UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil

The tender for the en-bloc transaction of Watten Estate Condominium has actually been granted to a 80%-20% alliance within UVI as well as Singland Resi Development.

UVI is a fully proprietor subdivision of UOL Group, whereas SRD is a subdivision of SingLand.

The presentation follows associates from the sale board acknowledged the JV’s tender rate of $Five hundred Fifty point Eight mil.

Of their own SGX listing, UOL and SingLand discussed that the acquisition is amongst their regular track of venture furthermore would enable them to rejuvenate their property reserve for non commercial growth within SGP.

“Parties intend to rebuild the property toward a condo, dependent on every of the vital permissions from specific authorities getting obtained,” pointed out SingLand.

Leedon Green condominium

“The JV together with UOL will make it possible for SingLand to lessen threats and even take on more properties to expand its selection and also utilize on the competence and link of its JV affiliate,” it included.

The fee, in which will likely be capitalized by internal sources along with bank borrowings, will have to follow the payment timetable of 5 % of the acquisition price in seven days starting from the tender’s assign, adding the $1 mil tender amount to be paid for upon the submission of the offer by UVD num Four; a further Five % of the consideration will have to be paid for within 7 working days starting from the notice of receipt of sale authorization; and also the balance Ninety percentage at the time of statutory completion.

United Venture Investments will cover Eighty percentage out of the total consideration or $Four hundred Forty point Six mil, meanwhile Singland Residential Development will fill the left over value.

Situated at 36-44 Shelford Road, Watten Estate Condo utilizes a 220,241 square ft free rental location that is section for home use under the 2K19 Master Plan with a total PR of 1.4.

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