UOL associate to buy Nanak Mansions for S$201.08m
AN associate company of UOL Group is set to purchase en bloc freehold property Nanak Mansions for S$201.08 million after putting in the winning bid in a tender.
Nanak Mansions, located at 92-128 Meyer Road, occupies an area of about 10,185 square metres. The freehold site, with a gross plot ratio of 1.4 based on 2014 Master Plan, is earmarked for residential development.
The bid from UOL's associate, Secure Venture Development (No. 1) Pte Ltd, was accepted on Thursday by all the subsidiary proprietors of the units in the development.
Secure Venture Development (No. 1) will pay up 10 per cent of the consideration, including the S$1 million tender fee paid on bid submission, within seven business days from the acceptance of the offer. The other 90 per cent of the purchase consideration will be paid up on legal completion of the deal.
Secure Venture Development (No. 1) is a 50:50 joint-venture (JV) company between UOL Venture Investments Pte Ltd and Kheng Leong Co (Pte) Ltd.
The JV company will re-develop the freehold site acquired and also acquire a private road of about 910 square metres next to the property, if the subsidiary proprietors of Nanak Mansions and their associates exercise a put option.
Kheng Leong Co is considered an associate of several members of the Wee family behind UOL, including UOL's chairman Wee Cho Yaw, controlling shareholder Wee Ee Cheong, and directors and substantial shareholders Wee Ee-chao and Wee Ee Lim.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender