The tender for the collective sale of Watten Estate Condo has recently become presented to a 80-20 joint venture involving UVI and Singland Residential Development.
UVI is a 100% proprietor subsidiary of UOL Grp, meanwhile SRD is a subsidiary of SGP Land Grp Ltd.
The award develops after members of the sale council approved the joint venture’s offer amount of $Five hundred Fifty point Eight million.
In their own Singapore Exchange filings, UOL also Singapore Land Group Limited shared that the achievement is among their ordinary track of service and even would certainly permit them to replenish their land bank for non commercial property inside S’pore.
“Parties aim to reconstruct the residence toward a condominium, based on full required authorizations via relevant authorizations being achieved,” said SingLand.
“The alliance together with UOL will enable SGP Land Grp Ltd to minimize risks as well as take on even more projects to diversify its selection and even tap on the knowledge plus link of its alliance associate,” it added.
The consideration, in which are going to be funded by in-house tools along with bank borrowings, will abide by the repayment routine of Five percent of the purchase price within seven days starting from the tender’s allocate, integrating the $One million tender fee being settled upon the presenting of the offer by UVD num 4; a different 5 percent out of the consideration will certainly be paid for in seven service days from the communication of slip of sale green light; and the left over 90 percent at the time of statutory finalization.
UVI is going to settle 80 % out of the overall fee or $Four hundred Forty point Six mil, meanwhile Singland Residential Development will pay for the remaining value.
Situated at 36-44 Shelford Road, Watten Estate Condominium covers a 220,241 sq feet free rental location which is sector for residential use under the 2019 Master Plan with an entire plot ratio of One point Four.