UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The offer for the en-bloc sale of Watten Estate Condo has actually been presented to a 80%-20% partnership amongst United Venture Inv as well as Singland Resi Development.
UVI is a wholly-owned subdivision of UOL Grp, whilst SRD is a subsidiary of S’pore Land Group Limited.
The award develops after participants of the sale board acknowledged the alliance’s offer price of $Five hundred Fifty point Eight mil.
For their respective Singapore Exchange listing, UOL as well as SingLand shared in which the purchase is within their regular track of service and even would allow them to re-supply their land bank for housing progress in S’pore.
“Parties mean to redevelop the residence right into a condominium, based on full needed approvals from relevant authorizations getting attained,” reported SingLand.
“The partnership along with UOL will allow SingLand to lessen risks furthermore accept additional proposals to expand its portfolio also leech on the specialization plus link of its partnership affiliate,” it added.
The consideration, which will be supported by inner references including bank credits, will definitely follow the repayment arrangement of Five percentage of the acquirement amount in seven days from the tender’s assign, entailing the $1 million tender rate to be paid for upon the presenting of the tender by UVD No. 4; an additional Five percent of the fee will certainly be paid for in seven business days from the notice of invoice of sale permission; and also the balance Ninety percentage upon legal conclusion.
United Venture Inv will cover Eighty percent of the full consideration or $Four hundred Forty point Six million, meanwhile Singland Residential Development will pay for the remaining amount.
Situated at 36-44 Shelford Rd, Watten Estate Condo possesses a 2hundred 20thousand 2hundred 41 sq ft free lease plot that is zoned for residential purpose within the 2019 Master Plan with a total plot ratio of One point Four.