plot ratio of 2.2 and is expected to yield approximately 595 residential units with commercial mall at the first storey with an estimated 21,528 sqft of commercial space.
Previously, the tender for this residential Government Land Sale (GLS) site along Upper Thomson Road closed on June 19 with no bids submitted because the URA previously required the developer to also build 100 long-stay serviced apartments in the land bid.
"The previous requirement to build long-stay serviced apartments by the URA was quite unusual as Springleaf area may see little demand for long-stay serviced apartments." said Kiwi Lim, Associate Group Director of PropNex Realty. "therefore developers were expected to make low offers of less than S$1,000 psf ppr before the tender closed with no bidders."
Right beside this plot of land is Springleaf Residence jointly developed by GuocoLand and Hong Leong which saw an amazing 92% of its total units (870 of the total 941 units) sold off the shelves during the first preview weekend sale at an average price of $2,175 psf.
Almost all of the 340 two-bedroom units in the five 25-storey towers were sold out, and 95% the 384 three-bedroom units and 138 four-bedroom types were taken up. Five-bedroom units saw 45% of the 71 units sold.
According to GuocoLand, the strong demand also reflects market confidence in the Springleaf area’s growth potential, in line with URA’s vision of Springleaf as a vibrant neighborhood that harmonizes urban living with natural spaces kickstarting the Springleaf transformation into one of Singapore’s most potentially sought-after private residential enclaves.
The Springleaf estate has a laid-back, community-driven feel with nearby cafés, eateries and cycling trails along the Lentor–Mandai green corridor. It’s popular among families, professionals and retirees who appreciate a slower, more mindful pace of living. Buyers for Springleaf estate include local private property residents in the Springleaf area as well as HDB upgraders from nearby HDB estates. Between 2022 and 2025, some 4,800 flats in nearby HDB estates attained their minimum occupation period.
The Sen is targeted for preview on Oct 31, with the official launch on Nov 15. The private condominium comprises 347 units with Beauty World MRT Station (Downtown Line) just a six-minute bus ride away
Springleaf is surrounded by lush greenery, parks, and nature reserves — including Springleaf Nature Park, the Upper Seletar Reservoir and the Central Catchment Area. The estate offers a calm, leafy environment where residents wake up to birdsong and cool morning air — a true contrast to the hustle of city life. Despite its peaceful setting, Springleaf is surprisingly well-connected. The Springleaf MRT Station (Thomson-East Coast Line) links residents directly to Orchard, Marina Bay and the CBD — making it ideal for those who want quiet living without sacrificing convenience.
"Springleaf estate offers what many city dwellers crave — peace, space and connection with nature, without giving up the perks of urban convenience." said Kiwi Lim. "It’s not just a place to live — it’s a way to reconnect with what matters most. The appeal of Springleaf estate lies in its rare blend of tranquil nature, exclusivity and connectivity — a combination that’s increasingly hard to find in Singapore. Based on the land price of $1,062 psf ppr, the selling price for this new integrated condo project may start from an attractive price of $2,400 psf onwards when its launched for sale in 2027."
The future development will enjoy direct underground connectivity to Springleaf MRT Station on the Thomson-East Coast Line. The site is also adjacent to Springleaf Forest, Springleaf Nature Park and Lower Seletar Reservoir, as well as across the road from famous eateries such as the Springleaf Prata Place, Casuarina Curry and Pacamara Boutique Coffee Roasters.
Source: Business Times and Edgeprop
Think Big, Live Bigger. Do you know why buyers / tenants prefer integrated condo developments?
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Over the years, the Singapore Government has introduced more than 10 rounds of property cooling measures to ensure homes remain affordable and curb speculation - Business Times (image)
If there’s one thing that never stands still in Singapore, it’s our skyline.
Glass towers rise where old shophouses once stood, heartland towns transform into mini-cities and with every change, the dreams of homeowners evolve too. The Singapore property market is not just about prices and plots — it’s about people and possibilities. Over the years, it’s weathered every storm with the quiet strength of a nation that knows how to adapt.
One of Singapore property market’s greatest strengths lies in its strong governance and transparent regulations. The government’s calibrated approach — through cooling measures, stamp duties and land supply management — has kept prices in check while ensuring long-term sustainability.
Even global shocks like the Covid Pandemic couldn’t shake Singapore’s foundations. Instead, low interest rates and a renewed desire for quality living spaces sparked a surge in demand. Prices rose steadily across the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) with many homeowners seeing healthy capital gains.
Foreign investors, too, continue to view Singapore as a safe haven — attracted by its political stability, clean governance and world-class infrastructure.
But like any vibrant market, the journey hasn’t been without its challenges. Rising interest rates and global inflation in recent years have tested affordability, especially for young families and first-time buyers. Developers have also faced rising construction costs, tighter margins and shifts in buyer sentiment.
Cooling measures introduced to maintain market stability — while necessary — have also managed to slow down demand among investors, especially foreigners, leading to a more selective, price-sensitive market. Moreover, the widening gap between HDB resale and private property prices has created both opportunities and pressure, influencing upgrading decisions across the island.
"What truly sets Singapore apart is how quickly the market adapts and recalibrates. Developers are now creating smarter, greener and more community-focused homes. Buyers are becoming more discerning — looking beyond location to lifestyle, wellness and long-term value." said Associate Group Director of PropNex Realty - Kiwi Lim, "from the luxury enclaves of Orchard Boulevard to the heartland rejuvenation of Tengah and Queenstown, every corner of Singapore tells a story of renewal and reinvention."
As we move into 2025 and beyond, the property market may continue to see fluctuations — but one thing remains constant: confidence. Confidence in Singapore’s governance. Confidence in its economy. And confidence in the simple truth that homeownership here is not just an investment — it’s a way of life.
The Singapore property market has always been a reflection of the nation itself — dynamic, disciplined and resilient. Over the decades, it has seen waves of growth, moments of cooling and cycles of change that have shaped how Singaporeans live, invest and dream.
"Through its ups and downs, Singapore’s property market reminds us that real estate isn’t merely about buildings — it’s about resilience, aspiration and belonging. Investors from around the world are increasingly attracted to park their wealth here in Singapore, drawn to our nation’s calm and stability amidst chaos around the world, because in Singapore, the foundation is not just concrete — it’s credibility." said Kiwi Lim, who has been helping local and overseas clients analyze Singapore's real estate market for more than 12 years.
According to the recent HSBC's Global Entrepreneurial Wealth Report 2025, more than half of moneyed business owners are looking to move to another country. Tax savings were one of the least-cited reasons to move, with entrepreneurs more likely to cite personal safety or expanding their business as motivations. Singapore was the most popular destination, while the U.S. came in fifth.
Respondents from the HSBC survey were most likely to cite Singapore (12%) or the UK (10%) as potential destinations, with Japan and Switzerland tied at 9%. Despite the survey being conducted in the wake of U.S. President Donald Trump’s sweeping tariff announcement in early April, the U.S. was cited by 8% of respondents, the same percentage as last year. However, the U.S. came in fifth in terms of most-desired locations for moving after tying for second place last year.
Credit: Business Times and CNBC News
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A new icon is set to rise in the heart of Queenstown - Penrith, an exclusive residential development along Margaret Drive, is already shaping up to be one of the most talked-about condominium launches of 2025. Backed by reputable developers Hong Leong Holdings, GuocoLand and Intrepid Investments, the project brings a rare blend of luxury, convenience, and community to Singapore’s beloved city-fringe district.
With prices expected to start from S$2,437 per square foot (psf), developers Hong Leong and GuocoLand are confident that Penrith comprising of 462 units ranging from two to four-bedroom apartments across two 40-storey towers will be highly anticipated among homeowners and investors.
Prices start at $1.495 million ($2,437 psf onwards) for a 614 square foot (sqft) two-bedroom unit. Two-bedroom premium units, sized from 678 sqft, will go from $1.665 million ($2,455 psf onwards). Three-bedders, sized from 786 sqft, are priced from $1.973 million ($2,511 psf onwards). The largest units, with four bedrooms, from S$3.078 million ($2,623 psf onwards).
"This year's condo launches are very attractive to buyers as almost all of this year's new condo launches are able to match their surrounding older resale condo prices." - Kiwi Lim, Associate Group Director, PropNex Realty
Penrith collected 1,905 cheques as expressions of interest — an oversubscription of 4.1 times for the project’s 462 units for this 99-year leasehold condominium in District 3 (Rest of Central Region or RCR) isGiven the strong response, balloting of units has begun ahead of the launch on Oct 18.
Market watchers anticipate healthy demand for Penrith, following the strong take-up at Skye at Holland, launched the previous weekend. Skye at Holland is a 666-unit project at Holland Village in the Core Central Region (CCR) was 99% sold within a day, after receiving 2,151 cheques during its two-week preview — an oversubscription of 3.2 times.
There are currently only two condo launches that saw its units more than 4 times oversubscribed in Singapore's real estate history.
"Other than Penrith in Queenstown, the other condo launch is Emerald of Katong which was 4.3 times oversubscribed and recorded strong sales over its launch weekend as developer Sim Lian Group sold 835 of 846 units (98.7%) last year during its preview on 16 Nov 2024. The average price of units sold across the weekend was $2,621 psf" said real estate analyst Kiwi Lim, Associate Group Director of PropNex Realty.
Sadly, Emerald of Katong is already 100% sold today but we can look forward to another upcoming project Zyon Grand which enjoys direct access to Havelock MRT (TEL) which is expected to close its showflat soon for its weekend preview next week.
Zyon Grand previewed on 8 Oct and is scheduled for its sales launch on 25 Oct. Click to view Zyon Grand info.
The 706-unit Zyon Grand is developed by City Developments (CDL) and Mitsui Fudosan (Asia), which previewed on Oct 8 and is scheduled for its sales launch on Oct 25. The units are located in two 62-storey residential towers along Kim Seng Road. The integrated development features a retail podium on the first floor — Zyon Galleria — with F&B options, a supermarket and an early childhood development centre. The project connects directly to Havelock MRT Station on the Thomson-East Coast Line.
Zyon Grand includes a 36-storey block with over 350 long-stay serviced apartments. The serviced apartment block has a dedicated entrance and basement parking. The 164,450 sq ft, 99-year leasehold site is the first to be sold under the Government Land Sales (GLS) programme with a long-stay serviced apartment II (SA2) component. Under the SA2, the minimum stay is three months.
"This year's new launches are very attractive for buyers, due to their lower land costs from last year and almost all new launches this year saw more than 80% sold in one preview as they are priced to at least match their older resale condo prices. We also saw for the first time 2 Core Central Region (CCR) condo launches almost sellout during 1st weekend of preview and Penrith will likely be the first Rest of Central Region (RCR) condo project to see a 100% sellout on preview weekend." said Kiwi Lim, Associate Group Director of PropNex Realty.
From Business Times & Edgeprop
