Wing Tai’s Holland Tower en bloc buy falls through on planning permission hiccup
PROPERTY group Wing Tai Holdings is said to have called off its collective sale deal for Holland Tower, as planning conditions required by the developer to rebuild the site were not met.
Wing Tai is understood to have paid 5 per cent of the purchase price – around S$3.82 million – as a deposit thus far. The developer and SRI Capital Market, the marketing agent for Holland Tower, declined to comment when contacted on Monday (Jul 31).
On Friday, Wing Tai said that the contract for acquisition of the 14-storey apartment building at 10 Holland Heights was rescinded as certain conditions were not fulfilled. It added that the calling off of the purchase has no material impact on the group’s net asset value.
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