UOL Group and Singapore Land Group (SingLand) have clinched a tender to purchase Watten Estate Condominium (WEC) in what may be the biggest collective sale in Singapore’s residential market so far this year.
At the price tag of S$550.8 million, the deal is a 10.2 per cent premium to the S$500 million minimum price announced by the property’s marketing agent JLL in September 2021.
WEC’s last collective sale attempt was launched in July 2019 at a reserve price of S$536 million. The property was first put up for en bloc sale in 2007 at the price of S$480 million.
In their respective bourse filings on Thursday (Oct 28), UOL and SingLand disclosed that the tender was awarded to their 80:20 joint venture (JV) between United Venture Investments (UVI) and Singland Residential Development (SRD).
UVI and SRD are the wholly-owned subsidiaries of UOL and SingLand, respectively. UOL is a controlling shareholder of SingLand, which was formerly known as UIC (United Industrial Corporation).
source: The Business Times