The Verge sold for S$317m, to make way for serviced residences

Singapore

THE Verge, a struggling mall in Little India, is being sold for S$317 million to a company controlled by Keith Tang, grandson of CK Tang founder Tang Choon Keng and who owns a chain of hotels and serviced apartments in Australia and New Zealand.

Mr Tang is expected to assemble a consortium for the purchase and redevelopment of The Verge, which is on a site with about 80 years' balance lease. He plans to redevelop the property into "Studio by Tang" serviced apartments, a mall and a Signature block which is likely to be offices or retail but could also include medical suites, said Leslie Ang, a spokesman for Mr Tang. The proposed scheme will also feature an urban beach.

The gross development value of the new project is estimated at S$480 million or about S$1,920 per square foot of potential gross floor area, acco…