Genting Malaysia, the powerful global hospitality and leisure company, has announced that the expected sale of its four parcels of land in Miami has collapsed at the last minute.
The 15.5-acre block of land in Miami, Florida, was expected to be sold by Genting Malaysia to Smart Miami City LLC for a total of 1.23 billion dollars. The Malaysian company’s shareholders were required to approve the deal and they did with an overwhelming majority of 99.98 percent.
But shortly after, Genting Malaysia revealed in a filing to the Malaysian Bourse that the deal has fallen through because the buyer has decided to end its bid. Smart Miami City LLC had asked for an extension of the exclusivity period along with some other amendments to the commercial terms of the deal and Genting Malaysia chose to decline those requests.
This doesn’t mean that a deal with Smart Miami City LLC isn’t still possible, the prospective buyer does remain interested in the land, but Genting revealed it will “review other opportunities” regarding the possibility to sell this land.
“Genting Malaysia 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,” the Malaysian company explained in the stock exchange filing. Genting Malaysia bought this property for just 259 million dollars in 2011 as part of a plan to develop a huge integrated resort, which would have been named Resorts World Miami.
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