Lum Chang looking to buy The Verge mall

PROPERTY developer Lum Chang Holdings has entered into a term sheet to acquire a vehicle that owns eight-level (six storeys and two basement levels) The Verge mall in Serangoon Road, it said in a Singapore Exchange filing on Wednesday.

The vehicle, Corwin Holding, also owns another eight-storey building called Chill @The Verge, it said.

Lum Chang said that The Verge has a total gross floor area of 238,527 square feet and is encumbered. It did not disclose an acquisition sum, but said that it will start due diligence and negotiations with the sellers of the vehicle. It said that it aimed to agree on the terms for the proposed deal within an exclusivity period of four weeks or another mutually set date.

The sellers of Corwin Holding are HICOM Megah Sdn Bhd, Mohamed Mustafa and Samsuddin Co Pte Ltd and BI Distributors Pte Ltd.