S$910 million Far East Shopping Centre deal falls through after URA rejects redevelopment proposal
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THE collective sale of Far East Shopping Centre is said to have fallen through, with Chinese businessman Du Shuanghua’s Bright Ruby Resources pulling out of the acquisition, worth about S$910 million.
The deal came undone as the buyer – Glory Property Developments, a company linked to Bright Ruby and Du – failed to get approval from the Urban Redevelopment Authority (URA) to extend the site’s gross floor area (GFA) in its proposed redevelopment, under the government’s Strategic Development Incentive (SDI) scheme.
The deal was subject to conditions including approval from URA for up to 20 per cent more GFA under the SDI scheme.
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