1 Tuas Avenue 4 (Photo: Google Maps)

Sabana REIT’s plan to divest a vacant property in Tuas has been called off after its prospective buyer failed to obtain approvals from industrial space regulator, JTC Corporation.

The property, 1 Tuas Avenue 4, was supposed to have been sold off to Kim Soon Lee Heavy Transport for SGD11.18 million (USD8.1 million), the REIT announced in September 2018.

Sabana REIT had planned to deploy proceeds from the divestment towards reducing its debt, or acquiring high-spec industrial buildings.

Read: Sabana REIT disposes Tuas property at 52% below book value

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.