BT : For sale: 9 properties of winding-up family firms

Business Times - 26 May 2010

For sale: 9 properties of winding-up family firms

By NISHA RAMCHANDANI

NINE properties owned by three family companies - Associated Development Pte Ltd, Chow Cho Poon (Pte) Ltd and Lee Tung Co (Pte) Ltd - are being liquidated and put up for sale to the public.

According to previous media reports, the three companies were set up by property investor Chow Cho Poon, and his three sons were made directors and shareholders of the three family companies.

At the time of his death in 1997, Mr Chow owed debts to the companies which could not be paid off as his estate's assets were mainly tied up as shares in the companies.

In 2007, the Singapore High Court ordered the winding up of the three solvent companies so that the brothers could go their separate ways, given that they could not get along with one another.

Tam Chee Chong, head of financial advisory services for Deloitte & Touche, has been appointed as the liquidator of all three companies.

As part of the liquidation process, the assets of the companies will be realised and distributed among the shareholders, according to a joint release by Deloitte and DTZ.

DTZ is marketing the sale of the properties via public tender.

The value of the properties was not available at press time as the liquidators are currently seeking advice on the valuation of the properties.

Chow House, the six-storey office building at 140 Robinson Road (which is owned by Associated Development) is described as the jewel in the portfolio.

'The freehold property has not been built to its maximum potential. According to the Master Plan 2008, the site is zoned 'commercial' at plot ratio 11.2+, translating to a potential commercial gross floor area of 101,749 sq ft. An outline permission has also been granted for an erection of a 'residential development with commercial on first storey',' said Shaun Poh, DTZ's senior director for investment advisory service.

The properties owned by Chow Cho Poon Pte Ltd are 490 to 500 Upper Serangoon Road, 524 to 530 Upper Serangoon Road and 296 to 308 Lavender Street.

Lee Tung Co owns 13, 14 & 15 Lorong Telok, 17 North Canal Road, 19, 20 & 21 North Canal Road, 290 Jalan Besar and 377 to 383 (odd nos) Jalan Besar.

'The leasehold 999- years conservation shophouses in Lorong Telok and North Canal Road in the CBD are rarely available and would be ideal for boutique corporate offices or F&B businesses,' added Mr Poh.

Closing dates for the tenders differ, depending on the property, and range from July 7 to 15.

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