TEE Land cancels purchase of 338 to 364 Upper East Coast Road land plot

It is assessing the market after getting hit by cooling measures.

TEE Land decided not to exercise its option to acquire the land plot at 338 to 364 Upper East Coast Road and has forfeited its 1% deposit in the property.

According to an announcement, it took into account the impact on market sentiments and purchasers’ interest arising from the latest property cooling measures announced by the authorities on 5 July 2018.

“It has decided to adopt a more prudent and circumspect approach towards new projects in the meantime, pending clarity on the industry outlook,” TEE Land said.

On 28 June 2018, it entered into an option-to-purchase agreement to acquire the freehold interest in the property with a land area of approximately 3,928.8 sqm. The purchase consideration is $60m.

The plan was to build residential development on the land. The proposed acquisition was supposed to be completed by November 2018.