UOL to buy out UOB stake in former Faber House for S$68 million amid Nomad Hotel rebuild
The new development will have a banking hall at its ground level
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[SINGAPORE] Property developer UOL on Friday (May 15) inked a deal to purchase the interest it does not already own in the Orchard Road property formerly known as Faber House for S$68.5 million.
Located at 230 Orchard Road, the property is being redeveloped into a new mixed-use commercial development. It will feature the hospitality development NoMad Hotel and a banking hall at the ground-floor unit.
The remaining interest that UOL is acquiring includes all of UOB’s legal and beneficial title to and interest in the property and its banking hall, along with the bank’s one-twelfth share in the 30-year lease of the airspace above certain lots.
The deal allows UOL to “consolidate its interest in and wholly own” the property, the company said in a bourse filing after trading hours.
Shares of UOL ended Friday at S$10.15, down 0.4 per cent or S$0.04.
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