The view of Nanak Mansions located at 92A Meyer Road (Photo: JLL)
In the latest en bloc sale, UOL Group associate, Secure Venture Development (No.1) Pte. Ltd. (SVD1), acquired the freehold Nanak Mansions at 92-128 Meyer Road for $201.1 million.
SVD1 will develop the 10,185 sq m site, which has a gross plot ratio of 1.4 based on the 2014 Master Plan, along with the road land located beside it.
This comes as the owners of the 910 sq m private road have been granted by SVD1 with a put option, under which it may “require SVD1 to acquire the road land”.
In an SGX filing, UOL revealed that the purchase price will be primarily funded by bank borrowings and internal resources.
The company does not expect the acquisition to materially affect its net tangible assets per share or earnings per share for the financial year ending 31 December 2017.
“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’,” UOL deputy group chief executive Liam Wee Sin was quoted as saying by the Straits Times.
This article was edited by Keshia Faculin.