Wing Tai’s W05 wholly-owned subsidiary Wincove has rescinded its contract to acquire Holland Tower.
According to the company, this is due to the non-fulfilment of “certain condition thereunder”.
The non-completion of the acquisition has no material impact on the group’s net asset value (NAV).
On March 15, Wing Tai announced that Wincove had successfully tendered for the collective purchase of the freehold Holland Tower for $76.3 million, or $1,746 sq ft per plot ratio (psf ppr).
Holland Tower is located at 10 Holland Heights in prime District 10.
Shares in Wing Tai closed 1 cent lower or 0.69% down at $1.43 on July 28.
