Hong Kong-listed LET Group Holdings Ltd has entered into an agreement with the buyer of its Hokkaido land plot.
LET Group has reached an agreement to sell a land plot it held in Aza-Yamada, Kutchancho, Abuta-gun, Hokkaido, Japan with a total land area of 220,194 square meters for $27 million.
The land was originally intended to house over 50 villas and townhouses and a 40-room hotel.
The new buyer is a company incorporated in the British Virgin Islands with limited liability and is principally engaged in investment holding, and is wholly owned by Raymond Shao Leong Yap as a nominee of the ultimate beneficial owner of the original buyer.
Under the new amended purchase agreement, the buyer remitted to the Seller an additional $2.3 million deposit payment.
Under the contract the original purchase closing was to take place on or prior to October 2nd, 2023, however with the payment of the third installment the closing period could be extended until October 3st1.
The agreement also indicated that if the Closing Date is extended the sale price could be increased to $27.6 million.
Currently, LET Group is principally engaged in through Suntrust Resort Holdings, Inc. and its subsidiaries, the development and operation of the Main Hotel Casino in the Philippines. The Main Hotel and Casino in Manila is expected to open in 2024.
The company has disposed of some of its assets, including the sale for RMB20 million ($2.7 million) of Dongyang Xinguang Pacific Industrial Company Limited, a subsidiary engaged in the management and operation of malls located in Zhejiang.