SingHaiyi’s bid to sell City Suites project rejected

SINGHAIYI Group’s application to the Controller of Residential Property for its approval on the proposed sale of City Suites was rejected, resulting in the termination of the memorandum of understanding it entered into with ACG Construction.

SingHaiyi said in April last year it plans to sell Corporate Residence Pte Ltd, a developer for City Suites, a private freehold residential project along Balestier Road, for S$16.38 million.

The 56-unit development was to be sold to Ang Cheng Guan Construction. SingHaiyi said in April last year that sale progress has been slow, at about 10 per cent, since the project was launched in May 2013.

Both its application and subsequent appeal to the Controller of Residential Property for the approval on the proposed disposal were rejected.

In view of the above, the proposed disposal could not be proceeded with and is therefore aborted, said SingHaiyi on Monday.

18 Jan 2016

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