Sabana Reit receives notice of rescission from buyer of Tuas property
SABANA Reit's manager has received a notice of rescission from the purchaser of a Tuas industrial building to rescind the sales and purchase agreement.
This follows the manager's announcement on March 23 that the divestment of the property was called off after the buyer, Kim Soon Lee (Lim) Heavy Transport, did not obtain approvals from JTC, a condition for the sale.
HSBC Institutional Trust Services (Singapore), the trustee of Sabana, will refund to the purchaser the cash deposit of S$1.1 million, equivalent to 10 per cent of the purchase price with GST, paid by the purchaser for the divestment.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built
UMS Holdings Q1 net profit drops 44% to S$9.8 million
SIA Engineering H2 profit rises 11.5% to S$37.8 million on robust aviation MRO demand
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share