Genting Malaysia says Miami land parcel purchaser has ended US$1.225 billion bid

• “GenM has seen the value of its investment in Miami increase approximately 400% in just over a decade, and firmly believes in the sustained strength and growth of the Miami market.”

KUALA LUMPUR (June 22):  Genting Malaysia Bhd (GenM) said the purchaser of its 15.5-acres of land in Miami has elected to end its current US$1.225 billion (RM5.72 billion) bid.

In a bourse filing on Thursday (June 22), AmInvestment Bank on behalf of GenM nevertheless said the purchaser remains interested in the Miami Land.

It said the purchaser had requested an extension of the exclusivity period and sought amendments to the commercial terms of the sale and purchase agreement.

“However, the Purchaser’s requests were not granted at this time and hence the Purchaser has elected to end its current bid.

“GenM has seen the value of its investment in Miami increase approximately 400% 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,” it said.

Last week, GenM shareholders on Thursday approved the company’s plans to sell its property in Miami for US$1.225 billion.