Tee Land has decided not to exercise its option to purchase Teck Guan Ville in what was originally a S$60 million collective sale due to the latest round of cooling measures.
Tee Land will forfeit its 1 per cent deposit. The company cited the “impact on market sentiment and purchasers’ interest” following the government’s announcement on July 5.
Tee Land “has decided to adopt a more prudent and circumspect approach towards new projects in the meantime, pending clarity on the industry outlook”, it added.
Previously, Tee Land had announced on June 28 that it had entered an option-to-purchase agreement to acquire the freehold, 3,928.8 sq m plot located at 338 to 364 Upper East Coast Road.
Last year, Tee Land scooped up the freehold Casa Contendere at 35 Gilstead Road through a collective sale for S$72 million and a strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million.