Do Kwon’s Claim for $15M Luxury Ardmore Penthouse Payment Rejected

In brief

Do Kwon, the founder of Terraform Labs, has been denied the ability of claiming back a $15.1 million down payment he made for a luxury Singapore apartment.
The Singapore High Court awarded the developer of the property an extra month’s rent, as Kwon’s wife overstayed the lease.
Luxury apartment complex Sculptura Ardmore was built to become an “iconic symbol” of the Singapore skyline, with Kwon’s penthouse on the 19th floor.

The Singapore High Court has ruled that Terraform Labs founder Do Kwon will not be able to claim back a $15.1 million down payment on a luxury apartment, after he failed to complete the sale due to facing criminal charges.

Before the public collapse of his crypto project, according to local media, Kwon and his wife had signed a 16-month lease in early 2022 for the four-bedroom penthouse of the luxury Sculptura Ardmore apartment complex. The pair paid $15.1 million (S$19.4 million), which accounted for approximately 50% of the property’s purchase price, including $31,150 (S$40,000) a month as rent.

On May 17, 2023, Kwon instructed his wife to exercise the option to purchase the property, which required a transaction of just $778 (S$1,000), per local media. However, the payment never arrived. The option to buy the property and the lease expired in June 2023, but Kwon’s wife continued to live at the property for an additional month.

The developer of the luxury penthouse kept the $15.1 million (S$19.4 million) and alleged that Kwon’s wife was in breach of contract, also pursuing a month’s rent and $70,000 (S$90,000) in repair costs. The High Court judge rejected the repair claim, but awarded the extra month’s rent.

Kwon pushed back on the developer’s confiscation of his funds, and claimed they should be returned to him. The High Court rejected the Terra founder’s claim, according to local media reports, while the property was later resold for $26.87 million (S$34.5 million).

The Sculptura Ardmore apartment complex was built in 2012 and completed in 2014, as it attempted to “become an iconic symbol” of the Singapore skyline. Kwon’s penthouse was found on the 19th floor, spanning 7,600 square feet with four bedrooms.

Kwon faces a wide range of charges across the United States and South Korea—including securities, wire, and commodities fraud, plus conspiracy to commit money laundering—for his involvement in the $40 billion Terra implosion.

In August 2025, the South Korean national pleaded guilty to conspiracy to defraud and wire fraud in the U.S.. He will be sentenced on December 11.