Delay in fund remittance process leads buyer, a private equity fund, to miss deadline for payment of deposit
THE collective sale of High Street Centre has fallen through, after the buyer failed to fork out the initial deposit of S$6.78 million (1 per cent of the S$678 million deal) as its funds were still in remittance.
Marketing agent Cushman & Wakefield said that while the buyer had made “every effort to expedite their movement of funds to Singapore”, the collective sale exercise had a hard-stop deadline to meet on Oct 2.
The buyer was a private equity fund comprising a group of high-net-worth investors from the US, Europe and India, making its first acquisition in Singapore. The group had made the purchase under an exempt private company, Transformation Development (TD), an infrastructure engineering design and consultancy firm.
