Singapore’s Largest Property Deal of 2023 Falls Apart on Regulatory Snag
Far East Shopping Centre, Singapore.
Source: Google
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A blockbuster deal backed by a Chinese commodities billionaire to purchase a mall in Singapore’s prime shopping district for about S$908 million ($670 million) fell apart after plans for its redevelopment were rejected by authorities, according to people with knowledge of the matter.
The deal involved the purchase of Far East Shopping Centre in Singapore’s Orchard Road shopping belt by a firm connected to Chinese tycoon Du Shuanghua, the people said, asking not to be identified because the matter is private. It collapsed after the parties failed to get approval from the Urban Redevelopment Authority, the people added.