Sale of 21 Borrett Road development falls through

CK Asset Holdings said the purchaser failed to pay the first part of the payment of $1.04b.

Property developer, CK Asset Holdings, has terminated the sale of the 21 Borret Road development to ORIC-Borrett Limited following the latter's failure to give the first part of the payment of $1.04b.

In a bourse filing, CK Asset Holdings said it has also forfeited the $2.1b deposit from ORIC-Borrett Limited.

"Despite the parties’ attempts to address the default through discussion on a without prejudice basis, no resolution has been reached," the company stated.

The board of the property developer said the termination of the sale of the luxury project will not have "any material adverse impact on the business and financial position of the Company and the interests of its shareholders as a whole."