Buyer fails to extend due diligence for ABI Plaza

Singapore

ATTEMPTS to sell two office towers - ABI Plaza in Tanjong Pagar and PIL Building in Cecil Street - have hit a snag.

In the case of ABI Plaza, a private fund managed by CapitaLand that was doing exclusive due diligence with a view to buying the 12-storey freehold block did not enter into a deal when the exclusivity period ended last Friday .

BT understands that the fund had sought an extension of the due diligence period but the building's owner - listed MYP, which is controlled by the family of Indonesian tycoon Tahir - is not keen.

Agents are understood to be trying to interest replacement buyers.

When the expression of interest (EOI) exercise for ABI Plaza closed on July 30, only a few parties were said to have made submissions, all below S$200 milli…