For sale: 9 properties of winding-up family firms

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http://www.businesstimes.com.sg/sub/news/story/0,4574,387602-1274903940,00.html?

Published May 26, 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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http://www.straitstimes.com/Money/Story/STIStory_531442.html

May 26, 2010

Chow House, 8 others up for tender

Sale marks end of court feud between 3 brothers over firms which own the properties

By Jessica Cheam


NINE properties, including Chow House in Robinson Road, have been put up for public tender following the conclusion of a bitter family dispute.

Chow House is a freehold six-storey office building in the heart of the Central Business District.

DTZ, which is organising the sale, described it as the 'jewel in the crown' of the sale portfolio as it had not been built to its maximum potential.

The range of commercial blocks and residential shophouses - valued at around $100 million back in 2008 - is being marketed for Deloitte liquidator Tam Chee Chong.

The tender marks the end of a High Court battle between three feuding brothers behind three companies - Associated Development, Chow Cho Poon Limited and Lee Tung Company - which own the properties.

The siblings - two doctors and an architect in their 60s and all living in Hong Kong - are the sons of property investor Chow Cho Poon, who died in 1997.

Their father had set up three companies to hold his assets.

The firms lease out commercial space in the properties.

Eldest son Chow Kwok Chi had asked the High Court in 2007 to wind up the companies so that the brothers could make a clean break from one another.

He argued that as long as the companies exist, their father's estate would remain unadministered because of an unpaid $34 million debt.

DTZ's senior director for investment advisory service, Mr Shaun Poh, said that Chow House - with a total site area of 9,084 sq ft - has a potential commercial gross floor area of 101,749 sq ft.

An outline permission has also been granted for a residential development with commercial use on the first floor, he added.

The tender for Chow House closes on July 15.

The other properties include three restored pre-war conservation shophouses in Lorong Telok, which are being sold as one property.

They have a total site area of about 4,432 sq ft and a lease of 999 years with effect from 1831.

Other commercial shophouses up for tender are in North Canal Road and Jalan Besar.

There is also a row of six adjoining single-storey shophouses in Upper Serangoon Road with a total area of about 9,166 sq ft, being sold as one entity.

Another property comprising seven adjoining units of two-storey freehold shophouses in Lavender Street, with a site area of about 13,107 sq ft and marked for residential development with commercial use on the first floors, are also on offer.

Tenders close from July 7 to July 15, depending on the property.

DTZ said that as part of the liquidation process, sale proceeds will be distributed among the shareholders of the companies.

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