Nightspot auction meets cool response
Madam Wong’s may have been a hot joint for clubbers but the property on Mohamed Sultan Road did not live up to the expectations of its owners in a widely-watched auction yesterday.
The two Peranakan shophouses with a combined floor area of 21,382 sq ft were offered at an auction yesterday with an opening price of $11.3 million - a figure close to the value of the property. The reserve price worked out to be about $528 per square foot.
The shophouses are owned by Cliffview Holdings, which counts veteran nightclub operator Peter Wong as one of its directors.
A counter offer of $8.5 million was the only bid for the property at yesterday’s auction. However, as this was far below the reserve price, the property was withdrawn from the auction.
When contacted, auctioneer Shaun Poh from DTZ Debenham Tie Leung said that aside from the counter offer received, another investor had approached DTZ following the auction, with a better offer and negotiations will be taking place. But he was unable to reveal the identity of either potential investor.
Barely a year ago, Sultan Of Swing and Shanghai Sally closed their doors for good. Between then and now, five other clubs which Mr Wong used to own have also folded. Madam Wong’s Bar is the last that remains.
An employee at Madam Wong’s said that business has been slow since places like Ministry of Sound (MOS) bumped it off the hot-spot charts. Weekdays have become karaoke nights - with neither flashing disco lights nor loud, lively music that used to characterise the place.
Weekend crowds have also thinned, as much of the younger set has been drawn to Club Momo, Zouk and Phuture, just to name a few.
However, Madam Wong’s does have its share of loyal patrons such as Hazlina, 26, who loves the environment and friendly service there. Hazlina, to whom Madam Wong’s is like a second home, is ‘dampened by the idea’ of the bar closing.
As things progress, it is highly likely that the bash being held tonight at Madam Wong’s could be valedictory as negotiations for the sale of the property continue.
The final decision on whether to keep Madam Wong’s will eventually rest with the new owner.
Source : Business Times - 16 Jun 2006
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