Country Heights Holdings Berhad announce that its wholly-owned subsidiary, Country Heights Sea Resort Sdn Bhd is not proceeding with the completion of the auction and is seeking a refund of the deposit of RM6 million it paid.
The group which owns properties adjacent to Heritage Tower is claiming the condition of the building is significantly different from the time it first sighted the building.
In view of the latest development, CHSRSB will not be paying the balance consideration of RM54 million under the auction agreement within 120 days.
The property was developed by Heritage Lakeside Developments and was put for auction by Ng Man Chau & Co, the property went under the hammer in December but was snapped by Country Heights Sea Resort for RM60 million. The intention then was to enlarge the group’s property footprint in the vicinity.