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Judgment:

2 GROUNDS OF DECISION

3 On 11 January 1996, the Defendant in consideration of the sum of $12,600 < 'the

option fee' > granted an option <'the option' > to the Plaintiff to purchase its

property known as 130 Genting Lane, Singapore < 'the property' > at the price of

$1,260,000 subject to existing tenancy. The property is held by the Defendant under a

30-year lease granted by the Jurong Town Corporation < 'JTC' > at a yearly rent

payable on the first day of January each year. The relevant terms of the option are

clauses 2, 4, 5, 6, 12 and 13. They read:<p&rt2. The sale is subject to the

'Singapore Law Society's Conditions of Sale 1994' so far as the same are applicable to a

sale by private treaty and are not varied by or inconsistent with the terms herein.

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5 4(a) The Sale and Purchase herein is subject to :

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26 We regret to inform you that although we sympathise with your client's current

situation, we are unable to accede to your client's request to delay the payment of the

arrears. We therefore strongly urge your client to remit the full sum of $84,322.59 <

for 128 and 130 Genting Lane > (as at 15 Apr 96) being the arrears for the above

properties by 30 Apr 96 at the latest, failing which we shall have no alternative but to

refer to the matter for legal action. In that event, all costs incurred shall be borne by

your client. Please also note that interest at 8.5% per annum will continue to be charged

up to the date of full payment.

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30 Re: NO. 130 GENTING LANE

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38 12 On 20 August 1996 the Plaintiff's solicitors replied as follows:

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40 We are instructed that your clients' 21 days' notice is without basis.

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56 Dated this 3rd day of March 1997

57 GOH JOON SENG

58 JUDGE