Property consultants DTZ says nine properties belonging to three companies have successfully been sold for over S$175 million by an appointed liquidator.
The three companies – Associated Development, Chow Cho Poon and Lee Tung Company – were wound up by a Singapore High Court decision in 2007.
They belong to the three sons of late property investor Chow Cho Poon, who died in 1997.
Since his death, the three siblings have been involved in legal wranglings and disputes over the best way to administer the properties.
The High Court finally ordered that the companies be wound up, hoping that a clean break would enable them to resolve their differences.
Mr Tam Chee Chong of Deloitte & Touche was then appointed liquidator to realise the assets of these companies and distribute the proceeds among the shareholders.
DTZ says the tenders were launched in May this year and received overwhelming responses from both local and foreign interested parties.
The nine properties include venues at Upper Serangoon Road, Jalan Besar and North Canal Road.
The jewel in the portfolio was Chow House, located along Robinson Road, which alone attracted nine bidders.
The six-storey intermediate office building in the CBD was eventually awarded to the highest bidder at slightly above S$100 million.
The freehold site has a total site area of 844 square metres and has been granted approval for the construction of a residential development with commercial units on the first storey at a plot ratio of 11.2.
Source : Channel NewsAsia – 4 Aug 2010