Ms. Ivy Lee's realty firm is one of the top realty agents in Singapore and is currently facing winding up application because of a case filed against them by MWA Capital, a certified moneylender.
Although both camps were in the High Court yesterday, MWA Capital claims that it was continuing with its application. However, the court hearing was moved to let both sides create their arguments.
Ms. Lee is the realty firm's shareholder and sole director.
It has managed different deals like the $131 million massive sale of Hong Leong Garden Condominium in March 2008. Its website has listed over 50 projects which sold 248 units of the Woodgrove condo in 1998.
Based on the loan agreement, Lee Realty loaned an amount of $10 million from MWA in July 2014, with a five percent interest per month. As security purposes of the loan, the firm chose option, like a 3-unit condo and 29 unsold units at Devonshire 8, which is set for completion in 2017.
According to the loan agreement document, Ivy Lee Realty borrowed $10 million from MWA on July 4 last year, with the interest rate set at five percent a month. If the company fails to repay the loan, a late interest shall be applied. MWA stated that they have the right to exercise to secure payment.
In December, Ivy Lee Realty also designated MWA rights to sale profits of the units, etc. When it failed to repay, MWA implemented a summary judgment of 10 million in May 2015.
The sum of $6.7 million was granted by Justice Woo Bih Li versus Ivy Lee Realty. According to general manager Siaw Ten Ten in an affidavit, "(MWA) is continuing with proceedings for the remainder of principal loan, interest and late interest."
Still Ivy Lee needs to pay $6.7 million, which led to the winding-up application. The case is currently being handled by Justice Belinda Ang who is setting another hearing date.
