Aztech Group says it will not be proceeding with the proposed acquisition of the property located at 9 Pandan Road.

Aztech had earlier signed an agreement with Swissco Structural Mechanical to acquire the property for $10.5 million and made a downpayment of $105,000.

Under the agreement, the proposed acquisition was conditional on Aztech completing its due diligence to its satisfaction and on the parties executing a sale and purchase agreement.

As both the conditions were not met, Aztech says it will not go ahead with the acquisition and will ask for a refund of the downpayment instead.

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