The site is close to the future Yaraville Gardens development, pictured here.
ABR Holdings, which runs the popular Swensen’s ice-cream restaurant chain, has decided to terminate the contract for the acquisition of a 1.5ha site at 2 Banool Avenue in Victoria’s Yaraville area.
In an SGX filing last Friday (26 August), the group revealed that the decision followed “its review of the due diligence results of the property”.
As such, the deposit of AU$1.9 million (S$1.95 million) has been refunded to the group.
On 3 July, ABR Holdings announced that it had signed a deal with Stambo’s Group to acquire the property, a former insulator factory, for AU$20 million (S$20.52 million).
The group had intended “to redevelop the property into residential houses for sale”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
