The company that had submitted the higher of two bids withdraws, citing funding difficulties
LAGUNA Park, which went up for collective sale last month at $1.2 billion, has failed to attract a buyer so far.
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| WHAT NEXT? The majority owners of Laguna Park now have about a month to enter into any private treaty deal before the agreement expires in December |
The 528-unit leasehold project at Marine Parade remains unsold after the company that submitted the higher of two bids faced funding problems.
At the close of the tender on Tuesday, two submissions were received for the property, said Credo Real Estate, which is marketing the development.
One submission was from a locally incorporated company that offered $1.728 billion – well above the owners’ reserve price of $1.2 billion. The company’s main shareholders are understood to be based in Indonesia.
The other submission was from a prominent local developer, which expressed an interest in negotiating.
BT understands that the developer was not willing to meet the reserve price.
Credo conducted negotiations on the terms of the sale with the Indonesian-owned company, which was to re-submit the tender deposit in the owners’ prescribed format.
However, on Thursday evening, the offerer’s lawyers wrote to the owners’ lawyers saying that the offer had been withdrawn because the offerer faced ‘difficulty in its bankers processing the funds and remitting them to Singapore’.
Credo is now conducting negotiations with the local developer, said Credo managing director Karamjit Singh. Continue reading
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