Singapore-based UOL Group to acquire Watten Estate Condominium


PETALING JAYA (October 28): UOL Group Ltd, based in Singapore, announced that the tender submitted by its indirect subsidiary United Venture Development (No. 4) Pte Ltd (UVD No. 4) for the purchase in block of a freehold property known as Watten Estate Condominium was accepted on October 27 by members of the sales committee acting on behalf of the consenting subsidiary owners of the units of the property.

UVD No. 4 is owned by the wholly owned subsidiary of UOL Group, United Venture Investments Pte Ltd and Singland Residential Development Pte Ltd, a subsidiary of Singapore Land Group Ltd, on an 80:20 basis.

In an announcement on the Singapore Stock Exchange, the UOL Group said the acquisition was in line with its business, which would allow the group to replenish its land reserve for residential development in Singapore.

Its investment and asset manager, Jesline Goh, noted that the acquisition is a timely replenishment for the group as most of its projects are largely sold.

“The first freehold site is located in the exclusive residential enclave of Watten Rise, 1 km [from] two prestigious primary schools – Nanyang Primary Schools and Raffles Girls, ”Goh said.

“By leveraging our product DNA and our experience in developing luxury collection projects like Meyer House, an upscale project that has seen strong growth with all of its six penthouses sold, we plan to develop another luxury project with around 200 larger format units on high heights. ground.”

Composed in Mukim 17 lot 4813L and located at 36-44 Shelford Road Singapore, Watten Estate Condominium has an area of ​​220,241 square feet and a gross land ratio of 1.4 based on a 2019 master plan.

According to the announcement, the total purchase consideration, subject to post-completion adjustments, for the S $ 550.8 million property has been agreed upon on the basis of a willing buyer and a willing seller.

The counterpart, which will be financed mainly by bank borrowings and internal resources, will follow the schedule of payment of 5% of the purchase price within seven days of the award of the offer, including call charges for the tender. ‘S $ 1 million bids to pay UVD # 4 bid deposit; An additional 5% of the consideration within seven business days of notification of receipt of approval of the sale; and the remaining 90% upon legal completion.

The acquisition, which is expected to be finalized no later than May 2023, is also conditional on the written consent of 100% of the subsidiary owners, or an order from the Strata Titles Board, High Court or Court of Appeal directing that the property to be sold collectively (authorization to sell), in the process of being obtained.

UOL Group said the acquisition would have no significant effect on the company’s net tangible assets per share or earnings per share for the year ending December 31, 2021.

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