Swissco's planned acquisition of Tuas property falls through

SINGAPORE - Marine services company Swissco Holdings said on Tuesday that a deal to buy a property at No. 21 Tuas Road has fallen through.

The company's unit Swissco Offshore had announced on March 28 that it agreed to buy the property for $16.2 million in cash and had signed an option to purchase the property.

The leasehold property has a land area of about 282,531 sq ft and was intended as a base to manage and service Swissco's expanded fleet as well as to provide repair service to third-party vessels.

But Swissco said on Tuesday that the property's seller has treated the option to purchase as "terminated with immediate effect".

As such, the company does not intend to proceed with the transaction and is taking steps to recover its deposit paid under the option to purchase.