Regal International (SGX:UV1) provided clarification to the Singapore Exchange Securities Trading (SGX-ST) regarding the termination of its development agreement, according to a Thursday filing on the Singapore Exchange.
The company confirmed the deal was terminated after the developer failed to meet the agreed timelines. Regal disclosed that total investments of 1.2 million ringgit had been made in the project, which included initial earthworks and the application for provisional subdivision approval.
The delay in the project's completion was attributed to force majeure events, which prevented the subsidiary, Arena Wiramaju, from obtaining necessary engineering and building plan approvals from the relevant authorities.
With the termination of the development deal, Arena Wiramaju will focus on developing a new project at Lot 843 Block 6 Senggi Poak Land District, which will involve the construction of landed terrace houses and townhouses.
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