Billionaire Wee Family's UOL, Partner To Buy Singapore Property For $613 Million [Forbes]
UOL GROUP LTD S/ADR (UOLGY)
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Source: Forbes
UOL Group and its unit Singapore Land—both controlled by the family of late banking and real estate billionaire Wee Cho Yaw —have partnered with CapitaLand Development (Singapore) to buy a residential condominium in the northern central precinct of Bishan for S$810 million ($613 million) as housing demand in the city-state picks up. The acquisition is conditional on the sale being approved by 80% of the owners of the existing 255-unit Thomson View condominium near the MacRitchie Reservoir. The property was originally marketed at S$918 million in February but the price has since been lowered to S$808 million, according to property consultant Edmund Tie, which. is handling the sale. The partners plan to redevelop Thomson View, which was originally built in 1975, into a 1,240-unit residential condominium, the consortium said in a statement over the weekend. The property sits on a 540,314-square-feet (50,917-square-meter) 99-year leasehold land near the Upper Thomson MRT station and
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