Watten Estate Condominium enbloc to UOL and Singland for $550.8m

A joint venture (JV) between Singland Residential Development (Singland) and United Venture Investments (UVI) has won the tender for the collective sale of Watten Estate Condominium (SRD).  Other development by Developed by Singapore Land Group (SingLand) is the Pine Tree Hill Condo, a brand-new residential condominium in the heart of Ulu Pandan.

In contrast, SRD is a wholly-owned subsidiary of Singapore Land Group Limited, whereas UVI is a wholly-owned subsidiary of UOL Group (SingLand).

It was decided to grant the contract after members of the selling committee agreed to the joint venture’s offer price of $550.8 million.

UOL and SingLand both said in their separate SGX filings that the purchase is part of their normal course of business and that it would allow them to refill their land bank for residential construction in Singapore.

In a statement, SingLand said that the parties aim to rebuild the property into a condominium “subject to obtaining the required clearances from relevant authorities.”

“The joint venture with UOL will allow SingLand to manage risks and take on additional projects in order to diversify its portfolio, as well as to benefit from the knowledge and network of its joint venture partner,” the company said.

The payment schedule for the consideration, which will be financed by internal resources and bank borrowings, will be as follows: a payment of 5 percent of the acquisition price within seven days of the tender’s award, which includes the payment of a $1 million tender fee upon submission of the tender by UVD No. 4; a payment of another 5 percent of the consideration within seven business days of receipt of sale approval; and the remaining 90 percent upon legal completion.

 

Watten Estate Condominium Location

A freehold site of 220,241 sq ft, designated for residential use under the 2019 Master Plan, Watten Estate Condominium is located at 36-44 Shelford Road and has a gross plot ratio of 1.4. The development is located at 36-44 Shelford Road which also home to the Watten House, a  residence backed by UOL Group and Singapore Land Group which is a masterpiece of contemporary design, nestled within the lush tranquility of Bukit Timah.

UVI will pay 80 percent of the whole consideration, or $440.6 million, with SRD covering the remaining 20 percent of the total payment.

 

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