ABR terminates contract to buy Australia land plot

ABR Holdings, which runs restaurant chain Swensen's as one of its brands, on Friday said that it has decided to terminate the contract for the purchase of the property at 2 Banool Avenue, Yarraville in Victoria, Australia.

This followed its review of the due diligence results of the property, it said in a filing to the Singapore Exchange.

Accordingly, the deposit of A$1.9 million (S$1.96 million) has been refunded to the group.

In July, it had said that it had inked a deal to buy the property for A$20 million from Stambos Pty Ltd. The property has about 1.5 hectares of land area.

ABR Holdings had said that it was planning to redevelop the site into residential houses for sale.

Its shares last traded at S$0.70 on Aug 18.