Stacy Pereira
- Singapore’s High Court has firmly rejected Do Kwon’s attempt to reclaim a 19.4 million Singaporean dollar deposit as a down payment for his Ardmore penthouse.
- The court noted that the developer was right to keep the deposit and later resold the penthouse for S$34.5 million.
- Sentencing tied to the Terra-Luna collapse case is scheduled for December 11.
Singapore’s High Court has firmly rejected Do Kwon’s attempt to reclaim 19.4 million Singaporean dollars, or ~$14–15 million in down payment for a luxury Ardmore penthouse he bought. The ruling stated that the developer was within legal rights to retain the funds after the failed purchase.
According to local media reports, Judge Philip Jeyaretnam found that Kwon and his wife failed to complete the property purchase by the due deadline, which was on May 31, 2023. This led to a lapse in the option agreement and lease by June 22, 2023. Following that, the developer rightfully kept the deposit, and the penthouse was resold for 34.5 million Singaporean dollars. The court also awarded the developer an extra month’s rent for overstaying, but dismissed claims for repair costs.
Kwon’s appeal argument
Kwon’s legal team argued that forfeiture of the deposit was invalid and unjust, maintaining that the contract terms were not clearly breached. However, the court found no merit in this claim and dismissed it outright, including any appeals.
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The purchase of the apartment began in early 2022, via option fees through Kwan’s wife. They placed the down payment and agreed to a lease from February 2022 to June 2023, paying 40,000 Singaporean dollars per month and carrying out renovations.
Do Kwon, co-founder of the now-defunct Terraform Labs, saw his TerraUSD and Luna stablecoin projects collapse in 2022, wiping out an estimated $40 billion in investor value. Analysts thereafter pursued legal action against him globally.
In August 2025, Kwan pleaded guilty in the U.S. to conspiracy and wire fraud, agreeing to forfeit $19.3 million and certain assets. Sentencing in this particular case is scheduled for December 11.
