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SingHaiyi's bid to sell City Suites project rejected
smedisney - In 2015, Disney SE Asia executives made the short trek over to the INSEAD campus to take part in a collaboration with INSEAD MBA students and exchange design students from the Art Center College of Design in Pasadena, CA. Students worked in the manner of a design start-up, whose "client" happened to be one of the biggest brands on earth. (INSEAD article on fostering creativity and innovation, about 70cm)
smeaec19 - ON NOV 22 2015, Asean leaders established the Asean economic Community (AEC), which came into effect on Dec 31. One of its aims is to promote freer movement of trade and capital in the region. In practice, this means that tariff barriers between the 10 Asean countries will be eliminated while non-tariff barriers will be phased out. Restrictions on cross-border investment and the movement of labour within the region will also be progressively lifted. (KPMG, about 65cm.
SINGHAIYI Group's application to the Controller of Residential Property for its approval on the proposed sale of City Suites was rejected, resulting in the termination of the memorandum of understanding it entered into with ACG Construction.
SingHaiyi said in April last year it plans to sell Corporate Residence Pte Ltd, a developer for City Suites, a private freehold residential project along Balestier Road, for S$16.38 million.
The 56-unit development was to be sold to Ang Cheng Guan Construction. SingHaiyi said in April last year that sale progress has been slow, at about 10 per cent, since the project was launched in May 2013.
Both its application and subsequent appeal to the Controller of Residential Property for the approval on the proposed disposal were rejected.
In view of the above, the proposed disposal could not be proceeded with and is therefore aborted, said SingHaiyi on Monday.