At S$908 million, the sale of Far East Shopping Centre was the biggest en bloc deal of 2023 (Photo by Albert Chua/EdgeProp Singapore)
SINGAPORE (April 10): Rumours about Far East Shopping Centre’s en bloc deal have been swirling around for several months. It intensified in recent days when owners of Far East Shopping Centre, the 298-unit, strata-titled, mixed-use development at 545 Orchard Road, were said to have received a circular informing them that the S$908 million (RM3.19 billion) en bloc deal has been rescinded.
Michael Tay, head of Singapore capital markets, CBRE, who brokered the sale could not be reached for comment.
The buyer, Glory Property Development, is said to have walked away after failing to get URA approval to redevelop the property under the Strategic Development Incentive (SDI) Scheme...(click on link for full story on edgeprop.sg)
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