First Real Estate Investment Trust (First REIT) said that it has dismissed the option agreement to purchase a private lot located at Tuas View Lane from Tech-Link Storage Engineering.
The sale and leaseback deal was supposed to be completed by the end of 2009, but the two parties were unable to agree on the leaseback terms and purchase price.
HSBC Institutional Trust Services will then get back the option fee.
If the deal had gone through, it would be the fifth local property for First REIT and would raise its assets by 13 percent to $368 million.
First REIT planned to lease out the 234,000 sq ft two-storey warehouse near Tuas Biomedical Park to pharmaceutical and nutritional products multi-national firms.