Tiong Seng Holdings

TIONG Seng Holdings' subsidiary TSky (Jervois) has exercised its right to rescind the option to buy two freehold sites in Jervois Road - the necessary redevelopment approval for the sites was not granted to TSky Jervois "due to restriction of redevelopment plans for the remaining left-behind plots".

On July 17, Tiong Seng had announced that TSky (Jervois), its 60:40 joint venture company with Ocean Sky International, had exercised the option to buy the sites for S$21 million and would undertake the development of the plots.