UOL Group to divest KINEX Mall for $375m

Proceeds will be used to strengthen financial flexibility and repay existing debt.

UOL Group Limited has announced that it will divest its freehold commercial strata lots in the retail mall KINEX at 11 Tanjong Katong Road for $375m.

The sale and purchase agreements were signed by UOL’s wholly owned subsidiaries, UOL Property Investments Pte. Ltd. (UPI) and UOL Management Services Pte. Ltd. (UMS), with Kinex Times Square Pte. Ltd. and Xiaohong Property Management Pte. Ltd. respectively.

A deposit of $18.75m, which includes an earnest fee of $1m, has already been paid by the purchasers.

The remaining balance of $356.25m will be settled in cash upon completion of the transaction.

The purchase price was agreed on a willing-buyer, willing-seller basis and is consistent with the independent valuation of $370m conducted by Edmund Tie & Company.

The property’s book value stood at about $370m as of 30 June. The divestment is expected to generate a gain of approximately $2.4m for UOL.
 UOL said the divestment is part of its strategy to reconstitute its property portfolio and unlock asset value.

Proceeds will be used to strengthen financial flexibility, repay existing debt, and fund capital expenditure, asset enhancement, or future investments.

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