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Swissco's planned acquisition of Tuas property falls through

Published on Jul 15, 2014 12:48 PM

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".

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