UOB is looking to strengthen its case against the developer of the Marina Collection condo for failing to disclose the substantial discounts offered to buyers.
United Overseas Bank (UOB) has excluded five defendants from its civil case against seven individuals and Lippo Marina Collection (LMC), reported the Straits Times.
Originally, the lender sued the accused for failing to disclose the actual selling price of luxury condos in Sentosa. Consequently, the bank granted a higher amount of mortgages totalling around $180 million, with each of the 38 buyers given a loan of between $4.2 million and $5 million.
Although it has not dropped its suit against real estate agents Rick Goh and Aurellia Ho, UOB will renounce any ruling it may win against the duo, after they signed a settlement with the bank.
The deal with the pair relates to Goh’s affidavit, which is expected to corroborate the bank’s allegations that buyers of units at the Marina Collection condominium were provided with “very substantial” discounts ranging from 22 percent to 34 percent, but LMC and the other defendants did not divulge this info.
As such, UOB took LMC to court for conspiracy, while the two agents were accused of deceit and conspiracy, with damages to be assessed.
Meanwhile, LMC’s attorneys Teng Po Yew and Siraj Omar from Premier Law insisted that the housing loan is a matter solely between the bank and the buyers.
But last week, Goh attested an affidavit that narrates the nature and extent of the developer’s involvement in this case.
Aside from affirming the court document, he will also allow UOB to use the affidavit in court. In exchange for his “truthful testimony”, the plaintiff will forgo any judgment it may win against the property agents.
On Monday (23 January), the concerned parties attended a pre-trial conference for the ongoing primary case.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
