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TMC Education Corp announced that its reserve price for the 22 September auction of two strata-titled lots in Peninsula Plaza was not met.
In an SGX filing, the private education company said that it will conduct another auction on 22 October.
Notably, TMC is eyeing to sell the lots, which comprise 10 units with a total area of 2,971 sq ft and around 813 years left on their 999-year leases.
In an earlier announcement, TMC revealed that the proposed auction sale represents an opportunity for the company to unlock the value of the strata units “that are being held as investment properties which do not contribute towards its core business.”
It noted that the disposal of the lots will not affect the nature of the company’s main business.
Image: Peninsula Plaza (Source: Wikimedia Commons, Author: Terrence Ong)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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