Lum Chang Holdings moves to buy The Verge
Property developer Lum Chang Holdings has started the process to acquire the eight-level (including two basement levels) mall The Verge in Serangoon Rd.
The centre has been on the market for more than 18 months and late last year looked set to be redeveloped by another company.
The mall is owned by Corwin Holding, which also has a neighbouring eight-storey building, Chill @ The Verge.
In a Singapore Exchange filing, Lum Chang says The Verge has a total gross floor area of 238,527 sqft (22,160 sqm) and is encumbered. Without disclosing an acquisition sum, the developer says it will start due diligence and negotiations with the seller.
It aims to agree on terms within an exclusivity period of four weeks or another mutually set date.
The sellers of Corwin Holding are Hicom Megah, Mohamed Mustafa, and Samsuddin and BI Distributors.
Formerly Tekka Mall, The Verge opened in 2003 as the first modern shopping mall in the Little India precinct. It comprises two buildings, the main mall and Chill @ The Verge.