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Nine properties owned by three family firms (Lee Tung Co (Pte) Ltd, Chow Cho Poon (Pte) Ltd and Associated Development Pte Ltd) are being liquidated and put up for sale through public tender.
The three firms were founded by real estate investor Chow Cho Poon, who appointed his three sons as directors and shareholders of the three family firms.
Upon his death in 1997, Mr. Chow owed debts to the firms which could not be paid as his property assets were mainly tied up as shares in the firms.
The Singapore High Court ordered the winding up of the solvent firms in 2007, so that the three brothers could go their own separate ways.
The court appointed Deloitte & Touche’s head of financial advisory services, Tam Chee Chong, as liquidator of the three firms. And as part of the liquidation process, the companies’ assets will be realized and distributed fairly among shareholders, based on a joint statement released by DTZ and Deloitte.
DTZ will market the sale of the properties through public tender.
Chow House, described as the jewel in the portfolio, is a six-storey office building located at Robinson Road and owned by Associated Development.
“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 services.