UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The tender for the en-bloc transaction of Watten Estate Condo has recently become presented to a 80:20 JV in between UVI as well as Singland Residential Development.
UVI is a 100% proprietor subsidiary of UOL Group, whereas Singland Residential Development is a subdivision of S’pore Land Group Limited.
The decision follows individuals from the sale committee accepted the joint venture’s tender price of $550.8 mil.
Throughout their respective SGX listing, UOL also SingLand reported in which the procurement is inside their regular path of venture and would certainly enable them to restore their land stockpile for residence property inside Singapore.
“People wish to reconstruct the house right into a condominium, dependent on full needed consents via appropriate authorizations being obtained,” stated SingLand.
“The joint venture together with UOL will enable SGP Land Group Limited to mitigate threats and even undertake further projects to expand its own selection and also utilize on the specialization plus media network of its joint venture affiliate,” it said further.
The consideration, which will be financed by inner references including financial institution loanings, will heed the settlement arrangement of Five % out of the acquisition price within seven days starting from the tender’s present, adding the $1 million offer price being settled upon the presenting of the tender by UVD number Four; a separate 5 percentage of the fee will be settled in 7 working days starting from the notification of slip of sale approval; furthermore the balance Ninety % at the time of statutory completion.
United Venture Investments will cover Eighty % of the whole fee or $440.6 million, whereas Singland Residential Development is going to provide for the remaining fee.
Positioned at 36 to Forty Four Shelford Road, Watten Estate Condo occupies a Two hundred Twenty thousand Two hundred Forty One square foot freehold location which is zoned for residential benefit under the 2K19 Master Plan with an entire PR of One point Four.