Global Property Strategic Alliance (GPS)’s bid to acquire a Singapore property developer collapsed even before it kicked off, said media reports.
On 2 June, GPS, a mid-sized real estate agency that operates here but is listed in Australia, announced that it will acquire Forte Development for $55 million from its owner Lee Boon Leng.
However, on 18 June, GPS and Forte informed the Australian Securities Exchange (ASX) of their decision to mutually terminate the agreement.
GPS chief executive Jeffrey Hong attributed the cancellation to a change in the shareholding structure of GPS, but did not elaborate on the details.
He noted GPS, which primarily markets executive condominium (EC) projects here, is still on the lookout for potential acquisition targets.
“Just like any company, if there’s a good-value deal that comes along, I think my board will surely look into it,” he said.
Meanwhile, Forte is developing a private shoebox project in Farrer Park.
Dubbed Forte Suites, the development is yet to be launched and is expected to offer 106 units with an estimated gross floor area of about 67,000 sq ft.
Previously, GPS said acquiring Forte will help the firm gain foothold in the property development business, telling ASX it could also be the project’s marketing agent.
GPS has about 700 agents in Singapore.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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