UE lines S$333m term loan for Dairy Farm Rd land buy

UNITED Engineers (UE) has entered into an agreement for secured term loan facilities amounting to S$333 million to part-finance the acquisition of a land parcel at Dairy Farm Road.

The firm said after Friday's trading close that it has signed a deal with DBS Bank, OCBC Bank and UOB for the secured term loan facilities.

The facilities will be used to partially finance the purchase price for the acquisition of the site. They will also fund the differential premium payable to the relevant authority, related construction, development and other costs tied to the site and the development of the site, it added.

UE's subsidiary won the tender for the land parcel along Dairy Farm Road with a bid price of S$368.8 million.

The site, which is under a 99-year lease, has a land area of about 19,648 square metres with a maximum gross floor area of 41,260 square metres. It is within walking distance of Hillview MRT station. 

UE closed flat at S$2.60 on Friday.