UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil
The offer for the en bloc transaction of Watten Estate Condominium has already been allocated to a 80:20 JV between United Venture Inv plus Singland Resi Development.
UVI is a wholly-owned subsidiary of UOL Group, meanwhile Singland Residential Development is a subdivision of SGP Land Group Ltd.
The grant follows individuals of the sale board acknowledged the JV’s offer rate of $Five hundred Fifty point Eight mil.
In their own Singapore Exchange submission, UOL as well as Singapore Land Group Limited shared that the acquisition is amongst their normal route of venture and also would help them to rejuvenate their property reserve for home property within SGP.
“Individuals anticipate to reconstruct the residential property in to a condominium, subject to all vital green lights via appropriate authorizations getting acquired,” announced S’pore Land Grp Limited.
“The alliance with UOL will make it possible for SingLand to mitigate threats as well as take up more properties to expand its own profile as well as tap on the expertise plus network of its JV partner,” it added.
The consideration, which are going to be supported by inner sources plus bank credits, will have to comply with the payment timetable of 5 percentage out of the acquisition rate within 7 days starting from the tender’s assign, integrating the $1 mil offer amount being paid upon the presenting of the tender by UVD No. 4; a separate 5 percentage out of the consideration are going to be paid for within 7 working days from the notification of slip of sale permission; and also the balance 90 percentage upon lawful conclusion.
United Venture Inv will settle Eighty percentage of the full consideration or $440.6 million, whereas SRD will provide for the remaining sum.
Situated at 36-44 Shelford Rd, Watten Estate Condominium utilizes a 220,241 sq foot free lease site which is section for housing use under the 2K19 Master Plan with a total PR of One point Four.