Amber Road (Photo: Christopher Chitty)
UOL Group has been granted by Sin Lian Huat Co an option to purchase a freehold site at 45 Amber Road for S$156 million.
Located in District 15, the 69,858 sq ft site has a plot ratio of 2.10 and is within walking distance to the upcoming Tanjong Katong and Marine Parade MRT stations, both of which are expected to be completed in 2023.
UOL has two weeks to exercise the option, during which it will pay S$6.24 million. Thereafter, it will have 12 weeks to complete the sale and purchase of the property.
In an SGX filing, UOL revealed that the “proposed acquisition are in the ordinary course of the group’s business, and would enable the group to replenish its land bank for residential developments in Singapore”.
It noted that the acquisition will be financed via external borrowings and internal resources.
UOL does not expect the acquisition to materially affect the net tangible assets or earnings per share of the group for the financial year ending 31 December 2017.
“The company will make further announcements in relation to the option and proposed acquisition, as and when there are material developments,” it added.
Christopher Chitty, Senior Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email christopher@propertyguru.com.sg
