UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The offer for the en-bloc transaction of Watten Estate Condo has already been presented to a 80:20 alliance among United Venture Inv as well as Singland Resi Development.
UVI is a wholly-owned subdivision of UOL Group, whereas SRD is a subsidiary of Singapore Land Grp Limited.
The decision follows participants of the sale board approved the alliance’s tender amount of $Five hundred Fifty point Eight million.
At their respected Singapore Exchange filings, UOL also Singapore Land Group Limited shared in which the acquisition is inside their regular direction of business and also would certainly empower them to restore their property stockpile for housing property in Singapore.
“People intend to rebuild the apartment into a condominium, dependent on all essential consents from relevant authorities being acquired,” announced SGP Land Group Ltd.
“The JV along with UOL will certainly make it possible for SingLand to lessen threats as well as take up more properties to branch out its own selection and also tag on the competence plus media network of its partnership associate,” it further mentioned.
The consideration, which will likely be financed by in-house resources and financial institution credits, will definitely obey the settlement schedule of 5 % out of the procurement rate in seven days starting from the tender’s assign, entailing the $One mil offer fee being paid for upon the entry of the tender by UVD number 4; an additional Five percentage of the consideration will have to be paid for in 7 business days starting from the memo of receipt of sale green light; furthermore the balance 90 percentage upon statutory finalization.
United Venture Investments is going to cover 80 percent of the total fee or $Four hundred Forty point Six mil, while SRD will pay the balance fee.
Positioned at 36-44 Shelford Road, Watten Estate Condo takes up a 220,241 sq feet free rental plot which is section for housing benefit under the 2019 Master Plan with an entire PR of One point Four.