Located along 36 to 44 Shelford Road, Watten Estate Condominium sits on a 220,241 sq ft freehold site. Source: JLL
The tender for the collective sale of Watten Estate Condominium has been awarded to an 80:20 joint venture (JV) between United Venture Investments (UVI) and Singland Residential Development (SRD).
UVI is a wholly-owned subsidiary of UOL Group, while SRD is a subsidiary of Singapore Land Group Limited (SingLand).
The award comes after members of the sale committee accepted the JV’s tender price of $550.8 million.
In their respective SGX filings, UOL and SingLand shared that the acquisition is within their ordinary course of business and would enable them to replenish their land bank for residential development within Singapore.
“Parties intend to redevelop the property into a condominium, subject to all necessary approvals from relevant authorities being obtained,” said SingLand.
“The joint venture with UOL will enable SingLand to mitigate risks and take on more projects to diversify its portfolio and tap on the expertise and network of its joint venture partner,” it added.
The consideration, which will be financed by internal resources and bank borrowings, will follow the payment schedule of 5% of the acquisition price within seven days from the tender’s award, including the $1 million tender fee to be paid upon the submission of the tender by UVD No. 4; another 5% of the consideration will be paid within seven business days from the notice of receipt of sale approval; and the remaining 90% upon legal completion.
UVI will pay 80% of the total consideration or $440.6 million, while SRD will fund the remaining amount.
Located at 36-44 Shelford Road, Watten Estate Condominium occupies a 220,241 sq ft freehold site that is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 1.4.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.