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

The offer for the en bloc sale of Watten Estate Condominium has recently become presented to a 80%-20% partnership involving UVI plus SRD.

United Venture Investments is a wholly-owned subdivision of UOL Grp, whereas SRD is a subsidiary of SGP Land Grp Limited.

The decision develops after participants of the sale committee approved the JV’s tender pricing of $5hundred 50 point 8 million.

Of their individual SGX submission, UOL and Singapore Land Group Limited shared in which the procurement is through their regular path of business and also would undoubtedly permit them to rejuvenate their property bank for home development throughout Singapore.

“Individuals plan to rebuild the residential property toward a condominium, based on full necessary validations via essential authorities being acquired,” shared SingLand.

Dairy Farm Residences condominium

“The joint venture along with UOL will allow SingLand to relieve threats and take up even more properties to diversify its own profile and even tap on the specialization plus network of its JV partner,” it beefed up.

The fee, that will likely be supported by internal references and bank borrowings, will have to comply with the repayment arrangement of 5 percentage out of the acquirement amount in 7 days starting from the tender’s award, including the $One mil tender fee being paid upon the submission of the tender by UVD No. 4; an additional Five % of the fee will certainly be paid within seven business days from the notice of receipt of sale authorization; furthermore the left over 90 % upon lawful wrap-up.

United Venture Investments will pay Eighty percentage out of the overall consideration or $4hundred 40 point 6 million, meanwhile SRD will provide for the remaining amount.

Situated at Thirty Six to 44 Shelford Road, Watten Estate Condominium possesses a 2hundred 20thousand 2hundred 41 sq ft free lease spot that is zoned for non commercial usage within the 2K19 Master Plan with a gross PR of One point Four.

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