The sale by Genting Malaysia of a 15.5-acre block of land in Miami, Florida for US$1.23 billion has fallen through, the company has announced.

In a filing to the Malaysia Bourse on Thursday morning, Genting Malaysia revealed that the purchaser, Smart Miami City LLC, had decided to end its current bid after requesting an extension of the exclusivity period and amendments to the commercial terms of the Sale and Purchase Agreement – requests Genting Malaysia chose not to grant.

While the company said Smart Miami City remains interested in the land, it will also continue to review other opportunities to close on a sale while continuing to enhance its remaining Miami holdings.