page contents

Oxley terminates S$950m sale of Mercure and Novotel Hotels due to unpaid deposit

Wed, Mar 20, 2019 – 8:30 AM

PROPERTY developer Oxley Holdings has terminated a letter of intent (LOI) to sell its Mercure and Novotel Hotels to Gracious Land Pte Ltd for S$ 950 million with immediate effect, as a subsequent deposit of S$ 38 million was not made by the buyer.

In a regulatory filing late on Tuesday night, Oxley said that among other things, the subsequent deposit, being 4 per cent of the total consideration, was not made by Gracious Land.

Accord…
The Business Times

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close