Singapore Firm Terminates Us$11 Million Hotel Deal in Sihanoukville

• Proeksa Meas
• 12 December 2018
• Local News
• 2050 Views

Singapore-based real estate developer Hong Lai Huat has decided to terminate its sales and purchase agreement of its first hotel project in Sihanoukville, according to an announcement on the Singapore Exchange (SGX).

According to the announcement dated 11 December, 2018, PH One Development, a subsidiary of Hong LeaiHuat decided to terminate the sale and purchase agreement of the D’HotelSeaview Hotel project with the buyer.

The termination of the 10-storey D’Seaview Hotel deal, worth up to S$15.7 million (about US$11.43 million), was made after the buyer failed to make the requisite payments for the purchase of the project, the announcement read.

“The Company is currently reviewing the overall impact of the Termination on the Group, and will update shareholders on other material developments at the appropriate juncture”, it added.

However, this hotel project termination does not affect the other projects of D’Seaview, which is the largest mixed-use development project in Sihanoukville.

Speaking with The Business Times, Hong Lai Huat representative said that the D’Seaview project, which includes 737 residential units and 67 commercial units, remains on course with construction expected to finish by 2019.

• Projects Development