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.