{"id":122881,"date":"2021-10-29T02:55:30","date_gmt":"2021-10-28T19:55:30","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-singland-jv-to-acquire-watten-estate-condominium-for-550-8mil\/"},"modified":"2021-10-29T11:11:11","modified_gmt":"2021-10-29T04:11:11","slug":"uol-singland-jv-to-acquire-watten-estate-condominium-for-550-8mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-singland-jv-to-acquire-watten-estate-condominium-for-550-8mil\/","title":{"rendered":"UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil"},"content":{"rendered":"


\nLocated along 36 to 44 Shelford Road, Watten Estate Condominium\u00a0sits on a 220,241 sq ft freehold site. Source:\u00a0JLL
\nThe tender for the collective sale of Watten Estate Condominium has been awarded to an 80:20 joint venture (JV) between United Venture Investments (UVI) and Singland Residential Development (SRD).
\nUVI is a wholly-owned subsidiary of UOL Group, while SRD is a subsidiary of Singapore Land Group Limited (SingLand).
\nThe award comes after members of the sale committee accepted the JV\u2019s tender price of $550.8 million.
\nIn their respective SGX filings, UOL and SingLand shared that the acquisition is within their ordinary course of business and would enable them to replenish their land bank for residential development within Singapore.
\n\u201cParties intend to redevelop the property into a condominium, subject to all necessary approvals from relevant authorities being obtained,\u201d said SingLand.
\n\u201cThe joint venture with UOL will enable SingLand to mitigate risks and take on more projects to diversify its portfolio and tap on the expertise and network of its joint venture partner,\u201d it added.
\nThe consideration, which will be financed by internal resources and bank borrowings, will follow the payment schedule of 5% of the acquisition price within seven days from the tender\u2019s award, including the $1 million tender fee to be paid upon the submission of the tender by UVD No. 4; another 5% of the consideration will be paid within seven business days from the notice of receipt of sale approval; and the remaining 90% upon legal completion.
\nUVI will pay 80% of the total consideration or $440.6 million, while SRD will fund the remaining amount.
\nLocated at 36-44 Shelford Road, Watten Estate Condominium occupies a 220,241 sq ft freehold site that is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 1.4.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…UOL-SingLand JV to acquire Watten Estate Condominium for 0.8mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Located along 36 to 44 Shelford Road, Watten Estate Condominium\u00a0sits on a 220,241 sq ft...<\/p>\n","protected":false},"author":1,"featured_media":122882,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-122881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/watten-estate-condominium.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vXX","jetpack-related-posts":[{"id":140379,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/watten-house-sells-57-of-units-during-launch-weekend-rainwater-leak-costs-condo-owner-60000-and-more\/","url_meta":{"origin":122881,"position":0},"title":"Watten House Sells 57% of Units During Launch Weekend, Rainwater Leak Costs Condo Owner $60,000, and More","date":"November 20, 2023","format":false,"excerpt":"\r Watten House Sells 57% of Units During Launch Weekend, Rainwater Leak Costs Condo Owner $60,000, and More15 to 20 November 2023 Watten House, UOL Group and Singapore Land Group\u2019s (SingLand) freehold condominium project in District 10, sold 57% or 102 of its 180 units during its private preview on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/11\/watten-house-condo-singapore1-2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":94757,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-cools-price-in-response-to-cooling-measures\/","url_meta":{"origin":122881,"position":1},"title":"Developer cools price in response to cooling measures","date":"July 26, 2018","format":false,"excerpt":"\r The Tre Ver in Potong Pasir opened for preview last weekend, attracting about 6,000 potential buyers. (Photo: UOL Group) The developer of The Tre Ver condominium in Potong Pasir plans to offer significant discounts to attract home buyers amidst the new property cooling measures. \u201cIn the vicinity, we know\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50197,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pollen-amp-bleu-relaunched-with-deferred-payment-scheme\/","url_meta":{"origin":122881,"position":2},"title":"Pollen &amp; Bleu relaunched with deferred payment scheme","date":"March 30, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Pollen & Bleu, a 106-unit condominium project in Farrer Drive. Pollen & Bleu, an eight-storey condominium project in District 10, has attracted keen interest since its relaunch in February, with 83 percent of the units released sold, revealed CBRE, which is jointly marketing the project with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/serangoon-north-avenue-1-site-attracts-16-bids\/","url_meta":{"origin":122881,"position":3},"title":"Serangoon North Avenue 1 site attracts 16 bids","date":"July 27, 2017","format":false,"excerpt":"\r Location of the land parcel at Serangoon North Avenue 1. (Photo: URA) The tender for a residential plot at Serangoon North Avenue 1 closed on Thursday (27 July) after drawing 16 bids, said the Urban Redevelopment Authority (URA). Corson and Wingjoy Investment, entities of Keppel Land and Wing Tai,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43595,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-highly-anticipated-condos-to-launch-in-coming-weeks\/","url_meta":{"origin":122881,"position":4},"title":"Two highly anticipated condos to launch in coming weeks","date":"February 10, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Grandeur Park Residences, a new condominium in the east. Source: CEL Development\u00a0 Following the Chinese New Year lull period, developers are gearing up to launch two private residential projects in Singapore. One of them is The Clement Canopy, the first condominium to be launched this year,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":143213,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-files-annual-report-on-form-20-f-for-2023-fiscal-year-74-of-watten-house-units-sold-since-launch-and-more\/","url_meta":{"origin":122881,"position":5},"title":"PropertyGuru Files Annual Report on Form 20-F for 2023 Fiscal Year, 74% of Watten House Units Sold Since Launch, and More","date":"March 26, 2024","format":false,"excerpt":"\r 19 \u2013 25 March 2024 PropertyGuru Group Limited, the leading property technology (proptech) company in Southeast Asia, announced that it has filed its annual report on Form 20-F for the fiscal year ended 31 December 2023 with the Securities and Exchange Commission (SEC). Meanwhile, Watten House, a joint project\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/03\/Singapore-buildings.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/122881"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=122881"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/122881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/122882"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=122881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=122881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=122881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}