Singapore-based UOL Group, led by the family of late tycoon Wee Cho Yaw, has offered S$805 million for a prime residential site near Holland Village. This bid, which includes UOL unit Singapore Land, Kheng Leong, and CapitaLand Development, is one of three offers received by the government for the 133,343 square feet plot. The other bidders include companies linked to Singaporean tycoon Kwek Leng Beng and Hong Kong billionaire Li Ka Shing’s CK Asset.
The consortium’s bid for the site, which can be developed into a residential condominium, is equivalent to about S$1,285 per square foot. This is 32% lower than a previous winning bid for a nearby site in 2018. The tepid sentiment among developers is attributed to high construction costs, elevated interest rates, and government property cooling measures.
According to property consultant Knight Frank, the consortium is likely to market the Holland Drive project at a starting price of S$2,800 per square foot. They plan to build 680 residential units across two 40-story towers on the site. UOL and CapitaLand Development will each hold a 35% stake in the project, while the rest will be held by Singapore Land and Kheng Leong.
The partners expressed confidence that the site’s prime location near Holland Village, popular with local and expatriate communities, will attract discerning homebuyers. The site is walking distance from the Holland Village MRT station and amenities such as the public market and schools. The consortium aims to create a compelling lifestyle proposition in this sought-after area.
UOL Group, along with United Overseas Bank, is among the assets left by Wee Cho Yaw to his family. Wee passed away in February at age 95, leaving behind a net worth of $7.1 billion. His three sons, Ee Cheong, Ee Chao, and Ee Lim, recently joined the Forbes billionaires list. Ee Cheong serves as the vice chairman and CEO of UOB, while Ee Lim is the chairman of UOL.
Overall, the UOL-led consortium’s bid for the prime residential site near Holland Village represents a significant investment in a sought-after area in Singapore. The development plans, which include 680 residential units across two towers, aim to cater to the lifestyle needs of both local and expatriate communities. With the strong backing of UOL, Singapore Land, Kheng Leong, and CapitaLand Development, the project is poised to offer attractive options to homebuyers in a competitive market.
