UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The tender for the en-bloc transaction of Watten Estate Condo has been allocated to a 80%-20% JV between UVI and also Singland Residential Development.
UVI is a wholly-owned subdivision of UOL Grp, meanwhile Singland Residential Development is a subdivision of Singapore Land Group Limited.
The decision comes after individuals of the sale committee approved the JV’s offer pricing of $5hundred 50 point 8 mil.
For their own SGX submission, UOL and Singapore Land Group Limited reported that the acquisition is amongst their usual direction of venture furthermore would empower them to reload their property reserve for residence project inside SGP.
“Parties plan to rebuild the residential property in to a condo, dependent on entire necessary authorizations from related authorizations being obtained,” said SingLand.
“The joint venture together with UOL will enable SingLand to alleviate threats and even accept more projects to diversify its profile and even touch on the knowledge and media network of its joint venture affiliate,” it said further.
The consideration, in which are going to be supported by internal resources including financial institution loanings, will definitely follow the payment arrangement of 5 percentage of the acquisition amount within 7 days from the tender’s assign, including the $1 million tender amount to be settled upon the submission of the offer by UVD No. 4; another Five percent out of the consideration will certainly be paid in seven working days starting from the notification of invoice of sale approval; furthermore the balance Ninety % upon legal finalization.
United Venture Investments is going to settle Eighty percentage out of the entire fee or $440.6 million, meanwhile Singland Residential Development is going to pay the balance sum.
Located at Thirty Six to Forty Four Shelford Rd, Watten Estate Condominium takes up a 220,241 sq feet freehold site that is sector for residential utilization under the 2K19 Master Plan with a complete PR of 1.4.