Corporate digest

SingHaiyi Group

SINGHAIYI Group's application to the Controller of Residential Property for approval of the proposed sale of City Suites has been rejected, resulting in the termination of the memorandum of understanding it entered into with ACG Construction.

SingHaiyi said in April last year that it planned to sell Corporate Residence Pte Ltd, a developer for City Suites, a private freehold residential project on Balestier Road, for S$16.38 million. The 56-unit development was to be sold to Ang Cheng Guan Construction. SingHaiyi said in April that sale progress was slow, at about 10 per cent, since the project was launched in May 2013.