The recent sale of The Verge (previously Tekka Mall) on Serangoon Road may be the next big mixed-use development to watch. The buyer, Mr. Keith Tang – grandson of the late founder of the beloved Orchard road anchor, Tangs department store – is also the chairman of the Heritage Group, a company with a strong focus on hospitality. Put up for sale 12 months ago with an asking price of $350 million by the sellers – Hicom Megah, Mohamed Mustafa & Samsuddin (of the popular Mustafa centre in Little India) and B.I. Distributors, it was sold for $317 million just this month.
Photo: DUO Residences
With the popularity of mixed-use developments and especially in the city fringes in the past 5 to 10 years, this plot of land is not only rare but also potentially profit generating. There have been talks that the new buyer is planning to build serviced apartments, offices and retail spaces in its place, in line with their company’s portfolio.
The Serangoon, Little India and Rochor areas are undergoing extensive redevelopment and an urban township looks set to blossom in this previously mainly commercial and retail district. Private hospitality and medical suites are springing up, with mixed-use now not only applying to retail and residential, but possibly also medical, commercial, retail and hospitality.
Photo Credit: Urban Redevelopment Authority (URA)
There are currently many smaller apartment blocks nearby, but in future with massive new projects such as Duo Residences on Rochor, Regent Residences on Serangoong road, and Kallang Riverside, districts 7 and 8 will be even more vibrant.