Bangkok property deal will not proceed

Real Estate February 07, 2018 09:24

By The Nation

Sansiri Plc has informed the Stock Exchange of Thailand (SET) that it will not proceed with a proposed purchase of the Nimit Langsuan project and 53 residential units in the Ritz-Carlton Residences, Bangkok.

It made the report regarding the execution on the memorandum of understanding for the purchase with the Pace Development Group as per a reference letter, which extended the due diligence period to until February 5.

It said: “The company would like to inform that as the company has conducted the due diligence on the assets until the end of due diligence period on 5 February 2018. However, the company has not received certain information sufficient for the company to consider the purchase price and relevant risks properly.

“The company already requested to extend the due diligence period in order to obtain such pending information but the agreement to extend such period was not agreed.

“Therefore, today the Company notified Pace Development Group that the company is not satisfied by the due diligence investigation, and the company will not offer the purchase prices for the assets. Consequently, the company will receive the deposit in the amount of Bt322.82 million in full.”