Investment holding company Blumont Group Ltd announced that its wholly-owned subsidiary, Raintree Rock Sdn Bhd, has agreed with Bluwater Developments Bhd to terminate the planned acquisition of the latter’s Heritage Residences, a serviced residence development in Selangor, Malaysia.
The company said the termination was due to Bluwater Developments Bhd being unable to fulfil one of the material conditions precedent for the acquisition.
In September 2010, Raintree Rock had agreed to acquire 11 units of The Heritage Residences from Bluwater, and Heritage Lakeside Developments Sdn Bhd was appointed as the manager and operator of the property.
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