Genting Malaysia Bhd (GenM) announced that Smart Miami City LLC has called off its bid for land owned by GenM a wholly-owned subsidiary of Resorts World Miami LLC in Miami, U.S.
On April 27, GenM announced that Resorts World Miami had entered into a conditional sales and purchase agreement (SPA) with Smart Miami City for the disposal of four parcels of land, collectively known as the Miami Herald Land in Miami, United States for US$1.22 billion (US$1=RM4.64).
In a filing with Bursa Malaysia today (June 22), it said that Smart Miami City had requested an extension of the exclusivity period and sought amendments to the commercial terms of SPA in relation to the proposed disposal.
However, the purchaser’s requests were not granted at this time and hence the purchaser has elected to end its current bid.
Nevertheless, the purchaser remains interested in the land, it said.
Measuring approximately 6.26 hectares, the land is close to the commercial, residential and shopping areas in Miami, Florida. GenM noted that the value of its investment in Miami increased approximately 400 per cent in just over a decade and firmly believes in the sustained strength and growth of the Miami market.
GenM will review other opportunities to close on the sale of the Miami land as-is while the company continues to enhance its remaining Miami holdings, the group said.
