ByJonathan Burgos
ByJonathan Burgos,
Forbes Staff.
A consortium comprising UOL Group—controlled by the family of late banking and property billionaire Wee Cho Yaw—and state-linked CapitaLand submitted the highest bid of S$1.5 billion ($1.2 billion) for a mixed-use development site in the northeastern Singapore town of Hougang.
In a joint statement, the partners said a 50/50 joint venture between UOL and CapitaLand Development will develop an 830-unit residential condominium on the 504,820-square-feet (46,900-square-meter) property in Hougang Central. CapitaLand Integrated Commercial Trust will build a 300,000 square feet commercial complex on the 99-year leasehold site and retain full ownership of the retail component, according to the emailed statement.
