ahlahdin
14-04-07, 03:29
UIC acquiring UIC Building for S$600m
By Loh Kim Chin, Channel NewsAsia | Posted: 13 April 2007 2215 hrs
SINGAPORE: United Industrial Corporation (UIC) has announced its intention to redevelop UIC Building.
In a statement out on Friday, UIC said it is acquiring the property along Shenton Way for S$600 million.
UIC is making the purchase through its wholly-owned subsidiary, UIC Investments.
Currently, UIC own about 78.8 percent of UIC Building.
At S$600 million, the purchase price works out to about S$870 per square foot per plot ratio.
Last year, UIC invited expressions of interest for UIC Building.
It was said to be asking for at least S$830 million for the collective sale.
UIC is widely expected to redevelop the site into a condominium in view of the current feverish sentiment for residential properties in the Central Business District.
The deal is subject to approval by the Strata Title Board.
- CNA/so
By Loh Kim Chin, Channel NewsAsia | Posted: 13 April 2007 2215 hrs
SINGAPORE: United Industrial Corporation (UIC) has announced its intention to redevelop UIC Building.
In a statement out on Friday, UIC said it is acquiring the property along Shenton Way for S$600 million.
UIC is making the purchase through its wholly-owned subsidiary, UIC Investments.
Currently, UIC own about 78.8 percent of UIC Building.
At S$600 million, the purchase price works out to about S$870 per square foot per plot ratio.
Last year, UIC invited expressions of interest for UIC Building.
It was said to be asking for at least S$830 million for the collective sale.
UIC is widely expected to redevelop the site into a condominium in view of the current feverish sentiment for residential properties in the Central Business District.
The deal is subject to approval by the Strata Title Board.
- CNA/so