Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.
The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious. The developer had granted Kuwait Finance House the options back in December.
In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.
Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers. - CNA/ac
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GuocoLand Limited refers to the joint press release issued by the Company and Kuwait Finance House (Malaysia) Berhad on 18th December 2007, in relation to the sale of 97 units in Goodwood Residence to a fund company managed by KFHMB.
The Company wishes to inform that the 97 options were not exercised and consequently, have lapsed. Nonetheless, the parties are presently in discussions, with a view to a grant of fresh options for units in the development.
The expiry of the options will not have any material financial effect on the GLL Group’s net tangible assets per share or earnings per share, for the current financial year ending 30 June 2008.
The current private residential property market appears to be cautious in Singapore.
Goodwood Residence is a premier freehold development, with only 210 exclusive units on a large 24,845 square metre estate fronting the expansive Goodwood Hill.
The units at Goodwood Residence will be marketed selectively at a later date. (They were supposed to launch this project in Nov 2007, but held back because of poor market sentiments).
By Order of the Board
Dawn Pamela Lum
Group Company Secretary
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