SINGAPORE (Dec 12): Hong Lai Huat Group (HLH Group) is terminating its $15.7 million sale of D’Seaview Hotel, a component of the group’s mixed-use development project in Cambodia.
This is because buyer has failed to make fulfil the requisites for payment for the project after only making partial payment to HLH Group its Cambodian subsidiary PH One Development, the project’s vendor.
The decision was arrived at after PH One sought legal advice from its Cambodian counsels.
To recap, HLH Group’s sale of the 10-storey, 98-room D’Seaview Hotel was first announced in March this year.
It was last announced that 80% of the entire project’s commercial units, as well as 60% of the residential units were presold, mainly to local Cambodians and overseas buyers from Singapore, Malaysia, China, Taiwan, the United States, Russia and Belgium.
The group is currently reviewing the overall impact of the sale termination, and says it will update its shareholders on related material developments when appropriate.
Shares in HLH Group closed half a cent higher at 22 cents on Tuesday.