Court settles contested sale of S$838,888 condo unit bought by man and his mistress as investment

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

The businessman said he owned a few properties at the time and wanted to avoid paying high stamp duty fees, so the property was purchased in his mistress' name instead.

SINGAPORE: A man who bought a condominium unit for S$838,888 with his mistress in 2014, intending to sell it for shared profit in the future, turned to court to have the sale go through after their relationship fizzled out during the COVID-19 pandemic.

He first met Ms Wu in 2010, when Ms Wu was working for him at a KTV lounge. They entered into a romantic relationship around 2011, when both parties were married to other people. These include S$166,943.60 in a cheque for the cash component of the condo's purchase price and S$61,710 for stamp duties payable.

Mr Ng, who is now in his 50s, argued that the pair had entered into an oral agreement before the purchase of the property. Ms Wu also said that because Mr Ng was married at the time, he knew he could not marry her. Therefore, Mr Ng told her that his contribution was intended to be a"betrothal gift" or wedding present to her, as Mr Ng had accepted that there would be a day when they would no longer be in a relationship.

Mr Ng had claimed that this amount was actually his money that he had given Ms Wu for safekeeping in the course of their relationship.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines