Chip Eng Seng exits Tower Melbourne project with $56.6 mil sale

SINGAPORE (Mar 15): Chip Eng Seng is making a clean break from the Tower Melbourne project in Australia.

Wholly-owned subsidiary CES-Queen (Vic) (CESQ) is selling the property located at 150 Queen Street for A$55 million ($56.6 million).

CESQ had originally acquired the commercial building in September 2011 for redevelopment into a 71-storey tower with 581 freehold residential units called Tower Melbourne.

However, due to protracted legal proceedings with the owner of the adjoining property over demolition works which were being carried out on the property, the timeline for the completion of Tower Melbourne was delayed indefinitely, said Chip Eng Seng in a Thursday filing.