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Bursa Malaysia-listed DRB-Hicom, through indirect unit Hicom Mega Sdn Bhd earlier this week announced that it had sold its 90 percent stake in its mixed-use property, The Verge in Singapore’s Little India.
Located at Serangoon Road, the property comprises The Verge, a six-storey shopping mall with two basement levels, and its adjoining block Chill@The Vergem an eight-storey building with two storeys of retail units. The two blocks together have a 238,527 sq ft retail gross floor area.
According to media reports, Keith Tang, chairman of privately held hospitality company Heritage Group and grandson of the late Tangs department store founder Tang Choon Keng, is buying the property for S$317 million.
The property, previously called Tekka Mall, is to be redeveloped into a mixed project, including a mall and serviced apartments.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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