22 Nov '17, 4am

Russian magnate embroiled in one of biggest lawsuits over housing defects

From being the priciest transaction in Singapore’s property scene, the $10.5 million sale of a 315 sq m apartment unit at the Eden Residences Capitol Singapore in 2013 has turned into one of the biggest lawsuits over housing defects. This comes as the buyer, Russian magnate Sergey Vbornov, wants a full refund of what he had paid for the unit, instead of compensation to make repairs, reported The New Paper . The ex-chief of Russia’s second-biggest diamond producer, Vbornov sued Capitol Residential Development in the High Court for the return of monies he had paid which amounted to around $8.89 million of the sale price, $1.88 million in stamp duties and conveyancing fees of $6,857. Vbornov received the keys to his unit on 31 October 2016. He claimed that the apartment is “unfit for habitation and does not comply with the promised luxury standard”. It also did not live up to...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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