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Termination of Tower Melbourne leaves Chip Eng Seng unscathed; may turn out to be blessing instead

PC Lee
PC Lee11/3/2017 04:10 PM GMT+08  • 2 min read
Termination of Tower Melbourne leaves Chip Eng Seng unscathed; may turn out to be blessing instead
SINGAPORE (Nov 3): DBS says Chip Eng Seng’s termination of sale contracts for its Tower Melbourne project entered into by its wholly-owned subsidiary in Australia, CESQ, could be a blessing in disguise.
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SINGAPORE (Nov 3): DBS says Chip Eng Seng’s termination of sale contracts for its Tower Melbourne project entered into by its wholly-owned subsidiary in Australia, CESQ, could be a blessing in disguise.

DBS says the termination has been widely anticipated given that construction has been delayed by ongoing legal proceedings since 2013.

Given the indefinite delay of the project timeline and with the sunset date for underlying sales contracts set to kick in from 2018 onwards, Chip Eng Seng has decided to proceed with the termination of existing contracts.

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