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 assigned to a 80-20 joint venture involving UVI plus SRD.

United Venture Inv is a wholly-owned subdivision of UOL Group, whereas SRD is a subsidiary of Singapore Land Grp Ltd.

The award follows associates of the sale board recognized the alliance’s offer pricing of $550.8 million.

Mori condominium

Throughout their respected SGX listing, UOL also Singapore Land Group Limited discussed in which the purchase is through their ordinary route of service furthermore would certainly help them to replenish their property bank for residence enhancement in S’pore.

“Parties intend to reconstruct the building right into a condominium, subject to all essential validations via appropriate authorities being acquired,” said S’pore Land Group Limited.

“The JV with UOL will certainly enable SingLand to reduce risks as well as undertake extra properties to branch out its profile and also utilize on the specialization plus link of its alliance affiliate,” it said further.

The consideration, that will likely be funded by inner resources plus bank loanings, will definitely adhere to the payment schedule of Five percent of the achievement price within 7 days from the tender’s present, consisting of the $1 mil offer price being paid upon the submission of the offer by UVD No. 4; a separate 5 % of the fee will have to be paid in 7 business days from the communication of slip of sale permission; furthermore the balance Ninety percentage upon lawful finalization.

UVI is going to pay for 80 percent out of the entire fee or $Four hundred Forty point Six million, whereas SRD is going to pay for the left over sum.

Found at 36-44 Shelford Rd, Watten Estate Condominium takes up a 2hundred 20thousand 2hundred 41 sq feet freehold location which is sector for non commercial benefit beneath the 2019 Master Plan with an entire PR of 1.4.

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