Lum Chang buying The Verge for redevelopment
Singapore
LUM Chang Holdings has signalled its intention to re-enter the Singapore property market in a big way by inking a deal to buy The Verge in Little India.
The mainboard-listed construction and property group said on Wednesday that it has entered into a term sheet and will begin exclusive due diligence and negotiations for the proposed purchase of the property, which is 90 per cent owned by Malaysian conglomerate DRB-Hicom.
No price was disclosed but BT understands it is under S$300 million.
In May this year, the Malaysia-listed DRB-Hicom called off a proposed sale of the property to a vehicle controlled by Keith Tang, a grandson of CK Tang founder Tang Choon Keng. The termination was due to the buyer's inability to fulfil "contractual obligations" on the agreed completion date, DRB-Hicom had said then in a regulatory filing with Bursa Ma…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore Q1 industrial rents rise further 1.7%, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction