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.
Passion Made Possible.