UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The tender for the en-bloc sale of Watten Estate Condominium has already gotten awarded to a 80:20 joint venture within UVI and also SRD.
UVI is a wholly-owned subdivision of UOL Group, while Singland Residential Development is a subsidiary of S’pore Land Group Ltd.
The decision develops after associates of the sale board accepted the JV’s offer value of $550.8 mil.
Of their respected Singapore Exchange listing, UOL also SingLand reported in which the purchase is inside of their normal path of venture furthermore would help them to re-supply their land reserve for home project throughout SGP.
“People intend to rebuild the apartment in to a condominium, subject to every of the vital consents from related authorizations getting secured,” claimed SingLand.
“The JV along with UOL will enable Singapore Land Group Ltd to lessen risks furthermore undertake numerous projects to broaden its profile also utilize on the capabilities and link of its JV associate,” it said further.
The fee, in which are going to be capitalized by inner tools and bank credits, are going to abide by the repayment routine of 5 percent out of the acquirement price within 7 days from the tender’s allocate, integrating the $One million tender premium being paid upon the presenting of the offer by UVD number Four; a further Five % of the consideration will have to be paid in 7 business days from the notification of receipt of sale green light; and the remaining Ninety % upon legal finalization.
UVI will settle 80 % out of the whole fee or $4hundred 40 point 6 million, whereas Singland Residential Development is going to account the remaining sum.
Positioned at 36-44 Shelford Rd, Watten Estate Condo occupies a 220,241 square feet freehold site which is zoned for housing purpose within the 2019 Master Plan with a total plot ratio of 1.4.