Russian magnate seeks refund of S$10.5m for high-end flat
When the apartment was handed over to Vbornov, he complained again about defects and claimed the apartment did not meet 'promised luxury standard'
A Russian magnate is suing Capitol Residential Development in the High Court in Singapore for a full refund on a S$10.5 million (US$7.7 million) apartment at the Eden Residence Capitol on Stamford Road, claiming that the apartment was “unfit for habitation”.
Sergey Vbornov, a former president of Russian diamond producer Alrosa, bought the 314 square meter apartment at the Eden Residence Capitol in 2013. Three years later, in March 2016, Vbornov, then 58, inspected the apartment and found a number of defects, The Straits Times reported. He complained to the developer, which carried out work between March and October to fix them.
But in October last year, when the apartment was handed over to the Russian, he complained again about defects he found in the apartment. Vbornov claimed that the apartment did not meet the “promised luxury standard”. He said the alleged condition made him unable to rent the apartment out for up to S$25,000 per month.
However, Capitol Residential Development denied that any part of the construction was unacceptable and said they did not claim the residential project was luxury standard.
Vbornov, who also worked for the Foreign Ministry of the former Soviet Union, demanded a full refund on the apartment, instead of claiming a fee for fixing the alleged defects. He filed a lawsuit against the developer.
He is seeking a full refund of S$10.5 million – the $8.89 million sale price, stamp duties of $1.88 million and $6,857 in conveyancing fees, according to The New Paper.
A trial is expected to be held in the High Court next year.