Why did Wing Tai pull out of the Holland Tower en bloc deal?

Wing Tai Holdings, a property developer in Singapore, has withdrawn from the en bloc purchase of Holland Tower for $76.3 million due to non-fulfilment of certain conditions. Holland Tower is a 14-storey apartment block with 19 units in the prime District 10 area. The site is subject to stringent setback conditions and restrictions, making it difficult for developers to meet their intended development plans. Wing Tai had planned to develop a boutique luxury condo on the site but faced challenges due to these constraints. The government’s cooling measures, including increased stamp duty for foreigners, have also impacted demand for luxury properties in the Core Central Region (CCR). This withdrawal from the en bloc deal may further dampen a sluggish collective sale market.

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