UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The tender for the en bloc transaction of Watten Estate Condo has already been presented to a 80%-20% partnership amongst United Venture Inv and Singland Residential Development.
UVI is a wholly-owned subsidiary of UOL Grp, whilst SRD is a subsidiary of SingLand.
The presentation develops after members of the sale council approved the joint venture’s tender value of $5hundred 50 point 8 million.
Of their own Singapore Exchange submission, UOL and SingLand shared in which the achievement is within their common direction of venture and also would definitely empower them to replenish their property reserve for non commercial growth throughout SGP.
“Parties mean to reconstruct the property into a condominium, based on every of the crucial permissions via essential authorities getting attained,” announced Singapore Land Group Ltd.
“The partnership with UOL will allow S’pore Land Group Limited to lessen risks furthermore undertake numerous projects to branch out its portfolio as well as utilize on the knowledge and link of its alliance partner,” it added.
The fee, that will be funded by internal resources plus bank loanings, are going to comply with the repayment schedule of Five percentage of the achievement amount within 7 days starting from the tender’s present, entailing the $1 million tender premium being paid for at the time of the submission of the offer by UVD number Four; one more Five percent out of the consideration will have to be paid within 7 service days from the memorandum of receipt of sale green light; furthermore the balance Ninety percentage at the time of statutory finalization.
UVI is going to settle 80 percentage out of the full consideration or $Four hundred Forty point Six mil, while SRD is going to provide for the left over value.
Situated at 36-44 Shelford Road, Watten Estate Condominium possesses a Two hundred Twenty thousand Two hundred Forty One sq foot freehold spot which is sector for residential purpose under the 2019 Master Plan with a total plot ratio of One point Four.