TMC fails to get reserve price at auction of Peninsula Plaza lots, to try again in October

TMC Education Corp failed to receive bids high enough to match its reserve price in its Sept 22 auction of two strata-titled lots in Peninsula Plaza, the private education company announced early Friday.

TMC did not disclose its reserve price, but said it will carry out another auction on Oct 22.

TMC is looking to sell the lots, which effectively comprise 10 units with 2,971 square feet of total area and about 813 years left on their 999-year leases. The lots were valued at S$5.62 million as at June 30, 2015, by a valuer.

TMC shares were last bid at 8.1 Singapore cents and offered at 9.9 Singapore cents on Wednesday.