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Epic Land and an undisclosed would-be buyer have mutually agreed to discontinue the sale of eight strata-titled office units in Prudential Tower with a combined area of around 55,711 sq ft, revealed an SGX filing on Tuesday (13 June).
On 6 April 2017, KSH announced that its 28-percent-owned associated firm Epic Land Pte Ltd had executed a non-binding letter of intent to sell the aforementioned properties to an unrelated third party.
Furthermore, the potential buyer was given an exclusive period of six weeks, with an option to extend it further by two weeks to carry out the due diligence for the proposed transaction.
According to a report from The Business Times, Epic Land acquired a 92.8 percent stake in Prudential Tower from Keppel Reit in September 2014 for S$512 million. Since then, it had been disposing strata units in the property, which stands on a site with a remaining lease term of 78 years.
Epic Land’s shareholders consist of Centurion Global (15 percent), KOP Limited (25 percent), KSH Holdings (28 percent) and Lian Beng, which holds a 32 percent stake.
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