{"id":36756,"date":"2016-12-02T09:15:42","date_gmt":"2016-12-02T02:15:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-ordered-to-split-condo-sales-proceeds-with-brother\/"},"modified":"2016-12-02T09:19:10","modified_gmt":"2016-12-02T02:19:10","slug":"man-ordered-to-split-condo-sales-proceeds-with-brother","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-ordered-to-split-condo-sales-proceeds-with-brother\/","title":{"rendered":"Man ordered to split condo sales proceeds with brother"},"content":{"rendered":"


\nThe brothers bought the Hillview condominium 16 years ago for $880,440. \u00a0
\nTo assert his share in a property, a man filed a lawsuit against his younger brother, who had persuaded him to invest $200,000 in a Hillview condominium unit in exchange for equal share of the property.
\nCheong Kok Leong, however, claimed the money was a loan that he had already paid back, reported TODAYonline.
\nThe older Cheong saw his income drop in late 2004 when he retired as a contractor. With this, he began urging his brother to sell the $880,440 condominium they purchased in 2000 to realise his investment.
\nFor years, the younger brother foisted him off by issuing him three cheques totalling $87,000 in dividends. The defendant also claimed there were 65 other occasions when he gave money to his brother, which amounted to $320,000.
\nAs such, he had effectively repaid the older brother and had even given him an additional $120,000, which constituted bad debts, said the defendant in his countersuit.
\nJudicial Commissioner Audrey Lim, however, was not convinced by the defendant\u2019s account.
\nIn ruling for the older Cheong, the judge questioned why someone would commit a large amount of money without setting fixed repayment dates or interest rates.
\nWhile the contribution of the older brother was just a fraction of the property\u2019s acquisition price, both parties had agreed on an equal share in the unit, said JC Lim.
\nIn fact, the younger Cheong, who had taken out the maximum mortgage, would not have been able to purchase the property without the plaintiff\u2019s contribution.
\n\u201cIt was not as though the agreement represented a bad bargain for the defendant,\u201d she said.
\nAs a result, the judge ordered the younger man to sell the property, which he declared solely in his name, and split the proceeds with his brother. He also has to return the latter\u2019s share of rental income over the years, which includes the period where he stayed in the condominium instead of renting it out.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Man ordered to split condo sales proceeds with brother<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The brothers bought the Hillview condominium 16 years ago for $880,440. \u00a0 To assert his...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-36756","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9yQ","jetpack-related-posts":[{"id":111977,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/midwood-condominium-sees-24-units-sold-during-launch-weekend\/","url_meta":{"origin":36756,"position":0},"title":"Midwood condominium sees 24 units sold during launch weekend","date":"October 29, 2019","format":false,"excerpt":"\r Developer Hong Leong Holdings has sold 24 units out of the 50 it released over the launch weekend of its Midwood condominium, reported The Business Times. 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