Accordingly, Kim Heng O&M and Hoy San Stevedoring have agreed to terminate the option to purchase (OTP). The deposit of $925,000, amounting to some 5.0% of the sale price, will be refunded to the latter as well as the Singapore Academy of Law.
The sale of Kim Heng Offshore & Marine’s property at 48 Penjuru Road to Hoy San Stevedoring (the purchaser) will not be proceeding as previously announced in January.
According to a filing on SGX, Kim Heng O&M said that the sale was not approved by Jurong Town Council (JTC) as the purchaser did not meet the requirements to purchase a waterfront yard facility.
