Top Global terminates proposed purchase of South Bridge Road shophouses

DEVELOPER Top Global has aborted its proposed purchase of a pair of adjoining shophouses along South Bridge Road.

This was because the condition for a change of use at the second to fourth storeys of the property as "Hotel or Hostel" could not be fulfilled, it told the Singapore Exchange in a filing on Tuesday.

Top Global said the termination request was acknowledged, and that it received the refund for the S$265,000 option deposit on Jan 16.

In November last year, Top Global said its wholly-owned unit, Holland V Investment, was looking to buy the shophouses - 273 & 275 South Bridge Road - for S$26.5 million.

The property was put up for sale by EU Realty (Singapore), a fully-owned subsidiary of Eu Yan Sang International, with an initial asking price of S$28.5 million.

Top Global said the termination is not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending Dec 31, 2018.

Shares of Top Global closed 2.1 per cent or half a Singapore cent lower at 23 Singapore cents on Tuesday, before the announcement was made.