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TWO adjacent properties on Mohamed Sultan Road, which used to house Madam Wong's Bar, have been sold for close to $9.2 million. Once one of the hippest joints in town, Madam Wong's made a quiet exit from the local nightspot scene earlier this month, in stark contrast to the hype about the place at its peak.

Going quietly: Madam Wong's made a quiet exit from the local nightspot scene earlier this month, in stark contrast to the hype over it when it was at its peak

The new owners, who declined to be named, shelled out some $700,000 more for the properties than what was offered at previous auctions. At the most recent one on June 29 held by DTZ Debenham Tie Leung, the only offer received was $8.6 million against the opening reserve price of $10 million. The properties, with a combined area of 21,382 sq ft, were withdrawn as it fell short of the reserve price.

The sale price of $9.2 million or $430 per square foot (psf) is still considerably lower than the joint valuation of the properties, which stood at $11.3 million or $528 psf.

According to Mrs Susan Ye, Manager of Isabel Redrup Agency which brokered the sale, the buyers were intrigued by pictures of the conservation buildings on the agency's website and conveyed their interest via an e-mail enquiry.

This is the second time the agency has handled the sale of 28 and 29 Mohamed Sultan Road, the first being the sale to Cliffview Holdings Pte Ltd in 2000. Cliffview Holdings lists Peter Wong, the owner of Madam Wong's Bar, as one of its directors.

The properties were previously marketed by the auctioneers as having potential for redevelopment, in terms of building up to 10 storeys behind the current facade, based on the 3.8 plot ratio of the buildings.

However, the new owners will be conserving the building completely in its present state, as the rear of the property encompasses a road reserve and hilly terrain which makes such rebuilding difficult.

Mrs Ye revealed that the buyers are likely to designate the ground floor as a restaurant or pub and the upper level as office space. Madam Wong's Bar, however, is not likely to be a factor in the new owners' plans.

On Madam Wong's future, an article in The Straits Times on June 9 reports Mr Wong as saying: 'The name has been built up so we're not going to let it go. If the new owners want us, we will change the concept. If not, we will go somewhere else.'

Whether or not Madam Wong's will make a comeback elsewhere remains to be seen as Mr Wong could not be reached for comment. However, with much of the young crowd preferring to chill at the Ministry of Sound, Wala Wala and other joints, and with the upcoming St James Powerhouse, the future does not augur well for Madam Wong's.