Lum Chang unit in JV to acquire Serangoon shopping mall

LUM Chang Holdings, a mainboard-listed construction firm, said on Thursday that its subsidiary Tucana Investments has partnered LAO V Serangoon to form a joint venture (JV) in Dorado Holdings.

The JV is for the proposed acquisition of Corwin Holding, whose principal asset is Chill @ The Verge, an eight-level shopping mall located at Serangoon, for S$189.75 million.

Lum Chang said that the JV is an opportunity to "again collaborate with LaSalle, a reputable real estate investment management firm".

LAO V Serangoon is a wholly owned subsidiary of LaSalle Asia Opportunity V LP, a closed-end, pan-Asia opportunistic fund by LaSalle Investment Management Asia.