Far East Shopping Centre owners reject lower S$850 million offer; sale falls through
Only 60-odd per cent of its unit owners say ‘yes’ to the bid, which is below the guide price; an 80 per cent mandate is required
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THE second attempt at a collective sale for Far East Shopping Centre has tanked, with the lower offer of S$850 million having failed to get enough backing from unit owners, sources told The Business Times.
This is around 8 per cent lower* (see amendment note) than its guide price of S$928 million.
An extraordinary general meeting was held on May 31 for owners of the strata-titled building on Orchard Road to sign a supplementary agreement to lower the price on the sale. But the fresh offer won the support of only 60-odd per cent of unit owners, below the requisite 80 per cent mandate.
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