PropNex Realty faces second lawsuit over 99-1 deals

[SINGAPORE] A PropNex unit – together with its salesperson and a law firm – has been sued by an Indonesian couple claiming about S$850,000 over a 99-to-1 transaction, making this the second reported suit of such nature for the mainboard-listed company’s subsidiary.

This lawsuit came after PropNex Realty was one of the three defendants sued in January 2025 for S$1.2 million over a similar arrangement, where the buyer purchased properties holding 1 per cent stakes in a bid to reduce the Additional Buyer’s Stamp Duty (ABSD).

Kevin Rahim and Jessica Tjitra sued in February, naming PropNex Realty, salesperson Amos Koh and CK Tan Law Corporation as defendants in their claim of S$849,287.