The freehold Nanak Mansions development in Meyer Road has been bought by an associate of UOL Group in a $201.1 million en bloc deal.
It was the fourth freehold residential site in the Meyer-Amber Roads vicinity to have come on the market this year.
UOL told the Singapore Exchange in a filing on Thursday (Sept 28) that its 50 per cent-owned associate, Secure Venture Development (No. 1), will redevelop the 10,185 sq m site, which has a gross plot ratio of 1.4.
“Meyer Road is a highly coveted address. Given its rare location right next to a park, we see the opportunity to develop this site into a luxury and spacious project which can be dubbed as our ‘Nassim Residences of the East’,” said UOL deputy group chief executive Liam Wee Sin in a statement.
The sale will be funded mainly by bank borrowings and internal resources.
“Meyer Road is a highly coveted address. Given its rare location right next to a park, we see the opportunity to develop this site into a luxury and spacious project which can be dubbed as our ‘Nassim Residences of the East’,” said UOL deputy group chief executive Liam Wee Sin in a statement.
The sale will be funded mainly by bank borrowings and internal resources.
Adapted from : The Straits Times, 28 September 2017
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