On Nov 1, Tiong Seng Holdings’ 60%-owned joint venture (JV) company TSky (Jervois), exercised its right to rescind the option to purchase two freehold Jervois Road sites. Ocean Sky International owns the remaining 40% stake in the JV.

Tiong Seng Holdings announced on July 17 its plan to jointly acquire with Ocean Sky International the two residential sites for $21 million. The two sites have a combined site area of roughly 13,415 sq ft and a gross plot ratio of 1.4.

As the JV did not obtain the necessary redevelopment approval for the two sites from the relevant authorities, however, TSky (Jervois) has decided to rescind its right to purchase the properties, according to Tiong Seng.