The consideration amount will be based on the adjusted net asset value of UIC Land as at the completion date of the disposal. It will be satisfied in cash. The consideration will also be based on the agreed property value of $132 million attributed to 61 Stamford Road. Based on a valuation report by Edmund Tie & Company (SEA), the property is valued at $109.5 million as at June 30.
Citi Research analyst Brandon Lee is keeping his “buy” call on UOL Group after its 50.4%-owned company, Singapore Land Group (SGX:U06
) , announced that it agreed to sell its 100% stake in UIC Land. UIC Land is the registered proprietor of 61 Stamford Road (better known as Stamford Court).
Singapore Land Group, through its wholly-owned subsidiary, UIC Development, entered into a sale and purchase agreement (SPA) on Aug 12 to sell its 13 million shares – or 100% stake – in UIC Land to Spark61.
