Property developer UOL Group Ltd, through its wholly-owned subsidiary, Flamegold Pte Ltd, will acquire St Patrick’s Garden, a 137,561 sq ft freehold residential site at St Patrick’s Road, for approximately S$172 million.
“Flamegold Pte Ltd has exercised an option to purchase and entered into a conditional sale and purchase agreement (S&PA) for the proposed collective purchase of the property,” said UOL.
It noted that Flamegold will acquire all the strata lots and common property in the development, adding that the site will be redeveloped into residential apartment blocks.
The acquisition and subsequent redevelopment of the property will be financed through internal resources and bank borrowings.
“The acquisition is not expected to have a material financial impact on the UOL Group’s net tangible assets per share or earnings per share for the financial year ending 31 December 2011,” it added.
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