View of Balestier Road. (Photo by Terence Ong / Wikimedia Commons)
The Controller of Residential Property has rejected the application of SingHaiyi Group for the proposed sale of City Suites, reported The Business Times.
This effectively results in the termination of the memorandum of understanding that the company entered into with ACG Construction.
In April 2015, SingHaiyi announced plans to sell Corporate Residence Pte Ltd, the developer behind City Suites, to Ang Cheng Guan Construction for $16.38 million.
Located along Balestier Road, the 56-unit freehold private residential project has witnessed slow sales, at around 10 percent, since its launch in May 2013.
SingHaiyi noted that the Controller rejected both its application and subsequent appeal for approval.
As such, the proposed disposal could not proceed and was therefore aborted, the firm added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
