Malaysia-listed DRB-Hicom and minority partner investors are selling at property at Little India which will be converted into a mixed use development including a multi-storey shopping centre.
The property, previously named Tekka Mall and now known as The Verge, is located opposite the Tekka Centre in Serangoon Rd and has been on the market for a year.
Heritage Group, headed by Keith Tang, the grandson of the late Tang Choon Keng, who founded Tangs department store, has spent $317 million to buy the site.
Heritage owns a network of luxury hotels and serviced apartments in Australia and New Zealand and this project will be the company’s first in Singapore.
DRB-Hicom stands to record a gain of about MYR427.5 million (S$139.4 million) from the sale of the Little India mall.
The property comprises two blocks: The Verge, a six-storey shopping mall with two basement levels; and adjoining block Chill@The Verge, an eight-storey building with two storeys of retail units and a six-storey car park. The two buildings boast a combined 238,527 sqft of retail GFA.
Leslie Ang, a spokesman for Mr Keith Tang, told the Straits Times 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 space.
