Laguna Park En Bloc Called Off

Wednesday, 18th November 2009

The en bloc sale of Laguna Park has been called off as the sales committee found it was not able to get consent level from owners at a lower proposed price of $967 million down from the original $1.2 billion.

Although two bids were submitted, no buyer made the downpayment to seal the $1.2 billion deal at the time. Although signing of a supplemental agreement at the lower price had started last month, so far no conditional agreement had been inked with any potential buyer for a sale at the lower price. The revised $967 million price tag includes payment to the state to intensify the site’s use and top up its lease to a fresh 99-year term.

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