Oct 24, 2007
The enbloc sale of Parklane Shopping Mall at Selegie Road, will not go through afterall.
This is because the collective agreement for the sale has lapsed.
Singapore-listed Superbowl has 20 percent share value in the mall.
Dow Jones Newswires said Superbowl had initiated the collective sale in January.
Speaking to 938LIVE, Superbowl's Chief Financial Officer Cindy Lim explained that the collective sales agreement for Parklane Shopping Mall is no longer valid as new rulings governing collective sales kicked in on October 4th.
"Technically, the previous sales committe and the collective sales agreement when it was first drawn up was not the same procedure as the current one that was implemted in October this month."
Ms Lim said some of the new rules include the need to for the sales committee of an enbloc sale to be formally appointed.
She added that the mall's proprieters had secured less than the required 80 percent acceptance for the sale.
But, Ms Lim said the mall may still be sold en bloc, as the agents have been working on the sale for more than a year.
She added that the decision to continue with the enbloc sale depends on the malls other tenants, who may or may not have previously given their consent for the sale.
By Geraldine Ding
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