Lum Chang buying The Verge for redevelopment

Singapore

LUM Chang Holdings has signalled its intention to re-enter the Singapore property market in a big way by inking a deal to buy The Verge in Little India.

The mainboard-listed construction and property group said on Wednesday that it has entered into a term sheet and will begin exclusive due diligence and negotiations for the proposed purchase of the property, which is 90 per cent owned by Malaysian conglomerate DRB-Hicom.

No price was disclosed but BT understands it is under S$300 million.

In May this year, the Malaysia-listed DRB-Hicom called off a proposed sale of the property to a vehicle controlled by Keith Tang, a grandson of CK Tang founder Tang Choon Keng. The termination was due to the buyer's inability to fulfil "contractual obligations" on the agreed completion date, DRB-Hicom had said then in a regulatory filing with Bursa Ma…