SINGAPORE – Wing Tai Holdings has rescinded its contract to acquire Holland Tower for $76.3 million, saying that conditions for the completion of the deal signed by its Wincove Investment unit in March had not been met.
The company, in a bourse filing on Friday, did not specify what aspects of its agreement with the sellers of Holland Tower had not been fulfilled.
The cancellation of the deal to redevelop Holland Tower in District 10, one of Singapore’s prime residential areas, was announced on the same day that the Urban Redevelopment Authority released data showing that private home prices fell for the first time in three years, dipping by 0.2 per cent in the second quarter of 2023.
The fall in prices came after several rounds of property cooling measures since December 2021, including the latest increase in additional buyer’s stamp duty that was implemented in April.
Holland Tower was put up for collective sale in February. The 14-storey property located at 10 Holland Heights was completed in 1976 and comprises 19 residential units, each spanning 1,862 sq ft to 2,949 sq ft.
The freehold site spans 2,033 sq m, with a gross floor area of 4,059 sq m.
Located within the Holland Park good-class bungalow area, the site is within a 15-minute walk to Holland Village MRT station. It is zoned for residential use and may be redeveloped to its current built-up area of about 43,691 sq ft, subject to the authorities’ approval.
Wing Tai had planned to redevelop the property into a “luxurious and iconic residential development”.
The company said that calling off the purchase had no material impact on the group’s net asset value.
Its shares closed at $1.43 on Friday, down one cent or 0.7 per cent, before the announcement. THE BUSINESS TIMES
- With additional information from The Straits Times
