In last week’s Straits Times, Verge, the Little India property near Tekka Centre, is being sold for $317 million to be redeveloped into a mixed project, including a mall and serviced apartments.
The buyer of The Verge, once called Tekka Mall, is Mr Keith Tang, chairman of privately held hospitality company Heritage Group, The Straits Times has learnt.
The buyer is the grandson of the late founder of Tangs department store, Mr Tang Choon Keng.The seller is Hicom Megah, a unit of Bursa Malaysia-listed DRB-Hicom, which owns 90 per cent of it. The other sellers are Little India’s retail giant, Mohamed Mustafa & Samsuddin, and B.I. Distributors. According to reports, Mr Tang plans to redevelop the property into “Studio by Tang” serviced apartments, a mall and a “Signature” block which is likely to be offices or retail spaces. It will be his first commercial property here. This is in line with his Heritage Group chain’s intention to expand its hospitality portfolio, he said.
The property has almost 80 years left on its lease and outline planning permission has already been obtained.