Billionaire Wee’s UOL and partner to buy Singapore property for $613 million

UOL Group and its Singapore Land unit, controlled by the family of late banking and real estate billionaire Wee Cho Yau, have entered into a partnership with CapitaLand Development (Singapore) to buy a residential condominium in the north central area of ​​Bishan for S$810 million (US$613). million) as housing demand grows in the city-state.

The acquisition is subject to the sale being approved by 80% of the owners of the existing 255-unit Thomson View condominium development next to MacRitchie Reservoir. The property was originally sold for S$918 million in February, but the price has since been reduced to S$808 million, according to property consultant Edmund Tee. is engaged in sales.

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 site is located on a 540,314 square foot (50,917 square metre) 99-year lease next to Upper Thomson MRT station and popular schools.

Property companies are adding to their land bank as housing demand in Singapore continues to rise despite existing property restrictions that impose a hefty tax on foreign buyers. Although house prices continued to decline in the three months ended September, developers sold 1,160 apartments during the quarter compared with 725 apartments in the previous quarter, the latest government data showed.

UOL is stepping up new property launches as demand recovers. In early October, the company sold more than half of Meyer Blue’s 226 vehicles in Singapore’s eastern Katong district.

UOL, along with United Overseas Bank, is among the assets left by billionaire Wee Cho Yau, who died in February this year aged 95, to his family. With a net worth of $7.8 billion, the Wee family is one of the richest in Singapore. Three of the late tycoon’s sons – Yi Cheong, Yi Chao and Yi Lim – joined Forbes’ list of billionaires in April this year. Yi Cheong is vice chairman and chief executive officer of UOB and Yi Lim is chairman of UOL.