{"id":72507,"date":"2017-11-22T11:09:30","date_gmt":"2017-11-22T04:09:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/russian-magnate-embroiled-in-one-of-biggest-lawsuits-over-housing-defects\/"},"modified":"2017-11-22T12:03:03","modified_gmt":"2017-11-22T05:03:03","slug":"russian-magnate-embroiled-in-one-of-biggest-lawsuits-over-housing-defects","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/russian-magnate-embroiled-in-one-of-biggest-lawsuits-over-housing-defects\/","title":{"rendered":"Russian magnate embroiled in one of biggest lawsuits over housing defects"},"content":{"rendered":"


\nFrom being the priciest transaction in Singapore\u2019s 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.
\nThis 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.
\nThe ex-chief of Russia\u2019s 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.
\nVbornov received the keys to his unit on 31 October 2016. He claimed that the apartment is \u201cunfit for habitation and does not comply with the promised luxury standard\u201d. It also did not live up to the concept of \u201cparadise found\u201d as marketed.
\nHe noted that the \u201cunit has not been constructed to a high standard or to a reasonable standard\u201d. In fact, attempts to rectify the defects have failed due to their inherent nature, he said. As such, he was unable to rent the apartment for up to $25,000 per month.
\nCapitol, on the other hand, contends that the apartment was not sold as a \u201cluxurious apartment\u201d and\/or \u201cparadise found\u201d.
\nCapitol revealed that it carried out works to the apartment unit between March and October 2016 to address feedback on the alleged defects. It underscored, however, that such works were made out of goodwill and not as an admission of liability.
\nThe case is set for trial next year.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Russian magnate embroiled in one of biggest lawsuits over housing defects<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From being the priciest transaction in Singapore\u2019s property scene, the $10.5 million sale of a...<\/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-72507","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-iRt","jetpack-related-posts":[{"id":108731,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/all-you-need-to-know-about-aucklands-victopia-apartment-tower-shedding-leaks-and-defects\/","url_meta":{"origin":72507,"position":0},"title":"All you need to know about Auckland's Victopia apartment tower: shedding, leaks and defects","date":"July 5, 2019","format":false,"excerpt":"\r The deciduous Auckland high-rise apartment block, which yesterday shed a 40kg cladding panel, has a long and sorry history as New Zealand's biggest leaky building case, costing $40 million to fix.It was shedding corner cladding...\r \r Source : nzherald.co.nz\/Property\r Read more...All you need to know about Auckland's Victopia apartment\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25439,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/second-viewings-after-initial-offer-not-always-allowed\/","url_meta":{"origin":72507,"position":1},"title":"Second viewings after initial offer not always allowed","date":"September 8, 2016","format":false,"excerpt":"\r Allowing second viewings after the initial offer is not common practice in Singapore, said one analyst. Property developer CapitaLand has come forward to clarify that home buyers are usually given access to its completed condominium units, pending completion of the sales process. This is in response to a forum\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113037,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-magnate-warns-greed-will-lead-to-disaster-for-dubais-housing-market\/","url_meta":{"origin":72507,"position":2},"title":"Property magnate warns greed will lead to 'disaster' for Dubai's housing market","date":"December 12, 2019","format":false,"excerpt":"\r Dubai property magnate Hussain Sajwani has repeated calls for an immediate halt to construction.\r \r Source : cnbc.com\r Read more...Property magnate warns greed will lead to 'disaster' for Dubai's housing market","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":428,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-things-to-know-about-abu-dhabis-new-property-law\/","url_meta":{"origin":72507,"position":3},"title":"10 things to know about Abu Dhabi’s new property law","date":"December 18, 2015","format":false,"excerpt":"\r \r The much awaited new real estate law \u2013 No. (3) of 2015 Regulating Real Estate Sector in the Emirate of Abu Dhabi \u2013 has now been published, and will take effect as of January 2016. This law is mostly good news for the average person, but as with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95413,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sun-hung-kai-wraps-up-biggest-weekend-launch-with-a-sell-out-in-yuen-long-as-vacancy-tax-bites\/","url_meta":{"origin":72507,"position":4},"title":"Sun Hung Kai wraps up biggest weekend launch with a sell-out in Yuen Long as vacancy tax bites","date":"August 4, 2018","format":false,"excerpt":"\r Hong Kong\u2019s biggest sale of residential real estate after housing policies were unveiled on June 29 got off to a good start this weekend in Yuen Long, as a vacancy tax pried loose a trove of apartment units to ease the city\u2019s pent-up demand for homes. More than 7,300\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100280,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-magnate-walter-kwok-dies-aged-68\/","url_meta":{"origin":72507,"position":5},"title":"Hong Kong property magnate Walter Kwok dies, aged 68","date":"October 20, 2018","format":false,"excerpt":"\r Walter Kwok Ping-sheung, former chairman of Sun Hung Kai Properties died on Saturday morning, two months after having a stroke. Kwok, 68, was admitted to Ruttonjee Hospital\u2019s intensive care unit in late August after becoming unwell at his home in Deep Water Bay. He was released afterwards, and was\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/72507"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=72507"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/72507\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=72507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=72507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=72507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}