Top Global 'evaluating' options to buy properties from Allied Tech director

Singapore

MAINBOARD-LISTED property group Top Global said in a mid-day filing on the Singapore Exchange that it has been granted options to purchase strata units in Thong Teck Building "as part of the company's ordinary course of business in property investment and development".

It said that it is "still evaluating the market conditions" in relation to the options, which are non-binding, and noted that the options were granted by the "relevant entities" that own the properties, but did not identify them.

The Business Times had earlier reported that Kenneth Low Si Ren, the executive director of Allied Technologies, is selling a parcel of office and retail space to Top Global for S$129.5 million.

BT understands that Top Global is buying the properties from entities that Mr Low is believed to have taken control of early last month from RSP Architects Planners and Engineers' founder Albert Hong.

Top Global called for a trading halt "pending release of an announcement" on Wednesday morning, after the market opened. It then requested for the trading halt to be lifted for the afternoon session, after it had filed its clarification on the options.

BT had reported on Wednesday that the transaction involves about 28,360 square feet of office space on four levels of the nine-level Thong Teck Building in Scotts Road, priced at about S$100.2 million, and some 6,440 sq ft of retail space on the ground level, priced at S$29.35 million.

It said Top Global was granted an option to buy the office space at prices ranging from S$3,285 per square foot to S$3,727 psf, depending on the floor level; the average price works out S$3,532 psf.

The retail space is being priced at S$4,560 psf.

In its Wednesday filing, Top Global did not provide any details on the proposed transactions.

Mr Low owns 100 per cent of Platform Capital Asia (Singapore), which owns the transacted Thong Teck properties indirectly through various units.

He is among the three directors of Allied Technologies recently asked to recuse themselves from all decisions and recommendations of Allied's board. Allied yesterday issued a statement saying that Mr Low is assisting the Commercial Affairs Department with investigations into the company's operations.

The company was in the news recently following revelations that some S$33 million it placed in escrow with law firm JLC Advisors has gone missing.

Top Global shares closed unchanged at 18.4 Singapore cents on Wednesday.

READ MORE: CAD seizes Allied Tech documents, interviews exec director Kenneth Low