<article>Singapore&#8217;s real estate industry ended the year 2014 with a couple of failed realty deals, involving Celestine Management&#8217;s failed attempt to buy <a href="http://www.secondchance.com.sg/" target="_blank">Second Chance Properties</a> and the dissolution of stake in Epic Land by joint investors &#8211;<a href="http://www.lianbeng.com.sg/" target="_blank">Lian Beng Group</a>, <a href="http://www.kimsengheng.com/" target="_blank">KSH Holdings</a>, and <a style="color: #0000ff; text-decoration: underline;" href="http://www.kopproperties.com/" target="_blank">KOP Limited</a>.</article>

Singapore&#8217;s real estate industry ended the year 2014 with a couple of failed realty deals, involving Celestine Management&#8217;s failed attempt to buy <a href="http://www.secondchance.com.sg/" target="_blank">Second Chance Properties</a> and the dissolution of stake in Epic Land by joint investors &#8211;<a href="http://www.lianbeng.com.sg/" target="_blank">Lian Beng Group</a>, <a href="http://www.kimsengheng.com/" target="_blank">KSH Holdings</a>, and <a style="color: #0000ff; text-decoration: underline;" href="http://www.kopproperties.com/" target="_blank">KOP Limited</a>.
Celistine Management, Second Chance Properties deal falls through
Celistine Management, the manager for Celestine REIT was unable to buy real estate assets from Second Chance Properties, as was decided by them earlier in the year.
The deal fell through because Celistine REIT, which had plans to list, did not get the required permission from the Singapore exchange.
As per the filings in February, Celistine was to buy commercial real estate valued at $175.4 million from Second Chance; later the asset size was pared down to $55.1 million.
Second Chance had planned to use the funds from sale of the properties to reduce its debt.
Partners to dispose stake in Epic Land 
Lian Ben<a style="color: #0000ff; text-decoration: underline;" href="http://www.lianbeng.com.sg/" target="_blank">g Group</a>, <a href="http://www.kimsengheng.com/" target="_blank">KSH Holdings</a>, and <a style="color: #0000ff; text-decoration: underline;" href="http://www.kopproperties.com/" target="_blank">KOP Limited</a> have announced signing a sale and purchase agreement to dispose the entire paid-up share capital of their jointly-owned firm Epic Land (19-2) Pte Ltd and the settlement of shareholder’s loan to an unrelated third party for an aggregate consideration of S$16.6 million.
Epic 19-2 is a wholly-owned subsidiary of Epic Land Pte Ltd (Epic), which will cease to be the group&#8217;s associated company once the proposed disposal is completed.
The companies said the proposed disposal is not expected to have any material impact on their net earnings per share or their net tangible assets per share for their current fiscal year schedules such as March 31 for KSH, May 31 for Lian Beng, and April 30 for KOP.
All three companies together with <a href="http://www.centurioncorp.com.sg" target="_blank">Centurion Corp</a>, incorporated Epic Land in May as a real estate investment holding company. Stakes held in Epic Land were: 32 per cent for Lian Beng, 28 per cent for KSH, 25 per cent KOP, and 15 per cent for Centurion.
The companies considered the proposed disposal on a willing- buyer-willing-seller basis, which has taken into account shareholder’s loan, due to Epic; the cost of the property; and the prevailing market conditions.
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SG Roundup: Failed realty deals

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