Laguna Verde flat owners are being sued for backing out of their purchase agreements with damages being sought for the shortfall in re-selling the plush apartments.
Five writs have been filed by Kar Ho Development, owner of the Hunghom development, seeking a declaration that the deposits be forfeited and damages also be paid, along with interest.
Kar Ho is claiming losses of nearly $3 million against one particular company, East Creation, which it claims reflects the fall in the value of one of the flats plus the forfeiture of the $1.5 million deposit.
The flat was originally purchased for $15.2 million.
However, it was eventually re-sold for only $7.72 million.
The litigation comes on the heels of legal action taken by a group of 25 buyers last year, seeking to back out of their deals.