Capital World's (SGX:1D5) deal with Growth Development and Management to sell ownership of five tower blocks at Capital City Mall collapsed, according to a Friday filing with the Singapore Exchange.

The company received a notification from GDM that it has decided not to proceed with the transaction, citing timelines as one of the reasons behind the decision.

GDM has also requested a refund of the deposit paid to the company as part of the provisions of a non-binding principal term sheet the two parties had entered into.

Shares of the company plummeted over 50% in recent trading.