Singapore: The Verge mall in Singapore’s Little India has been sold for $317 million.
The property will be redeveloped by new owner Keith Tang,
chairman of privately held hospitality company Heritage Group,
which owns luxury hotels and serviced apartments in Australia and
Leslie Ang, a spokesman for Keith Tang, said he 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 in Singapore.
"The acquisition represents a golden opportunity for Mr Keith Tang and his team to strategically unlock value and realise the great potential of what is a prominently located asset in downtown core," Mr Ang said. "There are no hotel or serviced apartment sites readily available in the Government Land Sales programme for the first half of next year, save for one site. This is, therefore, a rare gem."