The buyers backed out after discovering their property agent had embezzled their money.
The events leading up to the current dispute began in December 2015, when a father-daughter pair bought a unit at The Crest in Prince Charles Crescent for $1.785 million.
Still, Ms Li Jialin and her father Li Suinan took the developer to court in a bid to get a full refund, arguing that the sum of $1.2 million was not a true deposit.The pair, who are represented by Mr Lee Ee Yang from Covenant Chambers, then appealed. An unreasonable deposit “does not become reasonable retrospectively by the relevant party purporting to forfeit a reduced sum”, the judges said.
This framework will apply in future cases where a claimant sues for the return of a sum alleged to be a deposit.
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