Terraform Labs co-founder Do Kwon’s claim for S$19.4 million Ardmore penthouse payment rejected
Source: Business Times
Article Date: 05 Sep 2025
Author: Chloe Lim
Amount is nearly half of the purchase price, in option fees and subsequent payments, but the sale was not closed and the unit was eventually resold for S$34.5 million.
Co-founder of fallen blockchain company Terraform Labs Do Kwon’s claim for his payment of about 50 per cent of an Orchard Road penthouse purchase was rejected by Singapore’s High Court, said a Wednesday (Sep 3) report by Lianhe Zaobao.
Kwon had set his sights on the Sculptura Ardmore unit valued at S$38.8 million five months before the collapse of his cryptocurrencies TerraUSD and Luna in 2022. He had selected a 7,600 square foot duplex four-bedroom penthouse on the 19th floor of the development, one of only three penthouses in the project, indicated High Court documents reviewed by Lianhe Zaobao.
The South Korean national paid approximately S$19.4 million, which was nearly half of the purchase price, in option fees and subsequent payments. He did not complete the purchase, and the unit was eventually resold for S$34.5 million.
Sculptura Ardmore was launched by developer SC Global in 2012, and completed in 2014. In 2017, Meta co-founder Eduardo Saverin purchased a penthouse apartment for S$60 million, setting a new benchmark for luxury apartments.
While the developer is said to have forfeited the money that Kwon paid, Kwon argued that the forfeiture was invalid and, through his wife, filed a claim in the Singapore High Court. His application was dismissed on Jul 26.
Additionally, Kwon and his wife had also signed a 16-month lease from February 2022 to June 2023 for the apartment at S$40,000 per month. It was noted that they paid S$640,000 rent upfront and carried out extensive renovations.
On May 17, 2023, Kwon authorised his wife to pay S$1,000 to exercise the option to purchase the property, but the transaction was not completed as required by May 31, 2023. The option to purchase and the lease expired on Jun 22, 2023, when the sale was terminated and sums paid retained.
Kwon’s wife had continued to live in the unit until Jul 25, 2023, however, but had paid an additional month’s rent. The developer alleged she was in breach of contract and sought another month’s rent, and a recovery of S$90,000 in repair costs.
High Court Judge Philip Jeyaretnam rejected the seller’s repair claims in his judgement, but awarded an additional month’s rent of S$40,000 plus legal costs.
Kwon had pled guilty earlier on Aug 12, 2025 in New York for conspiracy and wire fraud in a US prosecution case linked to the US$40 billion collapse of his TerraUSD stablecoin in 2022. He had agreed to forfeit US$19.3 million and some properties as part of the plea deal. His sentencing is scheduled for Dec 11.
The Terraform Labs co-founder and the Luna Foundation Guard were sued by 366 investors in the Singapore International Commercial Court in May, and face demands of around US$66 million to US$90 million. Kwon had registered his cryptocurrency company in Singapore.
Source: The Business Times © SPH Media Limited. Permission required for reproduction.
3342