SINGAPORE (Mar 19): IOI Properties Group (IOI Prop) has terminated its agreement with Hongkong Land International Holdings Ltd to jointly develop and manage a land parcel on Central Boulevard in Singapore.

The termination is owing to the “non-fulfilment of certain conditions precedent”, says IOI Prop. This confirms a report by The Edge Malaysia in its Feb 26 issue that said some conditions precedent in the contract remained pending at the time of writing.

The process of obtaining longer-term financing also hit a snag, the weekly reported, quoting sources.

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