SINGAPORE - Ascendas Real Estate Investment Trust has started court and arbitration proceedings against two of its contractors over a payment dispute.
The Reit's manager, Ascendas Funds Management, said on Wednesday that its trustee, HSBC Institutional Trust Services, has started proceedings against A@risco Services and Concorde Security.
A@risco and Concorde claim that A-Reit owes them S$3.6 million and S$1.8 million respectively, for services purportedly rendered by them to A-Reit. These sums are in dispute and the legal proceedings are to determine the total amounts payable by A-Reit.
As part of the legal proceedings, A-Reit is also seeking damages of S$460,000 from A@risco, for certain works done by the contractor, among other matters.