Businessman wanted out of car showroom deal, loses $1.7 million deposit
His firm should have done more to secure approval of deal: Judge
Published on Aug 29, 2014 10:12 AM
A businessman who wanted out of a $16.8 million deal to buy a car showroom was ordered to forfeit his $1.68 million deposit instead.
Mr Cheong Sim Lam had argued that the National Environment Agency (NEA) and the Housing Board (HDB) did not give the approval needed for the change in ownership.
But the High Court decided that he should have done more to convince the government bodies into saying "yes".
The case involved a swanky showroom unit in Leng Kee Road, which was sold by Pacific Motor Credit to Mr Cheong's company, The One Suites, in 2012.
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