UOL Group Limited acquires KH KEA Building for $79.3m

The 999-year leasehold, 9 storey building features dual frontages along Cashin Street and North Bridge Road.

The KH KEA Building has been acquired by UOL Group Limited for $79,300,000 via public tender.

The property, located in 333 North Bridge Road Singapore 188721, sits on an area measuring 435.2 sq m (4,684 sq ft) and is zoned for commercial use. It comprises of 9 storeys with around 22,075 sq ft of net lettable area and comes with a basement carpark.

This commercial building is also subject to a 999-year leasehold tenure and features dual frontages along Cashin Street and North Bridge Road.

The purchase price was finalised via a willing-buyer and willing-seller basis, under a competitive tender process and after considering many commercial factors, including the potential and location of the property and current market conditions.

A $200,000 tender fee has been paid in cash and a deposit of 10% of the purchase price (minus the tender fee) shall be paid within five business days counted from the date of the Letter of Acceptance.

The remaining 90% of the purchase price will be payable upon legal completion, which is seen to occur on 23 December 2019.

“This acquisition allows us to potentially amalgamate the KH Kea site together with Odeon Towers to create a contiguous site with prime frontage of approximately 50 m along North Bridge Road, with unobstructed views overlooking the iconic Raffles Hotel and towards the Marina Bay CBD area,” said Jesline Goh, chief investment and asset officer of the Company.

“We are exploring potential asset enhancement works that will allow us to utilise the available GFA for both sites to create a superior product with larger and more efficient floor plates.”

Source: CommercialGuru, 25 November 2019