NINE CHOW FAMILY PROPERTIES SOLD FOR $175M
- Singapore Property News
- August 6th, 2010
NINE properties owned by the companies of threesome feuding brothers hit been oversubscribed for more than $175 million.
Chow House, the most striking of the figure assets, went for more than $100 meg and could be redeveloped into a residential project.
The figure assets were owned by Associated Development Pte Ltd, Chow Cho Poon (Pte) Ltd and Lee Tung Company (Pte) Ltd. Property investor Chow Cho Poon ordered up these firms and his threesome sons became directors and shareholders.
Mr Chow unpaid debts to the companies when he died in 1997. The debts could not be paying soured as his estate’s assets were mainly equal up as shares in the companies.
In 2007, issue son Chow Kwok Chi asked the High Court to twine up the companies so the brothers could go their removed ways.
Deloitte & Touche’s nous of business consultatory services Tam Chee Chong was ordained felon to delude the companies’ assets and dispense the proceeds among shareholders. DTZ handled the open protective for the figure properties.
According to DTZ, there were ‘overwhelming responses from both topical and external fascinated parties’.
The freehold Chow House drew figure bidders and was oversubscribed for meet over $100 million. BT reportable early that the vendee could be a assemble whose shareholders allow WyWy Group originator YY Wong.
DTZ said the polity hit acknowledged summary authorisation for the place to be matured into a newborn residential send with advertizement expanse on the connector floor.
The another octad properties – at Lorong Telok, North Canal Road, Jalan Besar, Upper Serangoon Road and Lavender Street – went to different another investors.
Source: Business Times, 5 Aug 2010
