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Lum Chang in JV to acquire The Verge in Serangoon for $190 mil

Michelle Zhu Published on Fri, Sep 23, 2016 / 8:16 AM GMT+8

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SINGAPORE (Sept 23): Lum Chang Holdings is jointly acquiring property investment company Corwin Holding and its main commercial development asset The Verge for $189.75 million.

Tucana Investments, a subsidiary of the property and construction firm, has set up a 50:50 joint venture (JV) with Lao V Serangoon to form Dorado Holdings for the purpose of acquiring Corwin.

In a Thursday report, Lum Chang says the acquisition was made in the ordinary course of its business and is “undertaken as part of its strategy to expand by acquiring a site with redevelopment potential”.