Pollux Properties (SGX:5AE) said that on Aug 24, 2023, Kian Huat Metal filed an originating application against its 50%-owned joint venture, Pollux Treasures, according to a Monday filing on the Singapore Exchange.
The originating application concerns a dispute over a shop unit at Pavilion Square, purchased by Kian Huat from Pollux Treasures under a 2013 sale and purchase agreement.
Kian Huat is claiming SG$816,500 for abatement of the purchase consideration and other related costs.
Pollux Properties stated that the claim, while noted, is not expected to materially impact the group's financial position or business operations.
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