Allied Tech executive director in S$129m fast property flip
Kenneth Low grants option to Top Global for office-retail parcel in Thong Teck building
Kalpana Rashiwala
Singapore
KENNETH Low Si Ren, the executive director of Allied Technologies, is believed to have made a quick flip of a parcel of office and retail space in Thong Teck Building, selling it to mainboard-listed Top Global for S$129.5 million.
The Business Times' sources could not ascertain how much profit Mr Low will be making from the transaction. 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.
On the same day that Mr Low took control of the units, they granted a purchase option to Top Global, a property group helmed by Sukmawati Widjaja.
The transaction involves about 28,360 sq ft office space on four levels of the nine-level Thong Teck Building along Scotts Road priced at about S$100.2 million, and some 6,440 sq ft of retail space on the ground level priced at about S$29.35 million.
Top Global was granted an option to buy the office space at prices ranging from S$3,285 per square foot and S$3,727 psf (depending on floor level); the average price works out about S$3,532 psf. The retail space is being priced at S$4,560 psf.
Completed in the 1970s, the freehold building was refurbished a few years ago. The district 9 property is flanked by Scotts Walk and The American Club and is opposite Goodwood Park Hotel.
Mr Low is one of three directors of Allied Technologies recently asked to recuse themselves from all decisions and recommendations of Allied's board. They are also not to act as signatories to the accounts of the Catalist-listed precision engineering group. The company's Nominating Committee made the decision citing conflicts of interest.
According to a regulatory filing by the company over the weekend, Mr Low was involved in transactions relating to Asia Box Office - an event ticketing solutions provider that Allied Tech acquired in April 2018 - and Platform Capital Asia (Singapore).
Mr Low owns 100 per cent of Platform Capital Asia (Singapore), which owns the transacted Thong Teck properties indirectly through various units.
Allied Tech recently made the headlines after S$33 million it placed in escrow with law firm JLC Advisors went missing.
READ MORE: Allied Tech adjourns EGM till special audit completed
