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UOL Group unit's JV completes S$201M freehold site buy

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UOL Group unit's JV completes S$201M freehold site buy

The joint venture company of UOL Group Ltd. subsidiary concluded the nearly S$201.1 million purchase of the 36-unit Nanak Mansions freehold site along Meyer Road.

Secure Venture Development (No. 1) Pte. Ltd., owned by UOL Venture Investments Pte. Ltd. and Kheng Leong Co. (Pvt.) Ltd. via a 50/50 ownership, placed the winning bid for the property in September.

The asset in Lot 4103V of Mukim 25 sits on 10,185 square meters of land and has a 1.4 gross plot ratio based on a 2014 master plan. According to an earlier report, a five-story building with a 153,482-square-foot maximum gross floor area can be constructed on site.

As of Dec. 28, US$1 was equivalent to S$1.34.