SingLand buys out UOB’s stake in Novena Square JVs for S$299 million

[SINGAPORE] Property player Singapore Land Group (SingLand) has purchased UOB’s shares in two entities related to the shopping mall Novena Square for S$299 million in cash.

In a Friday (May 15) bourse filing, SingLand said that one of its units bought UOB’s shares in the joint venture (JV) companies Novena Square Development and Novena Square Investments.

Prior to the transactions, UOB had a 20 per cent stake in each JV, as did the SingLand unit. The remaining 60 per cent of each JV was owned by SingLand’s parent UOL Group.

Novena Square Investments on May 15 also acquired UOB’s strata lot at Velocity@Novena Square for S$19.5 million in cash. The property is 3,918 sq m in size and serves as UOB’s banking hall.

“The transactions will enhance SingLand’s share of recurring income from a stabilised asset, providing near-term income supplement to (its) investment properties,” the company said, noting that this comes amid its redevelopment of the former Clifford Centre site.

Located above Novena MRT station, Novena Square comprises two office blocks of 18 and 25 floors and a three-storey retail mall.

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SingLand ended Friday at S$3.60, down by S$0.01 or 0.3 per cent.